Most of the aspects of the service, including advantages, disadvantages, payment processing, security and mobile pay, are presented below so any eager roulette player can weigh in on the options and decide whether to play their favorite titles with Interac:
Generally speaking, Interac is one of the top banking and payment processing solutions for Canadians. This is all the more emphasized for those looking to enjoy some prime online roulette real money action while keeping their private information under the radar.
The Interac payment service has over 30 years of history on the Canadian market, originally operating as two separate companies – Interac Association and Acxsys Corporation. Nowadays, Interac Corp. provides all the services that were once available through one or the other of these establishments, and more. With Interac Association maintaining a success business since 1984, and Acxsys Corporation since 1996, when the two came together back in 2013, users were bound to get the best of both worlds. The merger reconstruction was completed by 2018, with existing and new Interac-branded products under one roof bringing about a new era of successful, convenient and reliable payment processing services.
Advantages of Using Interac
Availability of the Interac payment processing service…
…is definitely one of the major perks for Canadian roulette players across the country. This dedicated method exclusively available to the Canada population has compensated for the lack of international coverage, and is nowadays available as a payment option at a massive number of platforms, merchants and services alike.
Speaking of services…
…the brand’s products alone are diverse enough to let potential users pick for themselves. Add to this the fact that most of them are also accepted as banking methods, as mentioned earlier, and it’s all the easier to understand how Interac enjoys such great popularity.
The ability to process withdrawals in addition to deposits and payments is yet another advantage for Interac users, and roulette enthusiasts at Interac online casinos in particular. It’s a known fact that our sister site Latest Casino Bonuses additionally confirms; if you are lucky enough to hit a win on your favorite titles, you can cash out your winnings in no time instead of waiting for a whole week for the funds to be made available.
In this line of thought, the low-fee, economical nature of the service is also a major convenience. Being able to perform payments and transactions without undergoing major fees and charges is a benefit in general, and all the more so for online casino roulette players looking to get the most of their dollars.
Security and customizability…
…of the service is another thing that prospective users can look forward to. On the one hand, the service keeps all private information and banking details out of the transaction, since users will never be required to share bank accounts with potential merchants or the likes. Online casino roulette players appreciate this advantage all the more, especially due to the reputation of operators in this entertainment business.
And with the many options to choose from in order to make payments that fit their needs the most, there is no denying the method’s advantageous nature, for Canadians at least.
Disadvantages of Using Interac
In line with the last statement, one of the major disadvantages of Interac is its geo-restricted service specifically. International players and users alike opting to make use of the conveniences of the method are disappointed by their sheer ineligibility for the service.
What is more…
…arguments have been presented regarding how much the company is missing out on by sticking to their current target audience. Nevertheless, with the success that they are having as such, and the high user satisfaction levels, this hardly seems to be an inconvenience for them.
Some of the eligible usershave pointed out to a similar disadvantage – Interac is still growing and expanding its partners and merchants network. Hence, not all online casinos they may find online will offer it as a payment method, requiring prospective players to opt for a different banking option.
The risk of scams such as phishing and account hacking is present at all times. With all the precautionary measures taken to ensure there aren’t any sensitive information left out in the open, these types of accounts are still under attack on occasion. Phishing is particularly common due to the specific way that Interac e-Transfer works, and allows scammers to lure innocent users into sharing information that turn their account security into a vulnerable target.
How Does Interac Work
So far, we have mentioned several times that the Interac brand includes a variety of services, or products if you will, under their name. This is so that prospective users can opt for the one that best fits their needs, regardless whether they are simply looking for an alternative payment option, but would like to keep the conveniences of regular debit/credit cards, or alternatively, would prefer a fully fledged online transfer service, or a straightforward payment gateway.
Regardless of your choice of options…
…Canadian residents looking to make transactions via Interac will only need to hold their own account with any of the banks or credit unions. The service has actually partnered with these financial institutions, and each of their customers can access their online or mobile banking platform, choose from the available Interac services and process payments via any of the added convenient options.
The options in question are quite a few, especially for a business that has just recently finalized their merger into a major corporation. Nevertheless, the companies operating separately beforehand had already optimized their services for max functionality, so that users nowadays can freely enjoy anything from Interac Cash, Debit, Flash, e-Transfer or Interac Online.
Interac Debit is the basic product offered by the company in an attempt to give existing account holders an alternative for their everyday payments. The Debit card allows the user to connect the funds in their account to the card, and use it accordingly at POSs or ABMs among other places. Related to it are the Interac Flash and the Interac Cash product, the latter of which is particularly used for cash payments, and does not extend to further functionalities.
As for the former, Interac Flash…
…is a particular type of service that compliments the Debit option with its new and improved functionality. Basically, this service allows for instant payments using your Debit Flash card recognizable for the ‘wireless sign’. Hence, card holders will be able to make transactions as fast as possible, all the while retaining their security. After all, just because the option does not require a PIN doesn’t mean that it doesn’t protect the information or funds – there are specific limits, occasional identification PIN requests and other measures to check the card holder.
The final two products…
…Interac e-Transfer and Interac Online – are particularly adapted to function for online casino payments and online transactions in general. The first of these functions as a fully fledged online payment processor while the latter is a faster option in the version of a payment gateway. While this means that making payments with the e-Transfer option may take an additional couple of minutes, it is much more widely accepted and available for account holders at any of the partnering banks and financial institutions, unlike Interac Online.
Interac Online Casino Deposits and Withdrawals
Since the last two options are particularly created with online payments in mind, it is only expected that they will be the ones available at the respective online casinos for Canadian players. All you need to do is choose appropriately depending on your gameplay style and preferences, the information you would like to share and the types of transactions you would like to make.
…allows you to make transfers from one account to another without the recipient having an Interac account. The details of the transfer are either sent via email or a text message to the respective phone number; if you have the recipient in your contacts list, simply select it and move forward.
Alternatively, Interac Online…
…is a payment gateway that enables players to perform transfers much faster, and is normally available at checkouts at online retailers. It basically functions in the background while the customer sets up their transaction on their existing online or mobile banking platform, but it is performed through the gateway which provides an added layer of protection and security than the regular transaction channels. This option is much less frequent at online casinos, as stated by Canadian Casinos as well, but still useful to know in case it comes to it.
- Interac Online Casino Deposits
For online casinos that feature Interac e-Transfer…
…on their list of banking methods, the procedure for depositing to your online casino player accounts starts like most others. Players start at the banking page, select this method and enter the amount they are looking to deposit. Next up, they confirm this and on the following page, need to choose the specific banking institution where they hold an account.
From there on, there are a couple of guidelines you will need to follow, such as entering the name and email and/or phone number of the recipient (in this case, your casino account), and complete the transaction. Your bank account is instantly credited and your player account is debited with the specified amount.
Alternatively, using the Interac Online payment gateway…
…starts the same way – choose it from the list of banking option at your casino and specify the amount. The next step of the process will require you to choose the banking institution, just like with e-Transfer, only from a much scarcer list of options (First Nations Bank of Canada, RBC Royal Bank and TD Canada Trust). At this point, you will be redirected to your chosen institution’s online banking page – log in with your specific credentials, confirm the amount and transaction, and wait for the receipt for the transfer. Afterwards, simply get redirected back to your online casino banking page and click to see your player account instantly funded with the same amount.
- Interac Online Casino Withdrawals
Making withdrawals to your Interac account is much simpler – just click on the ‘Withdraw’ option at your ‘Account’ settings. Just bear in mind that first-time cashouts will need to have an ID confirmation before they are processed – players will need to provide proof of identity, address and payment method before being able to collect their online roulette winnings.
Fees for Using Interac
One of the most characteristic features…
…of this payment method is the low-fee nature of its services. It has retained the same economic status since back in the days, and up until nowadays only charges a small amount per transfer to maintain a sustainable set of operations. For the cards, per say, transactions are subject to minute fees in depending on their amount – Flash payments are accompanied by a $0.020/$0.025/$0.035 fee. Interac Online charges a set fee, depending on the nature of the transaction – purchases and transfers up to $15 cost $0.115, those between $15 and $35 cost $0.256, for example.
Due to this, the service has expanded and covers much more than just online casino transactions – it is used for regular payments, utilities, education and other transactions.
Interac uses the latest standards in encryption and protection certificates…
…and the fact that it is actually connected to renowned banking and financial institutions makes the service all the more reliable. After all, it is only available if the banks approve it, and with hundreds of institutions already having allowed their account holders to use Interac, there is definitely reason enough to trust this payment method.
Aside from the high-standard bank-level protection, the service additionally employs an added set of protection, PINs, as well as security questions and answers, making sure that the identity of the user is the same with the holder at all times.
Making Payments with Interac on Mobile Devices
Interac is fully optimized for mobile device access…
…and transfer functionalities – all you have to do is choose the right version depending on your portable device’s OS. So far, Interac is available for Google Pay, Apple Pay and Samsung Pay, meaning that each of these platforms will allow online roulette players to enjoy their top titles for real money by simply linking their Interac accounts to their respective mobile wallet.
As it can be seen…
…Interac enjoys the reputation of a decades-long standing establishment, but with the eagerness to keep up with all the industry innovations. Canadian players at online casino sites are at an advantage for having such a dedicated and optimized payment option that works to meet their every need, and then some, making it all the less surprising why so many operators opt to include it in their banking pages.
And with retailers and e-merchants alike turning to this method, there is all the more proof of the convenience, popularity and user satisfaction it achieves.