Overview
Sports betting fans are provided with a plethora of banking methods to choose from when it comes to managing their online account balance. Among the most common solutions are credit and debit cards, online banking, and digital wallets. On closer examination of the payment mechanisms used, we will find out that eChecks are yet another available option.
EChecks are regarded as a great alternative for punters who restrain from using their credit and debit cards at online bookmakers. They function in a pretty similar manner to the way physical checks do. Other than that, eChecks enjoy availability around the globe, as they are not a country-specific method.
Those who have already used physical checks will hardly face any issues with their electronic analogs. A major benefit that eChecks feature, compared to their physical counterparts, is that transactions are carried out in a much more secure and expeditious manner.
Sports betting operators from all over the world add eCkecks to the lineup of possible payment solutions, delivering bettors with yet another convenient option for their favorite interactive pastime. EChecks can be utilized both for deposits to and withdrawals from online bookmakers. To start using the method, bettors should have opened a checking account with their bank institution.
As a whole, eChecks provide a straightforward, secure, and time-efficient way for bettors to manage their funds. This article introduces sports betting aficionados to the specifics of eChecks used as a deposit and withdrawal method.
Find the best ECheck bookmakers here
How EChecks Work?
Prior to depositing and withdrawing from online bookmakers via eChecks, bettors should be familiar with the process of setting up a checking account and its specifics. Basically, a checking account is a type of deposit account set up at a banking institution, facilitating both deposits and withdrawals. It could also be encountered as a demand account or a transactional account.
Compared to savings accounts, checking accounts enable multiple deposits and withdrawals, but usually, they involve a very low-interest rate, if any. In case checking accounts are held at a chartered banking institution, funds of individual depositors are guaranteed up to a certain amount.
To deposit funds into checking accounts consumers may use different sources, including ATMs and direct deposits, to mention a few. Holders of checking accounts should also examine what the requirements for minimum balance imposed by the relevant banking institution are.
Typically, bank institutions offer checking accounts for minimal fees, but of course, they will vary, from one bank to another. It is worth noting that due to various economic circumstances, banks can increase their fees on checking accounts, so users should stay tuned to their bank’s policy. Overdraft fees should also be carefully considered.
The advance of electronic banking and the overall technological development has resulted in electronic checking accounts’ increased popularity, eliminating the need for writing and mailing physical checks.
Taking into consideration all the specifics of eChecks, users should opt for the proper checking account that meets their requirements.
Set up a Checking Account
To start using eChecks for your sports betting needs, you should first set up a checking account. EChecks function in fairly the same manner as physical checks do, but before you can issue such, you should establish a checking account with a bank institution that supports this service.
Once bettors have found a suitable type of checking account that meets their requirements, they should pay a visit to the bank institution to apply for the service, or fill in the respective form online. They need to provide personal information along with their phone number, e-mail, permanent residential address, and social security number.
As soon as the application procedure is accomplished and the account is set up, punters will be able to top up their sports betting balance and start betting instantly.
Depositing to a Sportsbook
Bettors who have not used eChecks before will be pleased to hear that the process of depositing to online bookmakers is incredibly simple. First of all, they should browse for sportsbooks that support the payment method, subsequently choose a supplier, and set up a sports betting account.
Once logged in to their newly-created account, they should navigate to the Cashier section where bookmakers list all the available payment methods they support. Next, they should choose Instant eChecks and fill in the required information. Sports betting enthusiasts should make up their minds as to the amount they wish to deposit and check if they have sufficient balance in their checking account.
Similar to filling in physical checks, electronic payments from your checking account require certain information to be diligently provided. It includes the sender’s name and address, date, the name of their banking institution, the bank routing number, the bank account number, and the check number. Bettors should not forget to populate the amount of money they wish to deposit to their sports betting balance.
Punters are advised to double-check the form they have filled in for errors to avoid any unwanted issues and delays due to providing wrong information. Once everything is filled in and checked, the payment should be confirmed. Since these payments are processed within minutes, sports betting fans will be able to start wagering right away.
After the transaction is approved by bettors, they will receive a confirmation number, which should be saved for future reference and as proof of payment in case of any issues.
Withdrawing from a Sportsbook
EChecks can be utilized for withdrawals from online bookmakers, which is among their undeniable benefits. The reverse process is just as easy as the depositing procedure. It should be noted, however, that although many sportsbooks offer eChecks for deposits, not all of them support the method for withdrawals. This could be simply checked by going to the Cashier section, or if bettors are still unsure, they should contact a customer representative and submit their query.
As for the processing time of withdrawals via eChecks, bettors should know that they are not as quick as deposits. Before they send the requested balance to bettors, online bookmakers are supposed to run account verification procedures according to their internal policy. This is done for security purposes, establishing the lawful identity of the account holder.
The internal verification procedures usually take between 24 and 48 hours depending on the sports betting operator. Once the financial department of the bookmaker approves the request, your eCheck withdrawal should be received within the following 3 to 5 business days. Some bookmakers may prolong the period for up to 10 business days. Still, processing times of electronic checks far excel those of their physical counterparts, which may take up to several weeks.
Fees
Due to their straightforward, convenient and speedy character, eChecks are widely favored by sports betting fans all over the world. Apart from their convenience, we should not underestimate their cost-effectiveness. Furthermore, punters, who have opted for eChecks rest assured that the security of their personal and banking information remains intact.
To start off with the fees related to setting up a checking account, it is safe to say that, usually, there are no such.
There are many interactive bookmakers who handle deposits and withdrawals via eChecks free of charge. However, there are still some operators that continue the practice of imposing extra fees, so that is why bettors are advised to check this in advance.
Depending on the internal fees and policy of your banking institution, it may charge an additional fee, which is a minimal one and varies between $0.30 and $1.50. Due to fact that your checking account is already linked to your bank account, there is no need to transfer funds between the two.
As we have already pointed out, most banks have determined a minimum balance, which should be kept in the checking account. Otherwise, monthly maintenance fees are in place. The amount of the minimum balance varies across different banks and should be individually checked.
As far as minimum deposit and withdrawal limits of bookmakers are concerned, those for eChecks generally tend to be a bit higher compared to other payment methods. Deposit minimums with some online bookmakers may start at $100, while the relevant sums for other payment methods are anywhere between $10 and $20. Deposit maximum amounts also range and should be individually examined.
| Fees Summary | ||
|---|---|---|
| Operation | Time | Cost |
| Deposit to bookie | Instant | Free |
| Withdrawal from bookie | Several days | Free |
| Deposit with card | N/A | N/A |
| Withdrawal to card | N/A | N/A |
| Deposit with bank account | N/A | N/A |
| Withdrawal to bank account | N/A | N/A |
Security
Paper checks are very likely to become extinct in the near future not only because of the more convenient and faster way their electronic counterparts are functioning but also because of the latter’s high level of security. It is also worth noting that eChecks can be reversed.
For a sports betting operator to accept an eCheck transfer from a bettor, the latter should provide the necessary information, such as checking account number, and bank routing number. Customers are able to fill in the required details in a secure online form.
There are a number of security features of eCheck transactions that reduce the potential risks to a minimum. First of all, the process of account authentication guarantees that users provide proper financial information and credentials. Secondly, sophisticated encryption processes are in place, ensuring that the submitted payment details are masked and thus unreadable to potential cyber intruders.
Other features of electronic checks due to which they stand out as a secure online method to transfer funds are digital signatures and the fraud detection strategy of duplicate detection. Both ensure that eCheck transactions cannot be dishonorably duplicated. What is more, each transaction is uniquely identified via a code, making fraud less probable to happen.
Mobile App
In the era of constant technological improvements and innovations, the security and efficiency of online transactions are of paramount importance. Users’ convenience is of vital significance as well, and making online payments compatible with mobile devices has contributed a great deal to that process.
As far as eChecks as a possible online payment method are concerned and their compatibility with mobile devices, users should check if their banking institution offers eCheck services as part of their mobile banking package. This could be easily done by contacting the customer support of their bank.
Furthermore, those interested in executing their ECheck payments via mobile apps may look for different solutions that are available to download from Google Play for Android-powered devices, and from Apple’s App Store for iOS devices.
Thus they will be able to initiate electronic check payments in a fast and hassle-free manner, from the comfort of their surroundings by downloading a suitable checkbook application. With such an app, users would be in complete control of their online transactions.
Sports betting enthusiasts would certainly be facilitated if they find a suitable mobile application to manage their eCheck payments. The benefits of using a mobile app to stay in control of their eCheck payments when on the go are many.
First of all, bettors enjoy an unrivaled level of flexibility, by being able to conduct their payments while out and about. Security is yet another added benefit of mobile apps managing eCheck payments. Creating, signing, and sending online check payments via mobile applications can be completed exceptionally quickly.
Many mobile applications designed to manage eCheck payments offer the convenient functionality to store a list of Payees. Mobile users are also able to edit the available contact information whenever necessary. Thus they are enabled to manage their payments in a timely and efficient manner, from any location.
| Mobile App Features | |
|---|---|
| Send Money | N/A |
| Receive money | N/A |
| Top-up from bank account | N/A |
| Withdraw to bank account | N/A |
| Deposit to bookie | N/A |
| Withdraw to bookie | N/A |
Advantages
Similar to all other payment solutions, eChecks have their own intrinsic benefits and drawbacks. Before opting for a certain deposit method, bettors are advised to take a closer look at its main aspects so they are well-acquainted with them and make an informed decision.
First and foremost, eChecks have been around for quite some time now and they function in nearly the same manner as paper checks do. Hence, their familiarity and ease of use are among their best traits.
To utilize eChecks, all that bettors need is an account with a bank that provides this service. While other payment methods may require registration and account verification, with eChecks, users have already completed these steps upon the opening of their bank account. They are simply supposed to fill in their details and confirm the transaction.
Unlike many payment methods, eChecks can be utilized both for deposits and withdrawals from online bookies, provided that the operators support the method. Bettors should know that it is advisable to use the same withdrawal method as the one used for deposits.
As far as the processing time is concerned, bettors should know that electronically-initiated check deposits are automatically reflected in their sports betting balance, meaning that they can start wagering as soon as they confirm the transaction.
And last but not least, eChecks are preferred by many bettors as they are one of the most affordable methods. With fees ranging between $0.30 and $1.50, and no additional expenses, many punters are reluctant to look into other payment solutions.
Disadvantages
We are now going to take a look at the method’s weaknesses since punters should be completely informed of all aspects.
Although eChecks pose as a quick, secure, and affordable method, the bookmakers that support it are far outnumbered by the ones offering other solutions such as cards, bank wires, and digital wallets. This automatically reduces the number of interactive bookies, if bettors are intent on using eChecks to top up their sports betting accounts.
Another fact that bettors seem to dislike about eChecks is that part of their personal and banking information is exposed. In view of the availability of other methods that offer greater or complete anonymity, eChecks are not favored by bettors who restrain from revealing such sensitive information.
In spite of the fact that eChecks offer instant deposits to online bookmakers when it comes to cashing in your accumulated winnings, processing times are much slower. Aside from the compulsory account verification procedures that are typically completed within 24 to 48 hours, bettors should wait additionally for up to 5 business days to receive their earnings via eChecks.
Yet another aspect worth a mention is the method’s availability, both in terms of banking institutions offering it and in terms of countries where it is utilized. It goes without saying that bank institutions have their own policies and internal practices which determine if they offer eChecks to their customers. In many countries, the use of eChecks is diminished in favor of other systems for transfer of funds.
Countries Where eChecks is Used as a Deposit Method for Sports Betting
EChecks rank among the secure and cost-efficient methods to initiate payments directly from one’s bank account. Other than the method’s safety and affordability, it is also worth noting that it boasts availability all over the globe. It is not а method restricted to a specific country, making it a universal payment solution to move funds to and from interactive bookmakers.
EChecks have been around for more than two decades now, which makes them a widely familiar method to many bettors around the globe. With various payment technologys’ advent, eChecks have gradually given way to other solutions such as digital wallets, pre-paid cards, and online banking processors.
Since it is doubtful that payment mechanisms used in different countries around the globe would soon be unified, eChecks’ popularity varies from one nation to another. Finns and other Nordic nations, for instance, are popular for their inclination to utilize card payments. By contrast, cashless payments are not that common in Germany. Other European countries are gradually forsaking check payments to the advantage of bank transfers.
To find out if they are able to utilize eChecks to manage their transactions to and from online sports betting operators, punters should check their availability – first, with their banking institution, and then with the selected online bookmaker. The latter could be easily done by navigating to the Cashier section or sending a query to the customer representative department.
Ultimately, the more payment options a business incorporates into its Cashier section, the more customers it is likely to attract. This holds true also for sports betting operators, who are very likely to expand their potential by adding eChecks to their banking options. Certain jurisdictions limit the use of the widely popular digital wallets and, thus having another option in the form of electronic check payments proves to be a great alternative.
FAQ
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EChecks work in fairly the same manner as paper checks, only they are virtual. The process begins with authorization of the payment amount by the customer. Payments to online bookmakers are done through an online payment form. Compared to physical checks, eChecks are processed much faster ad offer higher security.
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EChecks can be used by account holders in banks who support the service of checking accounts. Sports betting fans who have such an account may look for operators supporting this method.
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Once bettors submit their withdrawal request, the financial department of the online bookmaker runs an account verification procedure that lasts usually from 24 to 48 hours. Consequently, it takes approximately from 3 to 5 business days for the payment to be processed.
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Taking into consideration the fact that eChecks utilize bank systems to process transactions, their level of security is highly advanced. EChecks incorporate several security measures such as digital signatures, encryption technology, authentication, and duplicate detection. Furthermore, banks guarantee the account holders’ funds in cases of fraudulent activity.
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There may be several different reasons why an eCheck payment has been declined. It may be due to an insufficient amount of funds in your checking account. The problem may also be due to the fact that the merchant does not accept payments via eCheck. Bettors are advised to get in touch with their bank ad the online merchant to resolve the issue in a more timely manner.
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