eCheck – Best Online Casino Payment Mechanism
Over the past few years, online banking has evolved to include numerous web-based methods of payments. While these facilities do add an extra layer of security, the also come with the added effort of signing up for a third-party account. This is not something that everybody is willing to do. This is why eCheck still ranks as the best online casino payment mechanism for players in Canada. For those who are new to the service, this is how it works:
The term is an acronym for electronic check that gives you an indication of what it is all about. Just like paper checks, electronic checks can transfer funds from your checking account to the establishment you wish to pay. Unlike their paper counterparts, you do not have to mail off the slip or wait a couple of days for the funds to be processed.
The Benefits of Paying by eCheck
There are a number of reasons why a player would want to use an eCheck instead of more conventional payment options such as credit or debit card. For starters, it is rated as the safest online casino payment mechanism next to web-wallets. They also do not require you to have a credit account or sign up with any payment facility. The process is simple, fast and can be used with any standard Canadian checking facility. The system is also particularly friendly with players in Canada and the U.S.
Making a Deposit
If you want to make a casino deposit using the eCheck facility, the good news is that there is nothing you need to setup beforehand. As long as you have a functional checking account, you are good to go. Simply log onto the site and head to the cashier section. Click on deposits and look for the “instant eCheck” option. Here you can enter your details as you would on a conventional paper check.
The information required for the online casino payment mechanism includes you name, your account number (DDA number), the banks name, routing number (ABA number) and the time when you want the funds to be withdrawn from your bank account. Once you have approved the transaction, the funds will made available in your account straight away. Some establishments do have a short processing period, so it is always good to find out first.
Withdrawing Your Winnings
The same system can also be used for withdrawals. When you want to cashout your winnings, head back to the cashier section and click on withdrawals. Again, look for the option to select eCheck withdrawals and fill in all the required information. This will be the same as for the deposit with your name, bank account number etc. Once you have filled in all the required information, the check will be sent in for processing.
While it is regarded as the best online casino payment mechanism, eCheck withdrawals do have a pretty lengthy processing time. When making a deposit, the casino processes the funds. With withdrawals, you are at the mercy of the banking institutions, which can take up to 7 days to process your electronic check into your bank account. This is no different to standard electronic bank withdrawals or card withdrawals and there is the bonus of having funds put straight into your checking account.
As an online casino payment mechanism, eChecks are efficient, secure and incredibly easy to use. The fact that they do not require any type of setup or signup makes the system desirable for anyone wanting to fund their gambling account. Available at all leading Canadian gaming sites, they allow players to efficiently move funds without a credit card or web-wallet facility.