Virtual casino deposits can be made in various ways, and among the popular ones is eCheck, which is highly similar to a paper check. Basically, the main difference between them is that eChecks have an electronic form. To find out more about all the specifics of the utilization of this method, read the following article prepared by the experts who always follow the most important gambling news.
The eCheck is a type of digital transaction during which the person is not supposed to reveal information concerning his/her credit cards. This is certainly liked by online casino users as they are extremely concerned about the protection of their personal data and do not want this information to fall into the hands of third parties. This turns electronic checks into one of the preferred ways of funding a personal account.
In order to start utilizing eCheck services, users need to go through a short registration process. During it, the bank and eCheck accounts are connected to each other. The next step is to find a gambling establishment where the regarded option is available. As a rule, all the information concerning methods to deposit and withdraw funds is indicated in the terms and conditions section on the website of the gambling establishment. Having found such a platform, a player has to create an account there. This stage involves entering a name, surname, address, email address, as well as password. After that, it will be necessary to select a payment method (eCheck) and indicate the desired amount of money to deposit.
As for the withdrawals, users are asked to complete the identity verification process at this stage. This might take some time since a big number of virtual gambling establishments are quite stringent in terms of security and safety. That is why gamblers are advised to remember that every casino has its own rules when it concerns payouts. This regards both the amount of money that can be withdrawn by a player, as well as how long should be waited before sending the next request for the withdrawal of funds. Speaking about eChecks, they, as a rule, have higher limits in comparison with other banking options.
Besides, eChecks provide higher levels of anonymity and security, which is highly important for all users under the current conditions. Another safe option to utilize is cryptocurrencies – familiarize yourself with the list of the best Bitcoin casino sites.
The final benefit of electronic checks worth discussing is the fact that the processing costs of eCheck services are quite low. The average fee is usually between $0.30 and $1.50 but in some cases, it might be lower or higher depending on the provider of the eCheck account. Thus, it is much better to check the processing cost beforehand.
However, all the people willing to use the regarded option are advised to check carefully the restrictions of the countries where they live. It is a well-known fact that in numerous countries all over the world online gambling is not allowed so having made a deposit, a person can lose all his/her funds. This will undoubtedly spoil the players’ mood and will lead to a loss of desire to experience the thrill of gambling.
What are the disadvantages of the method?
The majority of virtual financial transactions are processed within a few minutes. Thus, a person willing to enjoy one of his/her favorite entertainments can quickly replenish the account and start playing various games. At the same time, those who opt for the eChecks option, need to wait approximately four days for the transaction to be processed. It is obvious that a large number of lovers of gambling are not ready to wait that long. This can even make users decide to look for another platform where they will have the opportunity to start playing immediately.
Besides, eChecks are usually not processed during weekends since they depend on financial institutions that provide services during workdays. From the point of view of business representatives, this is not good either. Accepting customer payments on Friday, for instance, you will have to wait for the funds to be deposited to your account till Wednesday.
Besides, as in the case with the traditional paper checks, there is a possibility that an electronic check will not be accepted because of insufficient funds in the person’s bank account. As a result, the casino staff gets additional work to do and need to spend more time to solve the problem. That is why some online gambling business representatives perceive this method as an extra headache and do not want to add it to the list of the baking options their clients can utilize.
How to accept eCheck payment for business?
Signing up for an eCheck account is quite similar to the process of getting a credit card merchant account. The first step is, of course, to find a reliable merchant account provider. After it will be necessary to provide information regarding a number of aspects, such as business experience and approximate processing volumes. The provider will need some time to review the received information to determine acceptance. If everything is fine and the provider does have any additional questions, the request will be approved soon. Besides, before setting up a business in the industry, it is also essential to know how much do casinos make on average and how to increase the handle significantly.
The next thing business representatives should be aware of is how to accept electronic checks. Here are useful guidelines on this subject:
- Request authorization from your clients. Similar to the authorization in the case of paper checks, clients also need to allow you to make an eCheck withdrawal. And there are two main ways to do this. The first one is to sign a special online form and then submit it. The second one is agreeing to it in a recorded phone conversation.
- Set up the necessary payment details. Your clients will submit an online form indicating their checking account and routing numbers, as well as the amount of the payment. As an alternative, customers can provide all these details via a recorded phone conversation.
- Submit the payment information. After you click on the Save or Submit buttons in your payment processing software, the ACH transaction will be started.
How to send eCheck online?
The process of sending an eCheck is quite simple. First, the payee has to send you a special online payment form. To fill in it, you need to indicate the following information:
- the checking account number;
- the routing number;
- the payment amount.
Next, it is necessary to click on “Submit” to allow the payee to withdraw the necessary amount of money from your account.
It goes without saying that in some cases there may be no Internet access and, as a consequence, there will be a need to use another method. In that case, you can try to set up an electronic check by phone. Thus, the payee will ask about the necessary data by recorded phone call. Then check account and routing numbers as well as the amount of payment details will be input in the online payment terminal. The last step consists in clicking on the Process button – as a result, the payment will be deposited into the payee’s account.
PayPal eCheck option
eCheck on PayPal is the alternative way of making payments. Those who want to take advantage of this option need to remember that it might be quite risky for the receivers since it takes time for the clearance and might get bounced. Taking payment on PayPal through credit or debit card is a much better option as it makes the availability of the payment within just a few minutes.
Read more: Best Gambling Payment Providers
