Money Deposit & Withdrawal - Criteria for Best Online Casino

I have recently undertaken a 2nd research project that is related to casinos. The first one was a start-up planning to break into a specific country in Asia. The most recent one is a payment solution for online casino sites.

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This requires me to check out various Casino Directory online. See who they considered to be as top ranking and what factors influence it. In the case of OnlineCasinosDir.com, the sites they have ranked are what they found to provide professional customer service and games - having the same experience and thrills as in real life playing in a casino. The site also has a blog that keeps you posted on other online casinos out there that are being tested by the site owners.

However, I noticed in various forums that there is confusion on how an account can be funded and be able to withdraw.

For instance, in the US, some online casinos allow you to fund and withdraw using one payment means only. Other payment systems allow you to fund your online casino account but the same can't be used to withdraw money as they are not allowed to do business in the U.S.

Some payment systems also get listed and later the player gets frustrated as they can't sign up at all since they can't do business in the U.S. For international players, some experience getting their accounts locked or unable to withdraw until they reach a specific rank. While some payment systems hardly have a working customer service number accessible at all or takes more than a week to get a decent e-mail reply to complaints.

I think various casino directories should also rank payment solutions used in online casinos so that players will pick the best solution that works for them. This includes easy to fund, easy to withdraw, shorter fund transfer time schedule, lower rates & service charges, and incentives.

I think playing in an online casino can only be so much fun if the deposit and withdrawal experience is equally pleasant that will benefit most of its players.

Handling of US$2000 and up cheque by banks

Once you have a dollar check (issued outside of the Philippines) that is US$2000 and up, some banks here don't treat it like a regular deposit but a "for collection" transaction. Usual charges of P100 per check will increase to P300++ and with a longer clearing period. That is from 21 days to 45 days.

We badly need Paypal in the Philippines and resolve the issues why we don't have Paypal full-blown here.

Republic Act 8792 - E-Commerce Law of the Philippines

Republic Act 8792, or the Electronic Commerce Law was enacted last June 14, 2000. Efforts for its passage started as early as 1992 with the Electronic Evidence Act. The law defines Philippines policy on electronic transactions to enable the country’s players and consumers to actively participate in electronic trade.

The law provides:

1. Legal recognition of electronic documents, electronic data messages, and electronic signatures;
2. Guidelines for retention and storage of documents in electronic form;
3. Recognition and validity of electronic contracts;
4. Guidelines for use of transport documents in carriage of goods;
5. A 2-year mandate for government to have the capability to transact its business electronically;
6. The directive for the Department of Trade and Industry to function as the country’s e-commerce authority;
7. The penalties to crimes such as hacking, cracking, and piracy offenses;
8. Made banking transactions done through ATM switching networks absolute once consummated;
9. Parties are given the right to choose the type and level of security methods that suit their needs;
10. Mandates RPWeb, a strategy that intends to connect all government offices to the Internet and provide universal access to the general public, to be implemented;
11. Made cable, broadcast, and wireless physical infrastructure within the activity of telecommunications;
12. Provided guidelines as to when a service provider can be liable;
13. All existing laws such as the Consumer Act of the Philippines also applies to e-commerce transactions.

Policies that have been released in 2006 that intends to support the implementation of the Electronic Commerce Law includes:

• Financing for Information Technology Build-Up (SME-FIT) (PDF file)
  
• DTI Administrative Order #8: Prescribing Guidelines for the Protection of Personal Data in Information and Communication Systems in the Private Sector (PDF file)
  
• Bangko Sentral ng Pilipinas Circular No. 542: Consumer Protection for Electronic Banking
  
• DTI-DOF Joint Administrative Order #2: Guidelines Implementing R.A. 8792 on Electronic Payment and Collection System (EPCS) in Government (PDF file)

Learn more about e-commerce in the Philippines by getting the DigitalFilipino.com E-Commerce Workshop E-Book.

For a background on the law's legislative history, get a copy of the Philippine Internet Review: 10 Years of Internet History (1994-2004).