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eCheck

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An eCheck, or electronic check, is a method of depositing and withdrawing money into your betting account that is becoming increasingly popular with Canadian bettors. It is an easy, safe, and effective method of getting dollars from your bank account and into your betting account. 

eChecks are much safer than a traditional check as they boast security features such as digital signatures, public key cryptography as well as high-calibre encryption technology. These security features mean that no sensitive customer data is ever transferred to the betting company as the transaction is handled by the bank. One of the biggest perks about using eCheck as your banking method is that there are no limits when it comes to the amount of transactions you carry out on a monthly basis. 

eChecks can be used for many different payments that include rent, mortgage, car payments and gym memberships. The fact they can be used for recurring payments makes them an increasingly appealing payment option, especially for bettors who like to deposit a set amount into their account at regular intervals.

What is eCheck and how does it work?

An eCheck works much like a paper check as it serves as a money transfer statement between two different banks. However, due to the efficiency of modern-day technology, eChecks are processed much faster than traditional checks. There are four primary steps to ensuring a smooth eCheck process and these are outlined below:

1. Authorization Request

A customer must authorize the payment for a transaction to be processed. There are many methods in which you can do this such as, by phone, online or with a signed order.

2. Payment Information

Once a payment has been authorized by the relevant party, the business can proceed with setting up the payment. The details of the transaction are then entered into a payment processing system.

3. Finalize and Submit

One the information has been entered and saved or submitted, this then starts the EFT (Electronic Funds Transfer) process.

4. Payment Confirmation 

Once the payment has been submitted, the payment is automatically withdrawn from the customers bank account and a receipt is sent to the business’s bank account. It usually takes three to five business days to show in the merchant’s bank account.

What Bookmakers Support eChecks

Due to how fast and effective using an eCheck is, their popularity among punters is growing. Add to that the increased level of security that they bring, and online bookmakers are beginning to take note and provide it as an option for both deposits and withdrawals. Of course, all banking needs are different, so you need to assess what is the most suitable method of depositing for you, but there is a reason that eChecks are gaining so much traction amongst Canadians, and we fully expect to see this trend carry on growing in the future.

As we have mentioned, there are several top bookmakers that support eChecks and below we have listed just a few who currently provide it as an option.

Are there any fees using eChecks on Canadian betting sites?

As well as being a secure, simple, and efficient way of depositing your funds, one of the other reasons that Canadian bettors opt to use eChecks is that they are typically extremely cost effective for a customer.

There are occasions where a small transaction fee from your bank might be placed on a transaction when using eChecks, however, this is not always the case, so it is best to check with your bank before use. Each banking provider will have different policies when it comes to any additional fees.

The majority of online betting operators will not charge an additional fee for managing your funds via eChecks. They will usually absorb any marginal cost charged by your bank, however, there will be some that may charge a fee of around C$0.25 to C$1.50, so it is always worth keeping an eye out for the individual policies for each of the betting sites in question.

Unfortunately, the same cannot be said for withdrawals. Companies tend to pay other companies to process eChecks on their behalf, so you will likely be met by a transaction fee when it comes to withdrawing via eCheck. There is no specific set fee, and these charges vary from company to company. It is usually set out as either a set fee or a percentage of a transaction, so again be sure to check out individual policies before you proceed.

How to use eChecks at an online bookmaker

Depositing money into your betting account using eChecks is fast, easy, and efficient.

We have outlined a guide for you below so you can follow the steps:

  1. Ensure you have enough money in your bank account to make the deposit
  2. Select eChecks from the list of payment methods available
  3. Input the correct information required that will usually consist of your name, name of the bank, account number, routing number, and check number.
  4. Choose the amount you wish to deposit into your betting account
  5. Confirm you want to proceed with the transaction

Pros and Cons of Using eChecks

As with any online payment method, there are some pros and cons to using eChecks as your deposit or withdrawal method with online betting sites. Let’s take a look at some of the advantages and disadvantages of using eChecks right now.

Pros

Cons

Security & Safety when Using eChecks

When many people make purchases online, they are concerned about the safety and privacy of their banking information. It is an understandable concern as you hear or read of horror stories associated with hackers and fraudsters. However, online transfers have benefited from such a huge improvement in security technology that buying online is seen as being as safe as in person nowadays.

Traditional checks are nowhere near as common as they once were. This is largely due to the fact they are seen as an outdated method of payment, and one that has also not seen the increased security that you come to expect from debit and credit cards. eChecks are widely considered to be much safer than the use of traditional paper checks, partly because there is no physical document that can be intercepted.

The security that powers eChecks is the same level of security that government officials use to share highly classified information. It uses leading encryption technology that ensures your eCheck payment goes directly from your bank account to the online bookmaker in just a matter of seconds. As this process happens, all of your online information is scrambled so much that even the world’s leading team of hackers are unable to make any sense out of it. This ensures your online data is impenetrable and untouchable. 

One of the big appeals with eChecks is their transparency and clarity for transactions. When you make a payment with an eCheck you will be given a unique code that allows you the opportunity to trace your funds with ease. For any gambler concerned by the possibility of signature fraud that is common with paper checks, it is worth knowing that the use of digital signature technology is much more secure and increases online safety for eCheck users.

Conclusion

eChecks are a popular deposit and withdrawal method for bettors across the globe and especially for those in Canada. The popularity of the eCheck is very much on the rise and so although many top Canadian bookmakers currently offer eChecks, we do expect more to follow suit in the near future as they become more widely used. 

All bettors want to ensure a fast, efficient, and secure payment method and eChecks tick all the boxes. Keep an eye out for the distinctive eCheck logo when you next visit your favourite betting site and if you see it, you can know that simple and fast banking is just around the corner.

eCheck Betting Canada FAQs

Is it safe to deposit eChecks to fund my betting account?

Yes. eChecks are an incredibly safe and secure method of depositing money into your betting account. Betting sites have to adhere to strict regulations when it comes to processing data and information. The high levels of encryption used on eChecks ensure they are a perfectly safe method of depositing your funds.

Do Sportsbooks charge any fees to use eChecks?

It will depend on the betting company you choose to use as each betting company's policies will be different . Many top betting sites will absorb any fee on deposits meaning there is a zero charge to you the customer, making them appear more attractive. However, it is worth keeping in mind that it is much more common to pay a fee when withdrawing via eCheck.

What are the benefits to using eChecks?

eChecks come with many advantages that make them an appealing payment method. They are fast and extremely trustworthy, and they benefit from working without any intermediary, so your money goes directly from one bank to another without any trouble.