Instadebit/iDebit as a Sportsbook Payments
What is Instadebit?
Instadebit, which is currently known as iDebit, is another way to transfer your funds from your own bank account to an account with your bookie. Just like other online payment methods bookies will encrypt your data, which basically means they’ll keep it safe.
Instadebit, a Canadian based company, has been around since 2002 and it has been quite successful. Evidence of which is the fact that they have been in business for more than a decade. Nowadays iDebit is one of the most trusted names among sports bookies and their clients.
It is actually one of the most secure e-wallets around. They have more than a decade’s worth of experience when it comes to providing fast and secure payments. They have worked with many sportsbooks and have gained a rather strong degree of trust when it comes to processing payouts, deposits, and other financial transactions over the internet.
How does iDebit Work?
You should note that iDebit is not exactly the same type of eWallet as Skrill, PayPal, and others. Their service simply enables online purchasing and customers will still need to use their online bank accounts.
If that sounds confusing, here’s an example. Let’s say you want to purchase something from an online store that accepts iDebit payments. You will still have to login to iDebit. Then, you will have submitted your bank details to this online payment processor.
After this, you can make the online purchase from the internet store where you want to purchase your item. You will then be required to pay for the item when you checkout your shopping cart. To make the payment you will have to approve the payment on iDebit.
So, what happened? You did not give away your banking details yet you were able to shop online. That is why this is one of the most secure systems around. This is one of the reasons why iDebit is so popular among punters.
You get the same secure online payment system when you top up your betting accounts and it’s also a great way to withdraw your earnings. That is why iDebit is becoming more popular.
There are two modes wherein you can use the iDebit services. The first one is where you log into your iDebit account and then make purchases online. The other is called guest mode. Here’s how it works. You logout of your iDebit account and check out as a guest. While you’re in guest mode you can login to your bank account using the same username and password for online purchases.
Note that in either mode your banking credentials stay between you and your bank. You are not giving away any of that sensitive information to any merchant or online seller.
Who Can Use the iDebit Service?
Now here’s a bit of detail – you need to be at least 18 years old before you can take advantage of the iDebit service. You also need to have a bank account that has an online banking feature. That bank should be one of iDebit’s partner banks or supported banks.
Is iDebit a Secure Payment System?
As usual, whenever making any payment over the internet, a lot of people often ask if this payment system is secure. So far iDebit has a pretty good standing among bookies. Many customers trust this form of payment. They have taken a lot of necessary precautions and employ the latest encryption technologies available to date.
Again, as stated earlier, you won’t need to disclose your personal or your banking info. iDebit performs the transfer of funds in behalf of your bank, keeping your banking details safe.
Managing Your iDebit Account
As you can see, this is a very useful feature for people who want to top up, withdraw, and make their bets through their bookie websites. The good news is that you don’t need to pre-register to make use of the iDebit service. If you have a supported bank then you can opt for the service. You can check if your bank is supported by iDebit by clicking here.
Note that if you register for an iDebit account, you will have to indicate your date of birth. It will be used as a security feature and also a way to verify your age. To track your online transactions you can login to your iDebit account and checkout your transaction history. You can monitor your online activities there.
Another thing that you should know about the service is that there is a designated transaction limit. You can consider it as a helpful tool to stop you from over spending. The transaction limit is indicated at the end of each receipt or transaction report. You can also see it every time you login to your iDebit account. You can also view it at idebitpayments.com.
Of course you can edit the info in your account. You need to login to iDebit. From there you can edit the email address you initially supplied, notification settings, banking information, setup a new username and password, and all the other bits of info. To edit any detail you need to click “Edit” which you can find right beside the info you want to change.
Do take note that in case you change your bank info or change address you will be required to submit any of the following as supporting documentation:
- A cheque that has been voided
- Proof of address such as utility bills
- Government issued photo IDs like a passport or driver’s license
In case you want to close your iDebit account, you need to contact the company’s customer service center or send an email to firstname.lastname@example.org.
Betting and Online Transactions with Instadebit
Making payments and withdrawing your winnings via iDebit is just as easy as making online transactions with other e-wallets and online payment processors. But first, you need to associate a bank account with your iDebit transaction. Again it should be a partner bank for the online payment/withdrawal to work.
Now, some have asked if you can split payments from two different bank accounts. Unfortunately, you can’t. You can only make a payment or deposit a winning to only one bank account through iDebit or InstaDebit.
Note that every purchase you make using the service will include a receipt which will be emailed to you. Also note that you cannot use the service to make partial payments since the system will automatically transfer the entire amount to your bookie’s account.
Pros and Cons
a) Transactions are safe and fast.
b) Your bank details remain undisclosed (i.e. it stays between you and your bank).
c) You can use the service while logged on to your iDebit account or you can use it anonymously in guest mode.
d) It allows users to withdraw funds directly from their bank accounts without the need for credit or debit cards (good option for people without credit cards).
e) Minimal fees.
a) No partial payments.
b) No payment cancellation or refund system (you have to contact the merchant you paid).
c) They only support 32 countries.
They will charge you very minimal fees when using the Instadebit service are very minimal. For instance, making a payment or topping up your bookie account directly from your bank account via iDebit will only cost you £1.50 or €1.
Now, in case you still have money in your iDebit account, i.e. a balance amount, then you can use that to top up your bookie account and there will be no transaction fees whatsoever.
When you transfer money from your iDebit account to your bank account, they will charge you around £2 only. Withdrawing your winnings from your bookie to your iDebit account will be absolutely free.
Withdrawing Your Funds
Let’s say you withdrew your winnings from your bookie and the funds get deposited to your iDebit account. To withdraw your funds from your iDebit to your bank you need to login to your account at idebitpayments.com. Click “withdraw funds” and you may need to confirm your bank account info (i.e. if it’s your first time to withdraw funds).
Now there are two ways for the funds to get to you. You can opt to withdraw the money to your bank, which will take about 5 business days max. Another option is to withdraw your funds via cheque or money order.
Bookies that Take Instadebit Payments
The following are the different sportsbooks that make use of the online payment services of iDebit or Instadebit. Note that some of them are the most trusted bookies in the world.