Casino Talks

Posted by: The Original Mary at April 24, 2003, 4:20 pm

Topic: US players, beware of casinos that still take your credit card! Forum: Winner Online

There's more to it than that.

*Credit cards and their agrements aren't set up to make money from transferring money from the merchant to the customer. Those are processed as refunds, including refunding fees to the customer; so, when a player was paid winnings by credit card, the credit card issuer would be doing twice the work for less money.

They didn't like that. But, as we know, players love it, it is more secure for the player and makes the most sense.

Payments made from the casino to the player's card also reduced the credit card company's interest income--they'd prefer the player be paid by check, and the player pay off their bill.

*According to the GAO, offshore third-party processors would miscode transactions in order to allow casinos to continue to accept credit cards. You can see "The Banker" advertising this service now on www.startcasino.com.

*The casino industry has higher fraud and chargeback rates than any sector other than pornography. The casinos however did not put in place their own customer screening criteria for *accepting* deposits, and,as we can see elsewhere on the board, they still don't. They relied on the credit card issuers/processors to handle that.

*Casino transactions (offshore, large amounts) to the credit card company security computer look a lot like a stolen card. So they were constantly shutting down the cards, customer would call, it would go on again, etc. Again, this made more work. for the credit card issuer.

All in all, allowing credit cards to be used for online gaming was bad business. It wasn't making enough money to be worth the extra resources it required; it was a political and legal liability; and merchants and third party processors were not being trustworthy partners.

As for it being a big leap, I prefer to warn players of problems before players get stung. Not several months after AngelCiti has failed to pay or after CasinoMerlin goes out of business *because their processor went out of business* coincidentally when several processors were put out of business for miscoding transactions.

I notice the name of the New York bank is not specified. Did you call to get their permission to use the card for online gambling?

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