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At the end of last weekend, the nation's major credit card issuers (American Express, Discover, MasterCard and Visa) began using Merchant Category Code (MCC) products specifically designed for credit card operations between consumer and legitimate online casinos such as those in New Jersey, Nevada and Delaware. Those MiCs or'transaction codes' are used by banks to identify the nature of the operation associated with the payment authorisation requirement being used.
Is payment processing becoming simpler for online casinos? The latest move by credit card issuers is largely in reaction to complains from online legitimately offering online games about the high rejection rates of those banking institutions that are reluctant to engage in online games of chance because they are concerned about the scope of certain anti-gambling statistics, such as the UIGEA (Unlawful Gambling Enforcement Act).
Specifically, many bankers reject attempts to make credit card payment in connection with online gambling because they have not been able to distinguish between payment from countries where the gambling activities are legally active and those where they are not. New specifically nominated MPCCs should help dispel some of the banks' concern by establishing a distinct set of code that can be used by legitimately operating companies.
Boosting payment handling for fantasy sport? A number of celebrity phantasy resorts had similar difficulty obtaining permission to process credit card payment in conjunction with their business plans. The attempt at an MCC system gives cause for hope that a similar, sensible way will be taken to ease payment handling for those sites that operate in accordance with current legislation.
These MCC developments only reinforce the need for phantasy facilities to seek the advise of a skilled consultant to make sure that their operation is in accordance with current legislation, and for them to be able to obtain an expert report setting out that agreement in order to obtain the required payment authorisations. Continuous developments in bank and payment settlement practice related to phantasy games and legalised online gambling justify the continuous interest of phantasy sport lawyers, online gambling lawyers and those interested in payment settlement in general.