Echeck Online Casinos: Play At These Top Sites That Accept Echecks
An eCheck is a check similar to a traditional check. Every day more and more checks are processed electronically.
When you use an eCheck, the money is taken from your bank account and deposited into the bank account of the casino where you want to play. Some casinos will immediately credit the money in your account so you can play. However, this depends on the casino's policies and the amount of the deposit. Although, you will not be able to make withdrawals until the eCheck has been verified.
The process of collecting payments of this type is quite straightforward, first you receive authorization from the customer, then the eCheck connects to the customer's bank. The bank receives the transaction and processes it to verify that it is completely legal and that the money is being transferred to the appropriate person. Finally, the money is sent to your bank account. These funds are usually available within 24 hours and the whole process takes about 3 days.
It is true that online casinos that accepts eCheck are not widely available, however, they are still an option for players with the patience to locate them. Some of the best are: BetOnline, Sports Betting, and Wild Casino among others.
This article looks at the pros and cons of using this method to fund your casino account. We will also examine the limited nature of eCheck when it comes to online gambling, how to use this form of virtual checking account, and alternative deposit options.
Advantages of using eChecks
One of the advantages for people to use echeck online is that it takes an average of four days to clear (although it can be as little as one), while a paper check can take up to 10 days to clear. It is also better for the environment since it is not transported or a waste of paper.
The billing costs are lower for the customer because there are fewer people involved in processing this kind of check. In some cases, this amount can be reduced by up to 60%. And it is more anonymous and secure.
If you don't have a credit or debit card, you can still pay with an electronic check as a form of payment, which is generally not the case for a paper check or a casino check.
Those who use or accept electronic checks have reported fewer cases of fraud.
Disadvantages of using eChecks
One of the disadvantages for the sites that accept echecks is that they must wait for the electronic check to clear, before they can access the services.
Also, if you need to cancel the check you won't have a copy for your records, since eChecks do not generate canceled copies. The issuing party has the option to dispute the transaction up to 60 days after the payment has been made. When such a case occurs, a chargeback is applied to the accepting party's account.
Another disadvantage is that if there are insufficient funds in the account, an eCheck can bounce just like a paper check.
Reasons why some casinos don't accept electronic checks
One of the main reasons most casinos don't accept eChecks is because other forms of online financial transactions are faster. A player can quickly fund his account and access any game of their choice by many other depositing methods, which are practically instantaneous, like mobile deposits. A mobile deposit casino works with several mobile deposit platforms for players to choose from. They all offer a really secure service and automated deposits.
The same happens with eWallets, which is another preferred transaction method by most online casinos, because of their simplicity, velocity and security.
This is not the case with eChecks, the casino must wait an average of four days for the check to clear. The main problem is that this is more than enough time for the player's enthusiasm to fade away, and they may even turn to another casino during this waiting period. Even though the recipient will still have the deposit, in the long run they are losing valuable business.
There is also the possibility that the eCheck will bounce due to insufficient funds in the player's bank account, and this generates additional work for casino employees, which is why the method is often thought of as a potential headache best avoided.