Financial transactions in Online Casinos
Did you ever ask yourself how it actually works when you make a purchase at your favorite online casino or what happens when you withdraw your winnings?
We would like to give you some valuable background information.
Online casinos partner up with payment processors. Usually these companies only work in the online gaming industry. They operate as middlemen between the casino and payments method a gambler is using (credit cards, Neteller, Moneybookers, Ukash, Entropay, etc.). If a player makes a purchase at an online casino the money gets taken off let's say his Neteller account, then it will be credited to the merchant account from the online casino before been credited to the players gaming account. This process usually happens in real-time. You might ask yourself now why it takes sometimes days until I receive my winnings. There are different reasons:
- 1. Online casinos have a pending withdrawal time from 1 to 5 days. Generally speaking, Microgaming Casinos have 24 hour pending period, after this time cash-ins are processed. Playtech casinos have longer pending periods (up to five days). During this time they offer players bonuses if the reverse their cash-ins. These methods are not liked by every gambler.
- 2. Risk departments are responsible to check financial transactions from players and/or need to comply with rules and regulations from organizations like eCORGA (www.ecogra.com). This might prolong the payment process and the risk department might ask you for documents to verify your identity. Gambler needs to send the casino copies of ID or passport, utility bill or even a copy of credit cards. It cause inconvenience for a gambler to send these documents, but it's actually a good sign if a casino does risk and ID checks. It gives you and the casino the security
- 3. Online casinos depend on technology, processing companies and the internet. Sometimes internet connections are down, after a system update a link doesn't work and so one. This fact also can be the reason why you cash-ins is not processed in time.