Online casinos are becoming increasingly popular across Canada. It is still not legal in every province, but the recent changes in Ontario mean many Canadians can now play online casino games. Ontario was the first province to regulate and legalize online gambling earlier this year. Players can bet and win real money at these casinos, so it is interesting to look at the different ways in which payments can be made.
Online gamblers need to choose a trusted and secure payment method. Any trustworthy online casino will have a raft of payment options available. The player needs to look out for established payment names and processors. This means that the casino is working with legitimate organizations. As banks have to be squeaky clean, trusted branded payment options are a good indicator of a reliable online casino.
eWallets
Many people choose to place their deposits and withdraw any winnings using a variety of eWallet options. One of the reasons for this is that the technology behind these services ensures very rapid transaction times. In addition, they have built-in layers of security, including two-step authentication and automatic ID. As a result, several eWallet options are popular.
PayPal
Undoubtedly the best-known name, PayPal is the number one e-wallet option for secure deposits and rapid payouts. Many casinos accept this platform. The advantage is that you do not need to share any banking details and can draw from multiple sources connected to the app. Making deposits rarely takes more than a few minutes, and withdrawals are enacted within 48 hours
EcoPayz
EcoPayz might be a less well-known name than PayPal, but it operates in a very similar way. The main difference is that it allows money transfers to 45 currencies compared to PayPal’s 25, and peer-to-peer transfers are free regardless of currency. Account holders also have a traditional plastic card for greater usage. EcoPayz has been popular in the gambling community for a number of years.
MuchBetter
MuchBetter is a reliable mobile payment option. It offers free and low-fee deposits and rapid withdrawals. MuchBetter established itself as a preferred payment option in the gaming community. Accounts are protected with device pairing, touch ID, dynamic security codes and a transaction review system. These extra levels of security are designed to ensure that only legitimate transactions are processed. This payment platform also incorporates exclusive offers that tie up with some of the online gambling platforms.
ApplePay
Most Apple users will be familiar with ApplePay. It is a third-party payment provider that allows players to deposit using credit or debit cards without sharing their information with the casino. Deposits made with ApplePay are instant, and withdrawals align with the alternative e-wallets mentioned.
eChecks
Seemingly at the opposite end of the technology scale to eWallets, some people prefer to play at casinos that accept eCheck. eChecks are digital versions of paper checks. They use the ACH system to direct debit from a customer’s checking account into the merchant’s bank account. They are the most popular form of recurring payment and can be a great way of setting regular spending and deposit limits. There is also no maximum deposit.
The disadvantage of eChecks is that the processing time can be slower. It can take up to ten days for the funds to appear in your account. In addition, there is usually a small transaction fee.
Bank transfers
Many online casinos accept payment by eChecks and other forms of bank transfer. Bank transfers are one of the most secure options for depositing funds. The money goes directly from your account to the online casino. As a result, deposits are fast, but withdrawals can take up to five days.
Interac
Interac is one of those payment methods that almost every Canadian has. It is a well-known and popular payment option at online casinos in the country. Interac offers fast deposits, withdrawals, additional security checks, and payment confirmations.
Instadebit
Instadebit is another Canadian institution which is growing in popularity worldwide. It allows payments to be made without the purchasers needing to reveal any banking details. It is accepted by a few of the online casinos in Ontario. Users like it because it offers high security and low transaction fees. It also has fast processing times.
Debit / Credit and Prepayment Cards
Until recently, debit and credit cards were the market leaders for digital payment transfers. Most online casino casinos accept Mastercard and Visa. Standard speeds for these cards are instant for deposits and up to three days for withdrawal. The other big name in this market is American Express. Amex is not currently accepted at Ontario casinos, but this is expected to change shortly. Amex is taken in the US versions of some of Ontario’s best casinos, so it would be surprising if it is not accepted in Canada soon.
Paysafecard offers the user multiple prepaid methods. A prepayment card has several advantages. One is that it is an excellent option for players who prefer not to have a credit or debit card and is an option for the unbanked. Paysafecard codes can be bought in advance and used to add funds to a casino account. They are an excellent option for bettors who want to play within strict budget parameters.
Mobile Payments
We have so many payment options in the digital age that it can become confusing. Mobile payment options are often indistinguishable from eWallets – names include Google Pay and Apple Pay which are widely accepted in Canada. Neteller and Zimpler are similar new fintech services that specialize in linking transactions to and from the player’s casino account. At the moment, Neteller and Zimpler are not available to betters in Canada, but it is assumed they will be as the market grows.
Alternative Payment Options
As the Ontario market is relatively new, additional payment services are expected to become available. The most important thing is that the player feels comfortable and safe with the method that they have chosen.
Help is at hand
The idea is to have fun, not to spend hours trying to work out how to make an online deposit or withdraw funds. The leading online casinos recognize this and try to make their transaction process as straightforward as possible. In addition, most payment providers have quick Youtube tutorial videos available to view. It’s a good idea to check those out.
A general rule of thumb is that e-wallets and cards are the fastest and quickest, while cash-based payments and bank transfers require more steps. A great online casino will offer plenty of help and advice, so do not be afraid to ask.
