e-Payment Processor Having Problems with US Accounts

May 21, 2011 | News Category: Casino Banking

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With the general upheaval for online gambling in the United States since the UIGEA (Unlawful Internet Gambling Enforcement Act) was introduces, e-payment processors are find it more and more difficult to continue processing online gambling transactions for their customers in the United States.

One of the most recent e-wallet processors to have a problem is a European-based company called Quicktender - Use My Wallet. The company has now confirmed that it is in fact having a problem processing funds for US players, and that is has now stopped trying to send funds to the United States.

The online casino payment processor made a public statement in which it stressed that their company is indeed efficient and reliable, as has been seen in the years that it has served the online gambling industry well. However, the statement goes on to note that the company is not able to predict the "vagaries of the US administration."

An excerpt from the statement reads as follows: "Over the past 2 weeks we have in good faith transmitted withdrawals initiated by Quicktender account holders to beneficiary bank accounts in the US."

The statement then notes that the funds did leave Quicktender's European bank account, and that it was sent to banking partners' accounts in the United States. At first, Quicktender was unaware that the funds had not reached the players and affiliates who were waiting for their payments. After a number of customer complaints, the e-payment processor looked into the issue and discovered that the funds that had been sent to their banking partners had been frozen. Quicktender suspects that the funds may have been frozen because of a seizure order by the US Federal authorities.

The statement stresses: "We would stress that we do not have bank accounts in the US of our own, and that the funds have left our account in Europe."

The company states that they are doing what they can to try and ensure that the funds will be safe. Quicktender has also requested the continued patience of their account holders while the company figures out a solution. At this time, Quicktender is looking for safe withdrawal options that will be reliable in order to be able to safely transfer funds to their US customers.

"For this reason we have decided to suspend future withdrawals until we understand what has happened to the money that has been frozen. If we continue to transmit bank wires into the US we could find that these funds also do not reach their ultimate beneficiaries. This would simply make the problem worse."