A Detailed Analysis about eCheck Online Casinos
An eCheck is an electronic version of the well-known paper check. Just like its paper counterpart, it provides an incredibly safe way to transfer money from a bank to a player’s online casino account. This method of payment does exactly what a paper check does, and goes through the same processes; however, it is a lot faster and cheaper. The technology uses encrypted authentication, digital signatures, and public key cryptography to transfer funds from one bank account to another. Anyone can use this method to make transfers from a bank account to an online casino that accepts eCheck.
All that is required is for the user to have a bank account which has the provision to use normal paper checks. Although the eCheck has been around since the start of the online casino around 1995, it has not been as popular as many other payment methods. This is mainly due to the fact this type of payment is rarely instant, which is essentially the compromise for the high standards of payment security received when using the eCheck.
How to Use an eCheck at the Online Casino
One of the main benefits of using this method to deposit funds in a casino account is the ease with which these transactions can be arranged. It is no more difficult than writing a paper check. Very few casinos, however, offer eCheck as an option to withdraw winnings. Generally speaking, bank and wire transfers are the preferred method of payment to send withdrawals as they are easier to process from their end.
The Process – General Steps to Making a Deposit
First and foremost, you will need to find a casino which offers eCheck as a deposit option. After filling in your correct registration details and verifying your account, you will need to go to the cashier area of the casino, and select the “Deposit” tab. When selecting the “eCheck”, you will be requested to fill in some information such as your Bank’s name, account, number, etc. After the details are put down, all that will remain is to enter an amount to be deposited and click “Send”. Bear in mind that some casinos may request additional account verification before the deposit is processed. Overall, the deposit may take up to four business days to arrive; once it does, players will be notified by the establishment.
The Advantages of Using an eCheck
Using eCheck to deposit money at the online casino comes with many advantages! First and foremost an eCheck is a very straight-forward and easy to use payment method. It also features the highest level of security in the industry, making it incredibly safe to use. It can be used by anyone who has a bank account, without relying on third-party services. The casino generally charges some fees, but those are a lot lower than other payment methods used to deposit cash. An eCheck can be used as an alternative solution, when other payment methods such as credit/debit cards are rejected by someone’s bank. It is why US players often use them as banks are not always aware that the payment is intended for wagering at an online casino.
There are Some Drawbacks as Well
Equally, there are a few disadvantages that players should be aware of if they intend to use eCheck as a method to fund an online casino account. The most significant drawback is that a transfer to a casino account is not instant. Just like the paper check, they will typically take anywhere between 3-5 days to process. This means that players will have to wait a while for funds to become available in their account balance. Like the paper ones, an eCheck can bounce! Depositors may not know precisely how much will be available in their bank account, when they send money to the casino. Last but definitely not least, is that with this method once a payment is made, it cannot be cancelled or reversed.
eCheck Online Casinos are Somewhat Scarce
Compared to other methods used by the average online gambling establishment to deposit and withdraw funds, the eCheck is generally not the most popular payment option. The main disadvantage is the time it takes for funds to be paid into a casino account. For players, this can be an unacceptably long wait, especially for anyone who is looking to get straight into the action. In the time it takes an eCheck to reach the casino account, any number of things can happen.
Furthermore, there is always the chance that a player’s enthusiasm for wagering on games may have waned by the time the casino account is credited. Either way, the gambling establishment runs the risk of losing business. With all that being said, the eCheck does make an excellent alternative method when other possibilities to transfer bank funds are not an option.
It is not uncommon for banks to reject transactions using wire transfers and credit/debit cards. This is sometimes the case when they learn that the transaction is intended for online gambling. This is particularly true of US-based gaming establishments. The eCheck doesn’t necessarily protect against bank rejection, but it does offer a greater possibility of being accepted where other methods may not. This may go some way to explaining the surge in uptake in US-based casinos. They are also widely recognized as a means of withdrawing winnings in this part of the world.
An Alternative to Credit/Debit Cards and Wire Transfers
Using eCheck to deposit funds in a casino account may not always be the first choice for players, but it does have its merits. It is, after all, the safest way to transfer funds. This might be particularly appealing to any player who does not need immediate credit. It is a comparatively inexpensive way to move cash with often minimal rates, and it is very simple and convenient to use. Also, it does appear to be a good back up option for players who have had a card or wire transfer rejected. Finding online casinos that accept eCheck may not be as easy as looking for those using other payment methods, but there are still plenty around for those wishing to use this option.