Posts Tagged ‘online casino cashier’

Despite Credit Card Hit, Online Casinos Tap Business With Alternative Solutions

Wednesday, February 10th, 2010

Oy! Blocked Mastercard? Surely, you take one of these?

Oy! Blocked Mastercard? Surely, you take one of these?

The recent rise in declined Mastercard transactions at online gambling sites is definitely not just because of the Super Bowl – or at least that’s how things are looking at the current moment. Three days after the big game, bettors and online casinos alike are reporting a large number of declined credit card transactions. And to make matters worse, online casino operators are being made out to be the bad guy.

As reported by the Poker Daily News, transaction requests are still being honored by the credit card company, however, the funds are not being delivered to the player’s betting account. Instead of receiving the money, payment processors for the online betting operators (which are generally owned by the operator) are being fined by the credit card company for accepting the payment. From the player’s perspective, it looks as if the casino is stealing their money, for even though the payment is not being delivered to the player’s casino account, the credit card account is still being billed. Of course, the credit card holder does not have to actually honor the payment, but it’s nonetheless making things extremely frustrating for both players and operators alike.

According to an insider working within the payment processing sector, MasterCard is now manually intercepting transactions between payment processors and casino cashiers, for it is believed that online gambling transactions, which are automatically coded for identification purposes, were being manually uncoded so that they would not be filtered out based on having a “red flag” code. Whether or not credit card companies can actually keep this up, is very questionable.

The bottom line is that while it is convenient to use a credit card to make online gambling deposits, there are several other methods still available for players in jurisdictions like that of the USA Online Casinos in the Vegas Technology powered English Harbour Gaming Ventures – namely, Slots Galore Casino – offer bank wires for both deposits and withdrawals, and reputable third party eWallets and cash services such as UseMyWallet and QuickCash. Popular U.S. facing online casinos, Superior Casino and Rushmore Casino, accept UseMyWallet and the popular eWallet Xpress for making deposits and withdrawals. They also offer eChecks for withdrawal. Casinos such as Go Casino, accept credit card funded gift cards for making deposits, while withdrawals can be process via bank wire or certified check.

Players should note that fees are generally charged on all modes of withdrawal to a varying degree. If using a bank wire, the banks themselves will impose a secondary charge, generally for around $25. At Go Casino, the cost to process a bank wire withdrawal is 2.5% the withdrawed amount. Certified checks for withdrawal generally take more than two weeks to arrive and come with a $15 fee, while expedited courier checks via FedEx cost $35. At Slots Galore, bank wire deposits are free, while bank wire withdrawals have a flat fee of $35 ($500 minimum and $5,000 maximum withdrawal by bank wire per week). Checks and Quick Cash withdrawals also have a $35 processing fee at Slots Galore, while UseMyWallet withdrawals are free.