How long do you keep funds in a payment processor account

[MichaelCorfman]

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

[golfbettingsystem]

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

[Pokerface]

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

[popopdc]

I sweep my funds out daily.

[Nenad]

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

[818sfv]

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.

[Nenad]

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.

[casinobonusguy]

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.

[Tex Holdem Questions]

Never leave much in accounts and sweep frequently.

[TravG]

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.

[drifter8]

Never leave too much in accounts.

[FriendsofDench]

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.

[casinobonusguy]

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.