Canadian players can try their luck on Mega Moolah with EFT Canada
Mega Moolah players hailing from Canada can choose from a number of payment systems to handle both deposits and withdrawals. One of them is EFT Canada, a system that facilitates direct Electronic Funds Transfers between player banks and casino accounts.
Note that using EFT Canada involves moving money directly from your bank account to an online casino. Deposits are not purchased on credit as they are with credit cards. As for deposits, they are also cash transactions; money is transferred from your casino account back into your bank account.
There are both pros and cons to playing Mega Moolah through EFT funding, and these will be discussed in this guide. EFT Canada is one option for casino players who prefer simple, straightforward banking solutions that involve as few intermediaries as possible. EFT Canada acts as the only intermediary between player and casino.
The basics of EFT Canada
EFT Canada is neither a banking system nor an electronic payments provider. They are privately held company that facilitates electronic transfers between accounts. This is an important distinction that should not be ignored. EFT systems operate on a completely different business model than ACH platforms and electronic payment systems such as PayPal.
An ACH (automated clearing house) system also facilitates payments between buyers and sellers. However, they add an extra layer of mediation. An ACH provider accepts the payment from the buyer, moves it through either a bank or credit card processor, then arranges for funds to be placed into the seller's account. ACH platforms charge a fee for their intermediary services.
Electronic payment systems like PayPal are ACH platforms of a sort. However, they offer extra services that make them similar to banks. You could say that they are cross between a bank and an ACH.
EFT Canada is completely different. They involve no ACH platforms, no credit card processes, and no third-party electronic payment systems. The organisation moves funds directly between bank accounts with no outside interaction. That makes the EFT transaction clean and simple.
History of EFT Canada
EFT Canada was founded in 2003 as a privately held company. A year later, they signed a licence agreement that allowed them to start developing their software. From there, EFT Canada slowly started building a strong customer base. They launched gift and loyalty card services in 2006 as a way to further expand.
Later that same year, EFT Canada transitioned to a publicly held company by selling common stock. By 2007 the company was ranked on the Profit Hot 50 list, a feat they repeated in 2008. The next notable achievement came in 2016 when the company moved their operations into the cloud. They also went private again in 2016.
Today, EFT Canada is one of the first names in electronic funds transfers in North America. Not only do they provide services for Canadian merchants and their customers, but they also offer cross-border transactions through partnerships with companies in the United States.
How the system works for Mega Moolah
The entire EFT principle is pretty simple to understand. When a customer wants to buy something by way of electronic funds transfer, EFT Canada takes the person's banking information and uses it to tell the bank to send a certain amount of money to the seller's bank. EFT Canada then confirms that the transaction has taken place; it notifies both buyer and seller following verification.
Buyers do not pay any direct costs associated with EFT. Rather, those costs are borne by the seller. However, it is reasonable to believe that sellers build the cost of EFT transactions into their prices rather than absorbing them themselves. EFT fees are just another cost of doing business.
In terms of using EFT Canada to play Mega Moolah, the player would first have to establish a Mega Moolah casino account; creating one is simple enough. Following account creation, the player would go to the online casino's deposit page to add some funds. He or she would select the EFT Canada option.
From there, the player would enter the appropriate bank information. Players using a checking account would need to enter both the account and routing numbers as well as the name and address of the account holder. Savings account users would enter the account number and the name and address of the holder.
Here's what happens next:
- EFT Canada uses the provided information to electronically contact the player's bank.
- An attempt is made to verify there are sufficient funds in the bank account to cover the deposit.
- If sufficient funds exist, EFT Canada then instructs the bank to send the money to the casino.
- If the bank reports insufficient funds, the transaction is cancelled, and no deposit is made.
As you can see, there is nothing complicated about an EFT transaction. Making a deposit is as simple and straightforward as it can possibly be. That's the beauty of EFT Canada.
Withdrawing with EFT Canada
There are couple of things to know about EFT Canada and your Mega Moolah withdrawals. The first is how the process works. It is essentially just a reversal of the deposit process.
When the player is ready to make a withdrawal, he or she simply navigates to the account portion of the website and follows the withdrawal link. The player then chooses EFT Canada as the payment option. He or she enters banking information and clicks the submit button, after which EFT Canada will verify that the casino has sufficient funds to cover the transfer, then facilitate the transfer immediately following.
The second thing to note is that there may be some delay in receiving the funds into your bank account. EFT transactions can usually be completed in one business day, but there may be situations where it takes two or up to three days. Using EFT Canada to make a withdrawal from an overseas casino would be one example.
Advantages of using EFT Canada
So, why would someone use EFT Canada as opposed to some of the other banking options? There are as many reasons as there are players who do it. Chief among them is the desire to keep as many fingers out of the transaction pie as possible. Players know that using EFT Canada means having only one intermediary.
Another advantage of this system is that it prevents players from gambling on credit. Unlike credit card deposits, EFT Canada will not process payments on accounts with insufficient funds. This offers Mega Moolah players to control their gambling expenditure.
A third advantage is the opportunity to receive cash withdrawals. If you were to make a withdrawal on the same credit card you used for your deposit, your withdrawal would show up as a credit to your account. But with EFT Canada, your withdrawal is paid as cash.
Other advantages of EFT Canada include:
- Comparatively speedy transactions,
- Banking level security,
- No transaction fees for the player, and
- The ability to self-limit by controlling bank account balances.
Of course, there are disadvantages to using the system as well, so keep reading to learn what these are.
Disadvantages of using EFT Canada
Online gamblers who steer away from systems like EFT Canada may do so for several reasons. For example, there are some people who are simply uncomfortable providing online merchants with their banking information. This is a legitimate concern and those internet users may opt to use an online wallet instead.
Whenever you offer banking information to a merchant, you are trusting that the merchant will not use the information for anything other than authorised transactions. But how can one ever know?
Another big disadvantage is the temptation to take money dedicated to something else and use it to gamble instead. It is too easy for someone who has trouble playing responsibly to tap into funds intended to pay the bills. This could get a gambler in trouble pretty quickly. Again for those gamblers an online wallet may be a better option.
EFT Canada is a means of facilitating direct transfers between your bank account and your online casino account. Cash flows from one account the next in a seamless transaction that can occur in as little as a few minutes.
If you like the idea that you can deposit directly from your bank account to play Mega Moolah, EFT Canada is the payment system you are looking for.
Byline: This article was published by Mega Moolah expert Henry. Media and other enquiries.
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