NETELLER is an eWallet celebrating its 20th anniversary in the digital world. Established in 1999 at the dawn of the dot-com era, NETELLER is now available in 15 languages, allowing online customers to transfer funds to and from merchants via their NETELLER eWallet or Net+ card. NETELLER, owned and operated by the Paysafe Group, launched in Canada but moved to the Isle of Man just five years later.
In recent years, NETELLER has grown from strength to strength as a third-party payment processing platform. As of 2016, it had generated more than $1 billion in annual revenue. That equated to a post-tax profit of $142 million, underlining the platform’s capability to handle high volumes of users. Two years prior, in 2014, NETELLER agreed to a landmark sponsorship deal with the English Premier League soccer side Crystal Palace, becoming the league’s first shirt sponsor to come from the online payments industry.
Two-Factor Authentication and FCA-Regulated
Confidentiality means a lot to digital consumers in 2019. Whether it’s transferring funds or depositing them, consumers want to ensure their hard-earned cash is away from the prying eyes of cyber hackers. The procedures and methods adhered to by NETELLER ensure that all consumers’ sensitive personal and financial data is kept secure. NETELLER wallets can also be safeguarded by two-factor authentication (2FA). Although this is not mandatory, it is easy to activate for consumers to achieve a higher level of security at the online checkouts.
Under FCA electronic money regulations, NETELLER is also duty bound to maintain customer funds in separate trust accounts, keeping its customers’ cash from its operating cash. Given that NETELLER holds a valid FCA regulation, it has become one of the most trusted online payment processing platforms in the U.K. and throughout Europe. That is due in large part to the digital encryption of NETELLER transactions, which allows consumers to transfer funds from their bank account to their NETELLER wallet and make a confidential transaction for anything from a new pair of jeans to an evening takeaway meal.
Diversified User Base into Europe and Beyond
NETELLER has many similarities to Skrill, which has quickly become a leading competitor to NETELLER, despite it being owned by the same parent company, Paysafe Group. Nevertheless, NETELLER has a loyal fan base of merchants and consumers alike, who are happy to put their faith in the platform to facilitate the processing of payments efficiently. For online merchants that have a target demographic of customers heavily weighted toward the U.S., NETELLER is a wise payment method to offer to shoppers. In fact, in the past, 95 percent of all active NETELLER users were based in America, but since the tighter restrictions placed on the iGaming industry in the States, NETELLER’s user base has diversified across Europe and beyond.
NETELLER is still hugely beneficial in the iGaming industry. iGamers use NETELLER as a fast, convenient option to deposit playing funds from their primary bank account into their eWallet and iGaming account because it’s free, and they can safeguard their primary bank account from the threat of cybercriminals. Another boon for consumers is that casino bonuses are still often valid for NETELLER deposits.
Even further, NETELLER has also cemented itself as a popular digital payment platform for those who trade on the foreign exchange market (forex) as an investment or for a living. Hundreds of online forex brokers accept NETELLER, with no fees incurred when transferring funds from bank accounts to NETELLER wallets and from NETELLER wallets to brokerage accounts. Given that NETELLER is a global eWallet system, with no geographical restrictions, forex traders can move their funds to other individuals within their trading group or a hedge fund based in 200+ countries and territories. It’s that accessibility and flexibility that sets NETELLER apart from many other third-party payment platforms.
Acquisitions of Fintech Start-Ups Helps NETELLER to Innovate Continually
NETELLER will only continue to grow from strength to strength, too. It has embarked on strategic acquisitions of some of the most innovative fintech start-ups, notably Meritus, GMA, Income Access and MeritCard. It’s also critical to note that NETELLER secured a Principal Membership arrangement with MasterCard Europe and Visa Europe. This partnership allows NETELLER to offer more convenient withdrawal methods to and from credit cards and other payment cards for NETELLER users.
Additionally, regular users of NETELLER wallets are increasingly incentivized to spend through their NETELLER wallet thanks to the platform’s VIP membership, which offers cash back and fee rebate offers as well as reduced currency exchange fees and higher deposit or withdrawal limits. Simply put, e-commerce websites powered by the likes of Magento or WooCommerce should not hesitate to accept NETELLER payments given that their high-volume users will seek out retailers that accept NETELLER wallets to build up their loyalty points with the company.