As the world of technology advances, it clears the path for other successful industries to move their businesses online and reach a wider audience. E-commerce, E-learning, and E-gaming have all experienced a significant increase in clients over the last few years as a result of the evolving and intricate payment systems that software engineers develop which are designed with ease, convenience, and reduced costs in mind such as PayPal.
However, PayPal is not accepted everywhere and as such, has given rise to one of the most successful Canadian payment methods: Interac
What Interac is and How it Is Used
Interac Corp is comprised of Interac Association, which is a venture that was originally created by financial institutions in 1984 as a means to give Canadian nationals broader access to their funds through a shared network, and Axcsys Corporation, which was established in 1996 by 8 institutions who built the Interac network system to develop partnerships and services. The reorganization of these two entitles was successfully completed in 2018, effectively bring all of the branded products under the umbrella of one company, Interac Corporation.
These days, Canadian consumers make use of Interac for secure online purchases and seamless retail payments to send money to loved ones. It has also become one of the more preferred ways to fund casino gaming accounts at several e transfer casino platforms. As a result of this, it has become the most popular option in Canada due to its faster processing times, extra security measures, and ease of use. Its popularity can also be attributed to the licenses that it has received from reputable financial institutions across North America.
How Interac is Used
Interac e-transfer allows customers to transfer money from the Canadian banking account to the recipient’s, which is easier than most payment methods. However, in the case of online casinos, the process is far easier. The site that you are using should have a payment screen that will guide you through the deposit process. It is important to keep in mind that there is a minimum depositing amount of $25 and a maximum amount of $25,000 on every Interac e-transfer. Players wishing to make a deposit will log into their gaming accounts, navigate to the Banking tab, and select Interac as their depositing method.
Players will be provided with banking details and all other necessary information, which will then be put into the mobile banking application. Once the transfer details are set up, players will select the amount of money they wish to deposit and begin the transfer process. Deposits are usually completed instantaneously and can take up to one hour for funds to reflect. Withdrawing money from your online casino requires a similar method. Players log into their casino gaming accounts, select the cashier option, and select the withdrawal option. At this point, you will be required to select Interac and fill in the necessary details and the amount you wish to withdraw. However, as is the casino with most payment methods, withdrawals take a few days to reflect in your banking account.
Why Interac is Used
As far as payment methods for online shopping and gambling go, the most important aspect is safety. Interac e-transfer has one of the lowest fraud and credit card embezzlement rates compared to all of the online payment methods on offer at online casinos, making it the most secure option. Interac also offers players ease of access and allows them to complete payments on PCs, Laptops, and even on-the-go with mobile devices. Transacting is made even easier for players who belong to banks or financial institutions that already use Interac as this means there is no need for them to sign up for any additional services and in this way has even surpassed the services on offer by PayPal.
Since Interac is associated with more than 250 banks and financial institutions which protects players from casino sites that have been deemed shady or untrustworthy. The fast processing times associated with Interac are on par with international standards, allowing for deposits to reflect almost instantly and withdrawals to return to your bank account in a few short days. In addition to all of these great advantages, Interac also offers a very low, and fixed, the transaction fee that will not increase based on how much money you opt to withdraw or deposit.