Neteller is commonly seen in the gambling realm. It is very popular, commonly used and it does come with certain benefits and advantages. But, why this is the case, and what is it actually? These are common questions players have and now we will list and explain all of them.
What is Neteller?
This is an e-wallet. What this means is that it is a platform used by online users to shop, pay, or receive funds online. Like any other e-wallet, it does need your debit or credit card, or a bank account in order to operate. This is needed so Neteller can fund your account and use funds from that account to send them to other accounts or for payments.
We must add that it allows you to fund the account using credit and debit cards or bank account as the main options. But there are 40 methods you can use at any given moment. Add the fact that there are 26 major currencies supported and you can deduce why this is one of the most appealing methods in the gambling realm these days.
Yes, it is possible to use this payment without a bank account. But, in that case, scenario, you will use only the funds you already have on that account. For instance, if you withdraw winnings from a casino, you can use them to fund your account again at a casino website or for online shopping. Be free to learn more about Neteller before using it.
Neteller is owned by Paysafe Group. They also own Skrill and Paysafe payment providers. Paysafe Group purchased this brand back in 2015. The company was founded in 1999 in Canada, but they have moved it in 2004 to the Isle of Man. It is still located there.
Keep in mind that it is not a bank and it doesn’t work as one. They must keep the user funds and the funds of the company in separate trust accounts. According to FCA, the company must be able to refund all the amounts users have at their platform at any given moment. This makes Neteller one of the safest e-wallets online and one that makes a massive difference. This also means that you cannot lend money from them in any form.
Neteller in online gambling
Neteller started offering online casino payments for users from all over the globe (with many countries limited back then) in 2000. Most of the revenue this company had was obtained from online gambling. In fact, they acquired 95% of the revenue from online casinos. In addition, over 85% of the online casinos used Neteller as a payment method, at least one of many. Most users were from the United States.
Over time, they had to leave the United States market. This was a serious problem for the company due to the fact the revenue plummeted from $239 million back in 2006 to only $61 million in 2010. Eventually, the company had stop cooperation with US residents.
Neteller offers VIP program. This is reserved for users who have a massive amount of funds to send and who want to collect various points. Those points can be collected and exchanged for various perks. Keep in mind that Skrill offers the same or better said identical program but with higher fees.
The payment is popular in online gambling due to several things. First of all, it is extremely simple and easy to use this platform. There is no need for complicated steps or anything similar. Then we have the fact it is accepted at almost any casino on the web. It can be used at any site and the process is always the same. Gamblers love the ability to use one platform to fund all their accounts. Keep in mind that it can be used for withdrawals as well. What this means is that you get a complete set of usability needed when gambling online.
Types of Cards
Neteller uses and offers specialized cards that are very appealing, epically for gamblers. The idea here is to enhance the security and make online usage of payment methods safer. The first card that was released by this brand was Neteller Card. It was released back in 2003 but was renamed as Net+ in 2008.
A special offer was a virtual card that had the ability to generate a completely unique number every single time it was used. As such, if a thief acquires the card number, it will be changed and cannot be used. It was extremely safe and appealing method, one of the reasons why so many gambles opted for this payment method.
Net+ is basically a physical MasterCard and as such it offers the same perks and the same advantages as any other. Users are free to use the card for online shopping, for funding the casino account and so much more.
In order to use this e-wallet you should fund the account first. As we have mentioned earlier this is the case with all e-wallets. There are some fees present in this case scenario. All methods used for deposits come with a fixed 2.5% fee which is considered as relatively low. Keep in mind that there are 40 of them so you can always mix and match.
When depositing money to merchant sites, there is no fee of any kind. This is another reason why Neteller is so popular among gamblers. It simply means that you can deposit funds for free. The money transfer fee is 1.45%, the minimum fee is $0.50. Bank wire transfer comes with $10 while the member wire fee is $12.75. In general, all of these fees are considered low and affordable’ in gambler’s world.
It is the best and the most popular payment method for online gambling. It will remain in this position and it will stay appealing for gamblers from all over the globe indefinitely. After all, Neteller offers all the perks and all the benefits layers need and want to use. There are no issues or complications and safety is guaranteed.