Ever since gambling went online, a lot of milestones were achieved by the industry. Operators have been finding ways to engage and intrigue players more, and make them want to stay on their sites longer. They have been doing that by providing them with diverse game portfolios, many bonuses and promotional offers and a variety of payment methods to choose from.
When it comes to payment methods, in particular, players have the chance to use both existing methods that have been adapted for online use, and new, innovative methods created for the purpose of online banking only. In this occasion, we’ll look at examples from both categories of payment methods, eCheck and Interac. Why use Interac or eCheck for online gambling purposes?
Interac vs. eCheck – Overview
Interac and eCheck, as introduced, are two different payment solutions. The former is an innovative solution used to facilitate online banking, while the latter is a digital version of an old payment solution, adapted for online use. As such, these two payment methods are completely different in every aspect, except for the security levels they employ and their trustworthiness. Both of these solutions are extremely safe for you to use across online casinos.
You will find Interac…
…only across Canadian sites, though. It is a national payment network that can be used only by Canadian citizens, hence, you’ll only find it across online casinos that accept Canadian players. But, if you’re a Canadian player, then pay attention. Interac is one of the most popularly used payment solutions in the country, for both online and offline payments, purchases and withdrawals.
The network…
…offers three payment products, Interac Debit, Interac eTransfer and Interac Online, each fitted for a different group of users, and that’s one of the reasons attributed to its popularity. The second reason is the fact that it is integrated with all major banks in the country. Considering you want to use any of these three products, you can start using them right away, without any prior arrangements. You would just have to have a bank account with any Canadian bank, a leading bank, and you'll have a head-start.
Another reason…
…why Interac is such a hit method in the country is its integrity. Considering it cooperates with leading banks, it has the necessary security measures to convince any user that their funds are fully protected. Add to that the fact that it is a solution that has been launched back in 1984, and you’ve got yourself a reliable payment solution to use.
Availability-wise…
…it is a number one solution not only across the country but across Canadian-facing online casinos, too. That's mainly due to the speed of the transactions it processes, the many platforms it supports and the ease with which players can make deposits and withdrawals. Add to that its reputation, security measures and popularity, and you can understand why Canadian players absolutely love it and choose it over any other method.
eCheck, on the other hand…
…is a rather interesting solution. It is basically the virtual representation of an old-fashioned, worldwide-used paper check. Truly, it functions exactly the same way as paper checks, only online. But, considering it is a cheque, it means that it is directly tied to banks. You would need a bank to process it, as well as third-parties to clear it. Contrary to Interac, however, the money transfer process will not be as quick, considering the background process that takes place.
The time it takes to process the money…
…is 3 to 5 days, or up to 7 days if additional steps are needed. We’ll explain the background process shortly, but for now, all you need to know is that in order to use this payment solution, you would need to have a bank account. Nothing else. You won’t need to go through credit history evaluation, you won’t need to get issued with a credit card, and you won’t need to disclose any further information but your bank account number. As long as you provide it, you can rest assured that your money will reach the intended destination safely.
You will find it…
…across many leading online casinos for that reason precisely. Due to its security measures and reliability, eCheck is found on the list of accepted payment methods across hundreds of online casino sites. Therefore, if you’re worried about the choice of sites at your disposal, you can rest assured that you’ll be able to find one that suits you which accepts it.
Getting Started with Interac and eCheck
Considering both methods require…
…a bank account to use them, and you probably already have one, it should be fairly easy for you to get started with them. As introduced, though, the methods are pretty different, so let’s explain how you can start using both of them.
To get started with Interac…
…you would have to first decide on which one of the three products you’d like to use. As mentioned, though, for online gambling purposes, Canadian players are mostly using Interac Online and Interac eTransfer. Whichever you choose to use, you’d have to create an account with Interac. Since you don’t need to make prior arrangements with your bank, out of the 200 banks associated with the method, the minute you create your mobile or online account with it, you can start using it.
Just log in to your account…
…and connect the service with your bank account. Once you do, you’ll receive an email or SMS containing further instructions, security questions and answers, and passwords you will need later. With that, you would have finished the registration process. What you should know at this point is that when you start making transactions with it, these transactions will be near-instant. That’s due to its ability to transfer money online through secure pathways. What’s more, Interac is run by a non-profit organization, so the transactions you make with it will be really low-cost. Seriously, no further fees apply except for the $1.50 fee which covers the basic transfer costs.
Getting started with eCheck…
…is also pretty intuitive for the user, even though a rather big thing happens in the background. All you need to do is provide all the necessary bank details upon registration and some basic personal details to get that process started. Once you do, your job is done. In the background, however, the info you provide goes to an intermediary, like Authorize.net. This intermediary processes the details into useful data for the bank and sends it to the Automated Clearing House Network. The ACH is a network of financial institutions which clear eChecks. As soon as the ACH verifies the data is correct and legit, it sends the transaction request to your bank. The bank processes the funds you requested, since the check has been cleared, and using ACH, adds it to your eCheck account. Once it arrives, the money and the eCheck, for that matter, are yours to use as it suits you.
As you could see…
…eChecks need to be cleared, just like paper checks. And that’s precisely the reason why the money transfer process goes way slower than with other methods. But, on the bright side, the money transfer process is completely safe and secure. Once the money securely reaches the eCheck, you can use it whenever you want, across any online casino that accepts it as a payment method.
Making Online Casino Deposits and Withdrawals
The first step you need to make before you decide on which of the two methods to use is to find online casinos that accept them. As mentioned, that won’t be difficult, considering both payment solutions are accepted across many sites. As soon as you do, you can start using them.
To use Interac for deposits…
…you would need to log in to your online casino account and visit the casino's Banking or Cashier page. Once there, you'll find Interac’s logo. Click or tap on it, and you’ll see a new pop-up window appearing. Log in to your online or mobile Interac account via your desktop or mobile device, enter the amount of money you wish to deposit at the casino, and the casino’s email address. Enter the security question you received on your email or SMS upon registration. As soon as the casino provides the security answer, your deposit will be added to your online casino player account. You can start playing your favourite games right away.
When it comes to withdrawals…
...with it, you would need to repeat the entire procedure. Only this time, when you log in to your online casino account, and go to the Banking/Cashier, look for Interac in the Withdrawal section. Repeat the same steps you made when you deposited, and wait for the casino’s approval. The casino would take some time to process your withdrawal, review it and approve it. Once it does, it will send the money to your Interac account. From there, Interac will transfer the money to your bank account, so you can cash it out whenever you want. When your money arrives on the bank account, Interac will inform you with a notification email or SMS. That’s why it is considered as one of the most preferred, best withdrawal methods for Canadian players.
Depositing with eCheck…
…is incredibly easy, even though the background process when you were getting started sounded complicated. The truth is, once the check has been cleared, you are free to use it however and whenever you want. So, just log in to your online casino account, go to the Banking/Cashier/Deposit page, and choose eCheck as a deposit method. Enter the eCheck information along with any other details required, and confirm your transaction. As soon as the casino receives it, you will be able to use the money to play any games that you want. That should be in 3 to 5 days, approximately, after you’ve made your deposit request.
Even though withdrawals may seem impossible…
…with this payment solution, not only are they possible, but they are also extremely straightforward. All you need to do is repeat the same procedure, but this time, the casino will need some time to review your withdrawal. That would add a few more days to the waiting times. Once the casino approves the withdrawal, believe it or not, it will send your winnings directly to your bank account, so that you can cash them out whenever it suits you. Keep in mind, though, that if deposits were 3 to 5 days, withdrawals with eCheck will take 5 to 7 days.
Advantages and Disadvantages
Interac and eCheck are both directly tied to banks, and they are both secure and safe payment methods to use across online casinos. However, the processes involved in getting started with them and using them are completely different. That’s one of the main differences between them. And, as you could see, they both offer their own advantages and disadvantages.
To start with the downsides…
…Interac is an option only for Canadian players. Players from other countries across the globe cannot use it. Another disadvantage related to this solution is the fact that it comes with a $1.50 fee per transaction. Sure, this fee is absolutely insignificant, but it’s there. The main drawback with eCheck, on the other hand, is that it does not offer instant transactions. In fact, transactions with it can take anywhere from 3 to 7 days, depending on the purpose. This is particularly discouraging when it comes to deposits since no online casino player wants to wait that long for their finds to arrive on their online casino account. Therefore, this is not a method we would recommend to casual players who would like to make small but instant deposits. It is a recommended solution for high-rollers, though, players who wish to transfer a huge amount of money in a safe and secure way, regardless of the waiting times.
On that note…
…the biggest advantage of using eCheck is precisely that fact, the fact that you can transact large amounts of money safely. It is also the perfect solution for players used to using paper checks in their everyday lives since it functions exactly the same as paper checks. Interac is more of a solution for millennials who are looking for fast, low-cost and effortless transactions via their desktop and mobile devices. Plus, it collaborates with 200 major banks in Canada, the ones which greenlighted online transactions for gambling purposes. And, it is available across all Canada-focused online casinos. Therefore, depending on your preferences and needs, you have to excellent payment solutions to choose from and use. Make a wise choice and enjoy a seamless online gambling time.
Payment Methods Comparison | ||
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Payment methods name | Interac | eCheck |
Available accounts | n/a | 1 account |
Link to terms & conditions | https://www.interac.ca/en/terms/ | https://www.authorize.net/en-us/payments/echeck.html |
No casinos support both Interac & eCheck, click Interac or eCheck to show casinos that just support that method.
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