The echeck is merely an electronic version of the paper cheques that have been used by people and organisations for decades to transfer money from one account to another. eChecks have grown to become a safe and accessible payment option with the online casino industry for reasons we shall explore further in this article.
Third-Party Payment Providers that use eChecks
The eCheck service is, in fact, a standalone service that is often offered as a way of making casino deposits, though it should be noted that there are a few services that are very popular with casinos globally that operate in much the same way as the eCheck service. Below are a few examples you may have come across-
InstaDebit is a bank transfer method that services Canadians primarily and is one that is frequently available at the online casino. Many people wrongly consider this service to be a bank wallet, but in fact, it works much more like an eCheck in that it facilitates the secure transfer of money from one bank account to another. So why do you need a middleman to conduct such a transaction, you would be right to ask? Quite simply, InstaDebit acts as a shield to protect secure personal data so funds can be transferred without having to provide personal and financial banking details.
The UseMyBank service operates in much the same way as InstaDebit in that it facilitates bank transfers directly just like an eCheck, and does not itself hold or keep customer funds. It used much more widely than InstaDebit with its global reach in many more countries around the world. For this reason, it is becoming a much more popular option as a payment method at the online casino.
Advantages of Using eCheck to Deposit Funds at the Casino
One of the most significant benefits that eChecks offer is that it is one of the securest ways of making a direct transfer from one bank account to another. Casinos that accept eCheck also make use of the advanced security system that eCheck provides, which includes tracking and digital fingerprints. Using eCheck requires no additional accounts to be opened and are often free of fees (or at least only very minimal fees attached compared with other payment methods.
Disadvantages of Using eCheck at the Online Casino
The most prominent drawback to using eCheck is that they are not instant. In fact, just like its paper counterpart, it can take up to 4 working days to clear. Also, just like its paper version, it can bounce. Another major downside is that this method cannot be used to make casino deposits. Consequently, players looking to use an eCheck to make casino deposits will need to make alternative arrangements when it comes to withdrawing their winnings.
How does eCheck Rate Compared to other Casino Deposit Methods
EChecks are very easy to use requiring no third party account setup. They are also a reliable and safe means of payment when engaging in online gambling. In comparison to other methods of payment, the straightforward nature of transactions ensures that there is minimal room for fraudulent activities. Additionally, the ease of keeping track of payments further ensures you can sort any issue that may arise.
In comparison to some other methods, making payments with eChecks is not as immediate. Nonetheless, its speed as increased drastically and many online casinos don’t wait till payment is cleared and would let you pay immediately. However, if the speed is not an issue, then eCheck is a good option particularly in instances where a card transaction is declined.