Neteller is an e-money transfer service used to transfer money to and from merchants, such as forex trading firms, social networks firms. It can withdraw funds directly using the Net+ card or transfer the balance to their own bank accounts.
It is owned and operated by British global payments company Paysafe Group, alongside former competitor Skrill and prepaid payment method paysafecard.
Neteller began processing online gambling payments in July 2000, it was processing payments for 85% of the world’s gambling merchants. 95% of the firm’s revenue at that time was derived from fund transfers to online gaming firms, with many users being U.S. residents.
Accounts of U.S. users were restricted as the firm exited the United States, and funds were unrestricted after 30 July 2007. As a result of this enforced exit from the U.S. market, and the risks associated with online gambling, the firm has sought to diversify. Despite this, Neteller fee revenues fell from US$ 239 million in 2006 to about $61 million in 2010. In June, 2019 NETELLER quitted US market.
High-turnover customers are offered premium membership called “NETELLER VIP”. It includes additional features and lower fees similar to premium membership of Skrill.
NETELLER VIP membership benefits also include earning cashback on transfers made using a NETELLER account, increased transfer limits and a free prepaid Mastercard for members with Silver, Gold, Platinum and Diamond VIP status.
Legal issues surrounding online gambling mean that customers in a range of countries (Albania, Cambodia, Canada, Hong Kong, Israel, Laos, Lebanon, Macau, Singapore, and Turkey) are not permitted to make transfers to gambling merchants.