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As the repercussions of MasterCard’s move to block online gambling payment processing continue, a new company is setting up shop to fill in the gaps. Read about it here.
There are some inaccuracies in that article. For one, it appears that the underlying bank that issues the MC is the one who has determined whether it is going after gambling transactions or not. As we speak, some MC holders are still depositing, based on their issuing bank not pressing forward on this. Second, from several reliable sources, I have been told that for those MC cards rejecting online gambling deposits, the “reject” does show up on the depositor’s end immediately; i.e., the depositor knows that their transaction has been declined……this too, I have heard from several reliable sources. In short, this is a mess, and I hope the processors will be able to circumvent this in time. Otherwise, the industry is in for a big hit; it will take a while before credible payment processors (such as the one mentioned in this article) gain trust and reliability in the industry.
