Online casinos have experienced massive growth in just the last few years. Global online gambling is projected to reach $112.09 billion by the year 2025. Even with the pandemic, online casinos continued to flourish.
Mobile gaming is also on the rise. As of 2019, it was estimated that there were close to 2.2 billion mobile gamers worldwide. It was also discovered that at least 56% of those mobile gamers were playing at least 10 hours per week.
The Use Of eChecks For Online Casinos Increasing
More online casinos are expanding their online payment methods for their customers, which include eChecks. eChecks are considered one of the safest methods to make a deposit at an online casino. It is quickly becoming the preferred payment method among the many casino “regulars”.
However, as with any payment method, there are pros and cons to using eChecks for online casinos. Here are the advantages and drawbacks:
Advantages
- Fast – eChecks are a lot faster than having to mail a check.
- Simple to use – since paper checks have been around for a long time, eChecks can be seen as a familiar way to pay.
- Fit for large deposits – eChecks are the best to use for large deposits.
- Seamless transactions – Delays are significantly reduced.
- Secure – All payments are trackable by the bank.
Drawbacks
- Not widespread – Not all online casinos accept eChecks for deposits. Customers must look for the “Banking” or “Cashier” page of their favorite online casino to ensure they take eChecks.
- It can bounce – Like a traditional paper check, the eCheck can bounce due to insufficient funds.
- Waiting time –The “receiving party” must wait for the check to clear before they allow customers to access their services.
Something to keep in mind is that eCheck deposits are not “instant”. Customers may have to wait between 3 to 5 days for the funds to make an appearance on their casino account. In addition, the online casino may charge a fee for processing the eCheck.
Customers must always check their balance before they enter the amount they wish to deposit at the online casino. If there are insufficient funds in the bank account, the eCheck can bounce back.
Why Use eChecks For Your Online Casino Business
By offering eChecks as a payment solution, you are offering your customers the most critical benefits that they deem important…security and speed. This is because all players’ funds are secured by their banks’ own security and policies.
All transfers are direct communication between the casino and the customer’s bank account. Apart from an electronic check verification, there is no middleman involved. An eCheck payment normally processes within one day.
Another key advantage is that you will be able to reach customers that can’t use a credit card online. However, most people do have a bank account, making this payment option more accessible.
Closing Thoughts
Any online business that seeks to expand and grow its online casino business should begin by expanding its customer base. One of the best and most effective strategies is by adding eChecks as another payment method.
Since the customer’s sensitive checking information is protected and encrypted by their bank, they have little to worry about. With very short processing and check clearing times, they can’t ask for a quicker, more efficient way to pay. That is why eChecks are rapidly becoming the payment method of choice for avid online casino players.