A cheque is effectively a bill of exchange that orders a bank to pay a certain amount of money from one person’s account to another individual or a business. The cheque can only be paid to the specified payee, for the written amount, and it cannot be cashed until the date stated. Cheques have their origins in the ancient banking system and have been prevalent as a payment method up until the last 10-20 years, since when financial technology has taken over and opened up a dearth of options for customers both on the high street and online. Despite its relative drift towards obscurity, many bookmakers still accept cheques as a method of deposit, and some individuals do still prefer to use them.
How Do They Work?
The big players in the European betting market still accept cheques as a form of payment. Many of the firms bracket bankers drafts, international money orders, personal cheques and cashier’s cheques all together. They must be mailed into the address provided by each individual bookmaker. Typically the name on the cheque must exactly match the name of the account holder, and users can identify themselves by writing their username on the back of the cheque. Depending on what type of cheque is used, the deposit can take from 5-28 days to be processed.
There are advantages and disadvantages to using cheques to fund betting accounts:
Security – Many bettors are concerned with the security of their financial information when using online betting websites. By using cheques, there is no requirement for customers to input any data online, and thus the chance of having their details compromised, is eliminated. This is particularly important for big staking bettors who wish to add large deposits to their accounts.
Cheap Or Free – Lots of payment methods including e-wallets and in some instances debit/credit cards incur charges when used to fund betting accounts. Cheques tend to be free or very cheap to process with most bookmakers.
Slow Deposits – As mentioned above, it can take anywhere from 5-28 days for cheques to be received and processed. For bettors who want to fund their account quickly, cheques are not the answer. Those using cheques may be the type of bettors who deposit every few months etc. and therefore they don’t suit individuals who regularly deposit and withdraw funds.
Reduced Number of Bookmakers Accepting Cheques – While the big firms are still accepting cheques, the number of people using them are declining. Other forms of payments are automated, whilst cheques need to be processed manually and ultimately, bookmakers want to eliminate that, so over the next few years there is likely to be a further decline in the number of firms accepting them.
Larger Minimum Deposits – Because cheques require the manual labour, bookmakers are typically impose higher deposit minimums.