December 13th, 2010 | Published in Casino Tips
If you have ever attempted to make a deposit at an online gaming site with a credit card, chances are you have encountered some difficulty or issues. In most cases the problem does not lay with your credit card specifically, instead changes in authorization policy. This typically results in a denied transaction.
Some players try four or more credit cards until they find one that authorizes the transaction. Other players have used a credit card to make a deposit at an online casino then one day is not able to make a single transaction with that card. This is all due to credit card company policy changes. For instance, Visa and MasterCard no longer authorize deposits to online gaming sites.
Online casino merchants are assigned the specific code of “7995” of which credit card companies either approve transactions made to and from that code or deny them. This is the most loathed number in the online gambling industry. Since 2009, the 7995 code has resulted in a decline in online gaming revenue by up to 30 percent.
7995 is an identification number of the casino industry which is based on the Standard Industrial Classification (SIC) system. The casino’s processor is coded 7995 by the issuing bank. Therefore, each time a player attempts to use a specific bank’s credit card, the transaction is blocked. Many players will then continue to obtain authorization with other cards until they are approved or run out of credit cards at which point they quit.
This system was first introduced by Visa in 2001. However, the implementation was by a specific merchant was not a requirement. Unfortunately for online casino’s, one of the largest merchant banks, Providian, immediately adopted the system. As a result, the online gaming industry felt the repercussions immediately. Shortly after other banks began to follow the trend and in May 2002 MasterCard introduced a similar program.
Luckily for the player, there are plenty of other options. New alternative payment processing companies are popping up left and right. Despite these numerous payment processing companies, NeTeller still reins king despite restricting U.S.-based customers. Other major companies include:
- Cash card
The restriction of credit cards due to SIC code 7995 for use at online casinos almost crippled the online gaming industry. Luckily the emergence of alternative payment processing companies saved the day for online gamblers.