Neteller

Neteller is an electronic money transfer service that is used to transfer money to and from merchants, such as forex trading companies, social networking companies. With Net +, they can withdraw funds directly or transfer their balance to their own bank accounts.

It is owned and operated by the British global payment company Paysafe Group, in addition to the former competitor Skrill and the paysafecard prepaid payment method. In May / June 2019 Neteller closes his US service and recommends moving to Skrill.

Neteller was created in 1999 in Canada and moved to the Isle of Man in 2004. The Paysafe Group is listed as an “authorized electronic money institution”.

In 2015, Optimal Payments Plc (now Paysafe Group) completed a transformation transaction for the global payment sector – the acquisition of the Skrill Group, one of Europe’s largest payment systems in Europe and one of the world’s largest independent digital wallet providers.

Neteller is not a bank and does not lend funds to clients. In accordance with the FCA rules on electronic money, it is necessary to maintain the customer’s funds in separate trust accounts, separate from the operating funds that are sufficient to repay all customer balances simultaneously.

Neteller began processing online gambling payments in July 2000, processing payments for 85% of the world’s gambling merchants. 95% of the company’s income at that time came from funds transfers to online gaming companies, with many users in the US.

Neteller logo since 2001.
US user accounts were restricted because the company left the United States, and funds were unlimited after July 30, 2007. [8] As a result of this forced exit from the US market and the risks associated with online gambling, the company is trying to diversify. Despite this, neteller revenue from $ 239 million in 2006 [9] to approximately $ 61 million in 2010.

Neteller money can be used to pay merchants sent to other customers for service or in any merchant who accepts a MasterCard using a prepaid Neteller card that is part of the account. Money can also be received directly from other Neteller accounts dealers, merchants such as gambling wins, insurance payments, or video game proceeds. Customers can withdraw funds from their accounts by bank transfer, check, or use of the Net + prepaid MasterCard at the point of sale and ATMs.

In 2003, the company launched the Neteller Card and several years later in 2008, the product line of cards was newly labeled Net +. Under the name Net +, the company offers prepaid MasterCard debit cards and branded programs and previously offered virtual cards. The Net + Virtual Card generated a different virtual card number for each transaction than a fixed card number, preventing some forms of fraud.