iDeal - Casinovator
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Posted on: 10 February, 2021

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iDeal (stylised as iDEAL) is an online payment method used in many online casinos. What makes it stand out from the pack is that it’s the most popular online banking option in the Netherlands. That also seems to be its biggest obstacle, as iDEAL isn’t offered to customers outside of Holland.

The payment option was introduced in 2005 and has been growing ever since. It quickly became a major force in the Netherlands, as 54% of all Dutch online transactions in 2014 were made with this system.

In 2006, one year after the platform was launched, iDEAL recorded a total of 4.5 million transfers. This number continued to increase and grew to hundreds of millions in recent years (655 million was recorded in 2019).

iDEAL is owned by an organisation from the Netherlands called Currence, which also owns Chipknip and PIN.

iDEAL makes it possible for Dutch users to make payments directly from their bank account. The company is partnered with all big Dutch banks, including:

  • ABN AMRO
  • bunq
  • Friesland Bank
  • ING Bank
  • Knab
  • Rabobank
  • Revolut
  • Triodos Bank
  • Van Lanschot
  • De Volksbank

Speed and Safety of iDeal Payments

iDEAL is fast and safe. It uses all the security protocols used by the bank of your choice, which makes your iDEAL transactions protected. Moreover, this payment option doesn’t share any sensitive data with the merchant, which means there are virtually no chances of your money being stolen.

That said, iDEAL has a minor flaw that is often addressed. Namely, when making a purchase on the web using iDEAL, the transaction is regarded as a cash payment between the customer and supplier. It means that banks technically don’t have anything to do with it, and you have no insurance if something goes wrong. But what could go wrong, you might wonder?

Well, the bank offers no insurance to such transactions, and payments cannot be reversed. If the merchant fails to deliver the paid product or service, you won’t get your funds back. If you think you’ve been subjected to fraud, your only option is to open a case with your bank and hope for the best possible outcome, but there are no guarantees it will work.

Since all major Dutch banks are part of the iDEAL network, they are all actively working on solving this issue.

How Does iDeal Work?

Here’s what a standard payment procedure looks like for anyone who wants to use iDEAL for online transactions.

  • Select iDEAL as your preferred payment method in an online platform that offers it.
  • Select your bank (as long as it is a part of the iDEAL network).
  • You’ll be redirected to your bank’s login page, where you’ll see the transaction data.
  • Enter your account number and sign the transaction digitally using 2FA.
  • Confirm the transaction.

What happens next is that the bank will simply deduct the amount from your bank account in real-time, and the merchant will receive the payment almost instantly. If there are not enough funds in your account, the payment will be refused.

iDEAL also features a mobile app that you can use to make payments online. The app is available for both Android and iOS devices and is mainly used for scanning QR codes. Here’s how it works.

  • Select iDEAL at an online platform that accepts this payment option.
  • Select a product and service and go to the cashout section.
  • Use your mobile app to scan the QR code.
  • Your mobile banking app will open automatically, letting you review your payment.
  • Confirm your payment via the mobile banking app.

How to Create an iDeal Account?

There’s no need to create an iDEAL account, as it’s not a standard payment service but instead just a payment processor that can facilitate online transactions from your bank account.

Technically speaking, the only account you need to use iDEAL is a bank account in one of the eligible banks in the Netherlands. As soon as you become their member, you’ll be able to use iDEAL’s services.

iDeal Security Systems

The security protocols used by iDEAL are actually your bank’s security protocols. On top of that, iDEAL uses 2FA to enhance security further and make payments safe. As already stated, iDEAL doesn’t share any information with the merchant — it just processes the payment.

That said, the official iDEAL website promotes enhanced security by further educating users on the steps they can take to maximise their protection when using this payment method. One of the advertised sites is veiligbankieren.nl, where consumers can learn about the safest practices when using online banking methods.

What Data Does iDeal Store?

iDEAL doesn’t store your data anywhere. It connects to your bank account whenever you need to make a payment. It facilitates the transaction, so you don’t have to leave any data or sensitive information when using iDEAL.

Doing Business with iDeal

iDEAL is ideal for merchants, mainly because there’s no chargeback policy, meaning they technically don’t have to return money to customers after failing to provide a service or product. Even though this might be a drawback for customers, iDEAL is still the best option for the Dutch for online payments, as it’s fast and secure.

Merchants can use the Payment Request feature for recurring payments from customers, meaning customers will receive special links via their email that they can use to make easy and secure online payments. Customers can also send payment links to other customers (customer-to-customer) and send/receive money that way.

iDEAL also lets customers schedule their payments to merchants.

There are also online gambling platforms accepting iDEAL, including online casinos, sportsbooks, and poker sites. Making deposits on these sites with iDEAL is quick, safe, and easy.

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