Six beliefs, checked
Each of these is understandable and each one leads to a decision that costs money. The check is the same every time: which party holds the balance at the moment the belief is being relied on.
- Beliefs checked
- 6
- Marked false
- 4
- Marked partly true
- 2
- Common thread
- confusing the rail with the account
- Method
- the mechanism, priced on the sample account
The six beliefs, checked
A wallet is only a pipe
It holds a balance you can be refused access to, under its own terms, with its own closure right and its own inactivity fee. A card leaves nothing behind; a wallet leaves an account and a contract.
A wallet balance is as safe as a bank balance
Safeguarding keeps customer money apart from the firm’s own money. It is not deposit insurance, and a bank balance is repaid under a guarantee to a cap while a wallet balance is a claim under a safeguarding arrangement.
The operator absorbs a wallet’s fees
An operator can absorb its own deposit charge, and sometimes does. It cannot absorb a fee the wallet takes before the money reaches it, and an offer that names one hop does not cover the other.
A block at the wallet is the same as a self-exclusion
They are held by different companies under different rules. A wallet block is a reversible payment setting on one account; the operator’s self-exclusion is a term the licensed gambling business has to enforce.
Being verified twice means twice the protection
It means two files and two retention periods, and it does mean two sets of checks on the movement of money. It does not mean two parties can settle one dispute: each answers only for its own hop.
The conversion rate is the market rate
It is the wallet’s own rate, and the gap between it and a wholesale quote is what the wallet keeps. On the sample journey a 2.00% spread at each end costs 3.88 on a 100.00 round trip.