Have you ever wondered what EFTs are? If you just see these letters for the first time, you probably wouldn’t know. It’s short for electronic funds transfers, and they are used so often in online gaming and other online transactions that you have likely heard about them.
EFTs have made a huge difference in the iGaming world, transforming how players interact with online platforms. EFTs enable seamless money movement and are reshaping the industry’s financial backbone.
The iGaming market’s explosive growth — from $70.64bn in 2023 to a projected $153.57bn by 2030 — shows how important seamless money transfers are.
In my experience as a casino payment specialist, I’d like to dive into EFTs and explore how they can improve your iGaming experience. Below, I discuss EFTs and how casinos utilize them to make deposits and withdrawals safe, secure and efficient.
What are EFTs, and what do players have to know about them?
EFTs are part of a sophisticated financial ecosystem that uses advanced computer networks to move electronic funds. Sounds a lot more complicated than it is, but not to worry, I’ll explain everything.
While an EFT might sound like a new thing, it got started in the 1960s. Nowadays, EFTs operate using complex infrastructures and use encryption and standardized communication formats like ISO 20022.
ACH and SWIFT are the key protocols they use and have improved significantly in the past few years. ACH has moved from next-day to same-day settlements, while SWIFT has enhanced security and introduced SWIFT codes for increased transparency in cross-border transactions. In layman’s terms, you can get your money quickly, even from abroad.
Simply put, as a player at an online casino, you can make deposits and withdrawals to and from your bank account. Your bank doesn’t need to be in the same country as the online casino, and the transfers will typically go through in a day or two.
How can EFTs improve the gaming experience for players?
The integration of EFTs into iGaming platforms has been a game-changer. Players don’t need to wait for deposits for days before they can start playing, and winners typically don’t need to wait for their winnings for more than a few minutes or a maximum of a few hours.
Lightning-fast transactions are now the norm, with deposits being reflected instantly and withdrawals being processed within hours. This speed keeps players engaged and satisfied — and helps ensure they return. The convenience factor is undeniable because players can manage their funds anytime, anywhere, often with just a few taps on their mobile devices.
Since money transfers are easier, there’s also a lower difficulty threshold for playing and people will gladly come back to their favourite games over and over again.
Security measures in EFTs have evolved a lot in the past couple of years and while they might have been a questionable transfer option some years ago, they’re now nearly as reliable as credit cards.
Advanced encryption protocols, such as 256-bit SSL encryption, safeguard sensitive financial data from outsiders. Two-factor authentication adds an extra layer of protection, which significantly reduces the risk of unauthorized access. These security measures have fostered trust among users, and they encourage more frequent and higher-value transactions — like high rollers who want to deposit five-figure sums. While this sounds more complicated than it is, the idea is that EFTs are safe and secure, and difficult for cybercriminals to crack.
To recap, EFTs can improve the gaming experience in many ways:
- Fast deposits and withdrawals
- Easy to make payments
- Convenient access to funds
- Excellent security
- Support higher-value transactions for high rollers
How to make deposits with EFTs?
Making deposits with EFTs is easy. Below, I list the step-by-step instructions to make deposits with EFTs at online casinos.
First steps: Logging in and choosing EFT
This is the easiest part. Start by signing into your casino account and making your way to the cashier’s page. Look for ‘EFT’ or ‘Bank Transfer’ in the deposit options. Don’t be thrown if you see ‘ACH’ or ‘Direct Bank Transfer’ — they’re just fancy names for the same thing.
Entering your banking details
Once you’ve picked EFT, it’s time to get personal with your bank info. You’ll typically need to share:
- The name of your financial institution
- Your account number
- The account routing number
Deciding on the amount of your deposit
Now you need to decide on how much you are willing to wager. Consider the casino’s deposit limits. They’re usually listed on the deposit page or buried in the banking policy. It’s like setting your own stakes in this financial game.
Verifying your deposit
Before you hit that confirm button, you’ll likely face a summary page. This is your last chance to play detective. Scrutinize every detail as if your gaming life depends on it. If it all checks out, give it the green light. But my recommendation is that you read it twice.
Understanding processing times
Here’s where patience becomes a virtue. EFT deposits aren’t typically instantly gratifying as they usually take a couple of days to process. It’s like ordering something online and waiting for it to ship.
Pro tips for making EFT deposits
- Make sure your bank account isn’t running on fumes before initiating a deposit.
- Stick to reputable, licensed online casinos — don’t gamble with your financial security.
- Hit up customer support at the first sign of trouble; they’re your lifeline in the online casino world.
- Keep a paper trail of your transactions. It’s like having a financial alibi if things go sideways.
How do iGaming platforms utilize EFTs to make the gaming experience better for players?
Online casinos and iGaming sites that are looking to start implementing EFTs as a part of their payments systems should start by thoroughly assessing their current payment infrastructure. It’s important to start by identifying gaps and opportunities for improvement.
They should also research potential EFT service providers and consider factors like transaction fees, processing times and compatibility with their existing systems.
Next, they should develop an API integration plan, including a detailed timeline, resource allocation and contingency plans. iGaming sites should also utilize end-to-end encryption for all transactions and two-factor authentication for user accounts.
They should also remember to schedule regular security audits and penetration testing to proactively identify and address vulnerabilities.
Also, extensive testing with various devices and browsers will help to ensure smooth functionality, which is essential. iGaming sites should also provide clear, user-friendly instructions for players regarding how to use the new EFT options. Video tutorials are excellent for this.
Finally, operators should also establish a system for continuous monitoring and improvement, so that nothing falls through the cracks. Regularly gathering and analysing user feedback, transaction data and performance metrics will help iGaming sites maintain a positive user experience.
What should iGaming sites worry about with EFTs?
In my opinion, while EFTs offer many amazing benefits, their implementation also comes with some challenges, as can be expected. Technical issues such as system downtime and integration complexities can arise, making the gaming experience unpleasant for players.
To address these issues, iGaming sites should implement backup systems and conduct thorough integration testing. By developing a comprehensive disaster recovery plan, they can minimize possible downtime.
Also, fraud prevention and data protection are essential. Deploy advanced fraud detection algorithms that use machine learning to identify suspicious patterns. iGaming sites and platforms should also update security protocols and conduct penetration testing to stay ahead of potential threats before they arise.
Navigating complex international financial regulations poses another challenge that iGaming platforms should be aware of. Platforms should partner with compliance experts and invest in adaptable systems that can quickly adjust to regulatory changes. Also, it’s recommended to maintain open communication channels with regulatory bodies to stay informed of upcoming requirements.
The key to successful EFT implementation lies in striking the right balance between user convenience and top-notch security. Investing in cutting-edge fraud detection systems and prioritizing user education to create a secure yet frictionless payment ecosystem is essential for the successful implementation of EFTs.
What other payment methods are available for players?
Electronic funds transfers are an easy way to move money from your bank account to the casino, or the other way round. However, not everyone prefers these transfers.
For instance, I prefer any of the following payment methods:
- Visa or Mastercard
- Skrill, Neteller or PayPal
- Cryptocurrency
Credit card transactions are often the go-to choice for instant deposits. For instance, many poker players and online casino players add funds to their casino account by using Visa or Mastercard.
E-wallets are also popular and wallets like PayPal and Skrill have gained traction for their speed and added security. Casino deposits and withdrawals are both possible with e-wallets, and many operators support Skrill and Neteller for quick and seamless transactions. I often use Skrill, which has proven to be easy, low-cost and very fast.
Crypto casinos have become more popular in recent years, especially because crypto transfers are fast, secure and low-cost.
Author bio:
Melissa Kruger – E-Payments and Casino Payout Specialist
Melissa Kruger is a seasoned expert in online casino payment systems, specializing in South African platforms. With extensive knowledge of EFTs, credit cards, e-wallets and vouchers, she guides players through making deposits and withdrawals. Melissa’s comprehensive understanding of various payment methods ensures that users can navigate online casino transactions with confidence and security.