An eCheck is in many ways similar to a paper check which has been used for decades as a traditional method of payment. An eCheck is the electronic version of the same and has a number of advantages on the paper check. Some of those advantages include faster processing time since the receiving party does not have to wait on snail mail for the check to arrive, better security as eChecks have electronic fingerprint recognition technology and online goods and services can be purchased by using an eCheck.
Banks usually issue eChecks when the account holder does not have a debit or credit card to make a payment and an eCheck is issued as an alternative means of payment. eChecks are more common in countries such as America and Canada. There are a few online casinos who continue to accept eChecks as a means of payment. However these online casinos are not very easy to find and it is important for online casino players to first verify if the online casino they are about to register with processes eChecks.
✓ Security: One of the biggest advantages of issuing an eCheck at an online casino is the extra security that is attached to the eCheck. Players are not required to enter any of their personal or financial information at the online casino and are hence protected from cyber attacks. The eCheck is issued by the player’s bank and is then directly transmitted to the online casino for processing.
✓ Payroll Management: When an online casino player users their credit card at an online casino, they can often end up spending a lot more money than they intended and get into credit card debt. By using an eCheck that is attached to a savings account, the player can only spend as much money as they have in their account. Based on the country, issuing bank and limitations on daily withdrawals, a player will have restrictions imposed on how much of money than can issue with a single eCheck.
✓ Processing Time: eChecks are no longer used as a mainstream method of making deposits at online casinos as most players tend to rely on their debit and credit cards or popular e-wallets such as Neteller, PayPal and Skrill. Players who want to use eChecks for making payments at online casinos will have to wait for a longer period of time for the eCheck to clear and for the funds to be deposited.
✓ Choice of Online Casinos: If a player relies on an eCheck as their method of payment at an online casino, their choice of online casinos to register with becomes very limited. This is because there are a number of online casinos that do not accept eChecks. The online casinos that do accept eChecks may not offer players the wide variety of table games and online slots that some of the other online casinos do.
eChecks are similar to paper checks and usually take a few days for them to be processed. There are a limited number of online casinos that continue to process eChecks.