E-checks may sound like something new and exciting – but in fact, they are steeped in history because they are an electronic version of the paper check (also known as “cheques” in some countries).
They contain a host of different features, including: the information you will find on a paper check, the same legal framework, the chance to be linked with information without limits and an ease of exchange between parties, and the same features and functions that are provided by checking accounts at traditional banks.
An e-check will work in the same manner as an ordinary check. In this regard, the person who is paying for goods or a service will “write” the e-check using an electronic device and then give this to the payee. This will then be deposited by the payee who receives credit after the bank has cleared the e-check. The paying bank will then charge the writer of the check.
Basically, there are four steps to follow when using an e-check at an online casino.
The first thing to do is to authorise the transaction using the online payment phone. In some cases it may be possible to sign an ordered form or make a phone call with an e-check – but generally at online casinos, it will involve filling out an online payment form.
From there, when authorisation has been granted from the payee, the information will be submitted on to a processing service. This is often handled by a payment gateway, which might be PayPal, Skrill or another payment service.
The third step sees the payment information submitted over the ACH network and then the payment is withdrawn from the payer’s bank account.
There are several advantages to using e-checks compared to other payment methods. Perhaps the most notable is that they leverage banking technologies that are widely established, fast and secure. As such, they are seen as one of the most reliable payment methods available.
In addition, because they have been used in paper form over such a long period of time they are easily understood by most customers – especially those who may be reluctant to try new payment methods. They are also relatively safe because they are backed by traditional regulations and they are offered by almost all major gateways.
On the downside however, e-checks can take several days to process. You should read the terms and conditions of the online casino you are using to establish how long e-checks will take to carry out deposits or withdrawals.