View Poll Results: How long do you keep funds in a payment processor account?

Voters
12. You may not vote on this poll
  • I don't have a payment processor account.

    1 8.33%
  • I have a payment processor account but withdraw all or nearly all funds daily.

    2 16.67%
  • I have a payment processor account but withdraw all or nearly all funds weekly.

    2 16.67%
  • I have a payment processor account but withdraw all or nearly all funds monthly.

    6 50.00%
  • I keep more than a month of accumulated funds in my payment processor account.

    1 8.33%
  • I keep more than two months of accumulated funds in my payment processor account.

    0 0%
  • I keep more than three months of accumulated funds in my payment processor account.

    0 0%
Results 1 to 13 of 13
  1. #1
    MichaelCorfman's Avatar
    MichaelCorfman is offline GPWA Executive Director
    Join Date
    June 2004
    Location
    Newton, MA
    Posts
    4,052
    Thanks
    804
    Thanked 5,068 Times in 1,653 Posts

    Question How long do you keep funds in a payment processor account

    A week ago Thursday, on 17 June 2020, Wirecard delayed the publication of its 2019 financial results, saying its auditors were unable to account for 1.9 billion Euros in cash. Since that time its CEO has resigned and been arrested and Wirecard's stock price has dropped nearly 90%. There is a thread in the GPWA forums about it here: Wirecard CEO resigns as $2 billion goes missing.

    It's too early to know how the situation with Wirecard will play out, but it could be bad for those with funds in Wirecard accounts, or who depend on Wirecard to transfer funds on their behalf. The industry has definitely seen issues with payment processors before related to government seizures, but that is quite different than the internal fraud issues at Wirecard.

    Back in January of 2007 the U.S. Government seized funds held by NETeller and arrested the company's founders on the grounds they were engaged in money laundering. But arrangements were later made to return the funds. You can see some details here: NETeller founders charged with money laundering and here: NETeller strikes deal; will return U.S. money. This situation was worse with the Blue Monday seizure of funds from Quicktender in May of 2011. Many players permanently lost their funds in that fiasco.

    For this week's poll I ask if you keep funds in payment processor accounts and how long you keep them there. Besides voting in the poll, be sure to share whether you use Wirecard, if you have any money in an account there, and if you do, whether you have tried successfully or unsuccessfully to withdraw funds in a Wirecard wallet.

    Michael
    GPWA Executive Director, Casino City CEO, Friend to the Village Idiot

    Resources for Affiliates: iGamingDirectory.com, iGamingAffiliatePrograms.com, GamingMeets.com

  2. The Following User Says Thank You to MichaelCorfman For This Useful Post:

    FriendsofDench (29 June 2020)

  3. #2
    golfbettingsystem's Avatar
    golfbettingsystem is offline Public Member
    Join Date
    March 2014
    Location
    Bedfordshire
    Posts
    739
    Thanks
    151
    Thanked 368 Times in 257 Posts

    Default

    Never used Wirecard, however with other payment processors we withdraw once a month when completing our monthly accounting.

  4. #3
    Pokerface's Avatar
    Pokerface is offline Public Member
    Join Date
    August 2016
    Posts
    915
    Thanks
    60
    Thanked 416 Times in 272 Posts

    Default

    Always pull funds from accounts and never leave balances. Too much at risk and prefer to see the funds in business account.

  5. #4
    popopdc is offline Public Member
    Join Date
    April 2020
    Posts
    67
    Thanks
    8
    Thanked 28 Times in 21 Posts

  6. #5
    Nenad is offline Public Member
    Join Date
    June 2019
    Posts
    274
    Thanks
    182
    Thanked 74 Times in 63 Posts

    Default

    I always try not to keep my balance and always withdraw funds.

  7. #6
    818sfv's Avatar
    818sfv is offline Public Member
    Join Date
    June 2019
    Location
    Las Vegas
    Posts
    42
    Thanks
    34
    Thanked 12 Times in 10 Posts

    Default

    I have a Payoneer account and debit card (debit card is issued by Wirex thru Payoneer), not related to Gambling affiliate, but for my Udemy instructor payments. I pretty much pull all the money out the day it hits (once a month). Last payment I left a few hundred in, thinking it'd be easier and I would just use the debit card for misc expenses. And now those funds are locked... not a big amount but glad I've made a practice of pulling money out.
    TheOracle.guru Sports Handicapping and Betting

  8. The Following User Says Thank You to 818sfv For This Useful Post:

    Nenad (27 June 2020)

  9. #7
    Nenad is offline Public Member
    Join Date
    June 2019
    Posts
    274
    Thanks
    182
    Thanked 74 Times in 63 Posts

    Default

    Quote Originally Posted by 818sfv View Post
    I have a Payoneer account and debit card (debit card is issued by Wirex thru Payoneer), not related to Gambling affiliate, but for my Udemy instructor payments. I pretty much pull all the money out the day it hits (once a month). Last payment I left a few hundred in, thinking it'd be easier and I would just use the debit card for misc expenses. And now those funds are locked... not a big amount but glad I've made a practice of pulling money out.
    Same here. I just hope the issue will be resolved as soon as possible, as this is the most convenient way for me to withdraw money.

  10. #8
    casinobonusguy is online now Private Member
    Join Date
    October 2006
    Posts
    1,915
    Thanks
    150
    Thanked 970 Times in 594 Posts

    Default

    Never used wirecard , Ecopayz is only one I use now and I withdraw as soon as I get $1000 in there.I would nto keep any money on any wirecard issued credit card just too risky.

  11. #9
    Tex Holdem Questions is offline Private Member
    Join Date
    April 2020
    Posts
    44
    Thanks
    42
    Thanked 9 Times in 8 Posts

    Default

    Never leave much in accounts and sweep frequently.

  12. #10
    TravG's Avatar
    TravG is offline Private Member
    Join Date
    September 2008
    Posts
    2,037
    Thanks
    34
    Thanked 178 Times in 130 Posts

    Default

    I do not use Wirecard but anytime I am paid to a third party I retrieve the funds pretty quickly. It may not be the exact day the funds are put in the account but generally within the week I withdraw all monies. You just never know what could happen and sadly there is not much recourse if something goes badly. The exception may be with BTC payments if you want to include that as sometimes I will leave funds there hoping for an increase in value.
    Live Casino USA - the best USA live online casinos. Play USA online slots and other casino games like USA online blackjack. Like poker? See www.usalegalpoker.com for the best USA poker sites and USA online casinos for the best USA online casino. https://mobileslotslisting.com
    www.usalegalslots.com - www.playusaonlinepoker.com - www.4deucespoker.com

  13. #11
    drifter8's Avatar
    drifter8 is offline Private Member
    Join Date
    March 2017
    Location
    Bulgaria
    Posts
    846
    Blog Entries
    1
    Thanks
    1,364
    Thanked 423 Times in 322 Posts

    Default

    Never leave too much in accounts.
    Seven times fall, eight times stand.

  14. #12
    FriendsofDench's Avatar
    FriendsofDench is offline Sponsor Affiliate Program
    Join Date
    January 2019
    Posts
    22
    Thanks
    23
    Thanked 14 Times in 10 Posts

    Default

    Hi guys,

    Just to clarify hence an email we got from Wirecard which clearly states that Wirecard Bank AG is not part of the insolvency proceedings of Wirecard AG.

    We have been working with Wirecard for the last 4 years and they have been very solid and responsive in any aspect you can think.
    Adrian

    FriendsofDench | CasinoSinners.com | Winludu.com

    Skype: live:cid.e85e86f8a7d9cc68 | Email: friends@denchsolutions.com

  15. #13
    casinobonusguy is online now Private Member
    Join Date
    October 2006
    Posts
    1,915
    Thanks
    150
    Thanked 970 Times in 594 Posts

    Default

    Maybe some of my peers can help me with the names but in 2006-2010 there were a couple big processors that went under and many lost a bunch of money.Why risk having anything to do with this company now when a court could connect the dots and consider them one and the same.These prepaid cards could be the vehicle used to steal 1.9 Billion just throwing it out there ...and not saying they need to be involved but it could make things difficult for them too.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •