iGamer’s Checklist of Popular Canadian Payment Methods : Facts & Features

Canadians have no doubt noticed the expansion of online gambling activities in the country. All but one province now grants residents access to locally regulated iGaming. Ontario is particularly famous for establishing the nation’s only competitive market, complete with 75+ private operations. It’s not just a flourishing trend, but a burgeoning multi-billion-dollar entertainment industry across the Great White North. 

As responsible adults, there’s only one thing standing between us and this wide world of gambling wonderment—a safe and reliable payment method. We need a way to get money into an iGaming account, and a way to get it back out. Lack of choices isn’t the problem. Quite the contrary, it’s the abundance of options that merits pause. 

With so many payment methods out there, the choice can be more daunting than you might imagine. Som how do you choose? Security is paramount, but we also appreciate speed and ease of use, not to mention cost efficiency. 

Situational differences can make one player’s prime choice vary from the next. Thus, a checklist of the friendliest banking options and their primary features can be tremendously helpful. 

Top Canadian Payment Methods Feature Checklist 

We’ll be showcasing three of the most common payment verticals among today’s Canada’s online gambling enthusiasts. They include bank cards, eCheck payments, and more recently popularized mobile wallets, like Apple Pay. 

These options are generally available to all iGamers, from online and live dealer casino fans, to sports bettors and poker players. 

Debit Card Payments 

When it comes to online purchases, debit cards have withstood the test of time. They are the number one payment choice today, just as they were more than twenty years ago. We attribute this to the simple fact that 99.9% of the gambling-aged population has one. 

Depositing with a debit card is incredibly fast, predominantly safe, and relatively easy. However, it’s not always the most convenient choice. Here’s a quick breakdown of card payment qualities with details and overall ratings. 

• Speed – 10 of 10 
  Card payments are well known for their speed. It is their number one feature. All things being digital, card payments move at the speed of a tap. The moment one taps the submit button, electronic signals go out to validate the transaction. In a matter of seconds, an online casino knows that the money for a deposit is on its way, and credits the user’s account accordingly. 
• Cost – 10 of 10 
  Free. You can’t beat free! 
• Safety – 9 of 10 
  As for security, card payments are as safe as the cardholder. Banks and credit card companies have the tightest security measures in the world. If you’re gambling with a trusted website, it will only associate with equally responsible payment processors. So, the only thing left to question is how responsible the cardholder is. Keep your casino credit card details safe, avoid sketchy websites, and the security of your payments will follow. 
• Ease of Use – 9 of 10 
  Another box we can’t put a full 10-point checkmark in is ease of use. Years ago, pulling out a card and punching in some numbers was the easiest thing to do. Today, there are easier methods out there. You could always save your credit card details to your desktop or mobile account, but this opens the door to potential security threats should there be a data breach. So, unless you’ve memorized all of your card details and digits, you may have to whip it out for every payment. 
• Convenience – 8 of 10 
  Everyone with a bank account has a debit card, at the least. This fact alone makes them immensely convenient for depositing at online betting sites. The problem is withdrawals. You cannot request a payout to a credit card, and debit card withdrawals are generally limited to the amount deposited with the same card. That means you’ll be looking for a different payment method when it comes time to cash out winnings. 

eCheck Deposits & Withdrawals 

Electronic checks (a.k.a. eChecks, Instant eChecks) are another preferred method for iGaming payments, especially here in Canada. An eCheck is just like a paper check, minus the pen and paper. It is a check that you write online by entering a few numbers. These are the same numbers found on a paper check—the bank’s routing number and the user’s bank account number. 

• Safety – 10 of 10 
  Security is the greatest feature of eCheck payments. Unlike credit cards, the info you supply is not super-sensitive. It is the same information on a paper check that you can safely hand to anyone, the same as cash. Security checks are all provided by the casino during identity verification. So long as the casino and bank account are both in your name, security comes without question. 

Speed – 10 of 10 
Unlike paper checks, the digital variety can be lightning quick. It’s not that money moves that fast, but rather the confirmation that the money is coming. EFT technology sends signals from the casino to the bank and back, confirming the transaction details. Once the casino knows the cash is coming, they grant the user access to those funds right away. The whole process can be as quick as a few seconds. 

• Cost – 10 of 10 
  Free! eChecks cost nothing to send or receive. 
• Convenience – 9 of 10 
  Once more we see convenience spearheaded by the fact that everyone with a bank account can use an eCheck. We did have to knock a point off because some iGaming operators limit eChecks to deposits only. Rest assured, reputable eCheck casinos in Canada will support this method for both deposits and withdrawals. 
• Ease of Use – 9 of 10 
  The first time you use an eCheck, you’ll need to input the bank’s routing number and your account number. They are found at the bottom of a paper check, or a quick call to the bank will get you these numbers. You’ll only have to enter this information once (per iGaming account). 

Banking with Mobile Wallets 

Mobile wallets are the latest and greatest in internet payment processing. They include programs like Apple Pay and Google Pay, and come pre-installed on all new iOS and Android powered devices. Whether you choose to invoke them is up to you. 

To get started, you’ll simply link a debit card to your mobile wallet. Then, instead of giving your card details to iGaming sites, you simply choose your mobile wallet as the method, then log into that account to approve the payment.  

• Safety – 10 of 10 
  With mobile wallets, security is top-notch. You won’t share any payment details with any iGaming websites. Only the mobile wallet is privy to that information. You’ll confirm payments by logging into the mobile wallet and tapping a button. And because it’s on your mobile phone, this can be as quick, easy, and secure as scanning your fingerprint. 
• Speed – 10 of 10 
  Because your bank card is connected to the mobile wallet, payments are as fast as swiping a card at the grocery store.  
• Cost – 10 of 10 
  Free. Like debit cards themselves, there are no fees for mobile wallet purchases. 
• Ease of Use – 10 of 10 
  From set up to usage, mobile wallets couldn’t be easier. You can use your phone’s camera to add your card without entering all the details. Then, simply tap your mobile wallet and enter your password (or fingerprint) to confirm. 
• Convenience – 6 of 10 
  And here we find the caveat. If you have Apple Pay, you’ll find mobile wallets to be great for deposits. Google Pay, however, won’t support iGaming payments. To further disappoint, because mobile wallets are an extension of your debit card, they cannot be used for withdrawals. 

There you have it. If you’re in the market for a safe, secure, and reliable way to pay and get paid through Canada’s online casinos, these are your top choices. We hope the information provided helps you make the best choice, whatever your situation may be.