Neteller was launched in 1999. As with a few of the other e-wallets, Neteller is a British-run company that is operated and publicly traded under the Paysafe Group Plc. Most commonly used as a merchant trading platform, it operates between Forex trading firms and other social networking businesses.
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Benefits with Neteller
There are many benefits that come along with using Neteller as an online payment option. For example, processing of any payments occurs almost instantly. Money is transferred to and from the account with little to no discernable time difference. There is also no need to provide any ID proof or to input long card numbers when making a transaction. Instead, the transactions are processed via email and password alone. Neteller is also the cheapest e-wallet with lower fees, quick set up and a MasterCard option.
Cons with Neteller
For transfers between Neteller customers there are no fees but there can be high commission rates for some withdrawal or deposits. It also has relatively low buyer protection in relation to PayPal; for example, if funds have been transferred to a fraudulent account, Neteller will not help to get them back. It is also rather restricted as to which countries it can be used in.
How you use Neteller
The first step to using Neteller is to set up an account. This is easily done by visiting the home page and clicking on sign up. Creating an account is free and requires just a few personal details, email and a password. Once the account has been verified, it is important to attach a bank account to it. At this point, money can be easily transferred to and from the accounts and any money within the Neteller account itself can now be used to pay for online products and services.
Other places where Neteller works
Neteller is a highly accessible e-wallet and as such is available all over the Internet. A large number of casinos offer the option to pay via this method as to a number of online shops and businesses such as Forex sites and other trading web businesses.
Is it safe to use Neteller?
Neteller is very safe to use. It follows very strict payment policies in order to ensure that no fraudulent activities can be performed. Before every transaction ‒whether a withdrawal or deposit ‒ Neteller makes the user verify their account in order to make sure that it is the correct client making the transactions. Any accounts that are not verified will have a limit placed upon them and once the specified number of unverified transactions takes place, the account will be suspended. A four-step verification is needed to remove any limits on the account, which adds yet another layer of security to the account.
Neteller customer service, how to get help
Neteller offers a detailed FAQ section on its main page, which is where most customers will visit and find their answers. If the answers are not readily available there, then there is both a phone number and an email address available through which to voice the inquiry.
Short summary of Neteller
It is important to note here that Neteller is not an online bank and does not lend money to its customers. However, it is required to have enough money in trust accounts to cover all customer accounts simultaneously should the need arise. In 2003, the company released the Net+ card, which works in conjunction with MasterCard to create a virtual card number for each transaction made online. If the card is used by someone else, the transaction will fail to go through due to the constantly changing numbers.