NETELLER is operated by Paysafe Financial Services Limited and is categorized as an independent money transfer business. A London-based company catering to more than a million customers from more than 200 countries since its inception in 1999, the company started processing online gambling payments easy early as 2000. It is currently one of the leaders amongst payment providers for betting websites.
NETELLER does not provide lending services or many of the other benefits that a traditional banking institution provides, but it does offer an easy to use, money in and money out solution, especially in relation to online gambling websites where there is a higher level of declined card transactions. The service boasts one of the “highest acceptance rates at regulated gambling sites” thereby making it easy for players to fund their player’s account as well as withdraw funds, both of which can be extremely challenging, and NETELLER can be utilized for both.
So the premise is fairly simple: NETELLER customers register a new account providing some basic information such as name, home address, and a social security number is also required in the United States for identity verification. Customers are not required to fill out an application and are not subject to a credit check, but the accurate input of the above-mentioned information is required.
The address used in the registration process needs to match the address associated with the customer’s regular banking institution or funding account. Without an accurate match, transactions will be declined and delays will occur.
After registration, the first step to having an active NETELLER account is through account funding.
In the U.S., there is only one funding method utilized and that’s a Visa debit or credit card. The customer will specify the amount to be transferred from the Visa to the NETELLER account and it should be a near-instant retrieval process.
So, a NETELLER account is a bit different from some other e-commerce methods in that it does provide a physical prepaid debit and ATM card to each customer.
Once the first transfer is initiated, the Net+ Prepaid Card is issued and mailed to the customer’s mailing address of record. Yet, another reason to enter an accurate mailing address during registration. NETELLER states that the card takes about 10-14 business days to receive after the initial funding date but, then, members are 100% ready to go for deposits and withdrawals.
The Net+ Prepaid Card is issued by Discover® and is accepted wherever Discover® cards are accepted. It is a prepaid debit card and can also be used at PULSE® and NYCE Networked ATM machines. Customers are then equipped with a brand new payment method to use in person and especially for online wagering where NETELLER is widely recognized as one of the primary methods for both payment and cash outs.
Regarding online casinos, poker rooms, and sports wagering, NETELLER is an easy option. Its card, holding one of the highest acceptance rates, provides players with quick approval and a faster turnaround for receipt of player account withdrawals.
The registration process is a fairly brief one as we’ve mentioned. New account holders need to provide their name, an accurate mailing address that matches the address on file with their primary banking institution, and a social security number that is also required in the United States for identity verification. That social security number is not utilized for any credit check with NETELLER or PaySafe, but the last four digits may be required to authorize transactions.
The next step after registration is making an initial deposit and, unfortunately, choices are limited for U.S. customers. Visa is the only advertised method of NETELLER account funding and Visa credit card or debit card transfers do have an accompanying 2.5% fee on each deposit initiated. On the plus side, transactions are instantly available in the NETELLER account. One important reminder, though, the mailing address used to open an account must match the mailing address associated with the Visa Card used to fund it.
Once the account is funded and the NETELLER customer has the Net+ Prepaid Card in hand, they can instantly transfer money into an online casino account or use their card for purchases and ATM withdrawals. The Net+ Prepaid Card is a registered Discover® card so may be used wherever Discover® Cards are accepted.
Funds coming back to the NETELLER account from those lucky online bettors’ player accounts are fee-free but turnaround times will be dependent upon the individual gaming site and its policies in regard to the approval process.
ATM withdrawals are also fairly convenient and can be conducted within the PULSE® and NYCE Network of bank machines. There is a limit of two withdrawals per 24-hour period but they can equate to $500 per day as long as the customer has the available funds. This is a prepaid debit card and the entire amount of the requested withdrawal, plus a $3.95 fee, must be available in order for the transaction to be approved. Additionally, customers should factor in a $2.99 monthly administration fee assessed to Net+ Prepaid Cardholders.
NETELLER has a fairly user-friendly website with some important posted fees and information specific to new customers. We do need to note that we were unable to find a posted customer service email address for new customer questions although NETELLER references this email address in their Terms and Conditions. They do provide support for businesses, but consumers may find it to be a bit challenging to reach someone live and in person (or even in virtual form via email) at NETELLER.
As far as security concerns, NETELLER and Paysafe Financial Services, who oversees NETELLER, have been in the money transfer business for 18 years and have built up a well-known reputation. The site is secure and private and has been certified by the U.K.’s FCA, the Financial Conduct Authority, that reviews policies and procedures to ensure safe transactions are being conducted.
Customers do verify transactions via their log-in information as well as U.S. customers input the last four digits of their social security number, but customers may request an additional layer of security be imposed with 2FA. 2FA is Two Factor Authentication and prompts customers to enter a one-time code that has been sent to their phone before a transaction can be finalized.
For players who appreciate the convenience of having a prepaid debit card to easily fund their casino player account as well as be used at ATM machines and other business locations, NETELLER is a good option. An account does carry with it a $2.99 monthly administration fee, $3.95 ATM withdrawal fee, and 2.5% per deposit fee, but the added convenience of having easy and instant approval on banking transactions may very well outweigh the fee structure for many customers.