Journey, that's a really good question. Especially with the latest happenings regarding Securebuxx. The following is what I posted at Pepe's:
Latest news on Neteller:
I think the worst nightmare for a book would be to be stiffed by a money processor such as SecureBuxx, Firepay or Neteller.
But despite of all the latest happenings, I'm 100% sure Neteller is on a league of their own. This company is doing things professionally and they have started a definite process of globalization of their services. This "new" approach is mostly impulsed by Neteller's new CEO, a guy that has worked as a consultant for many Fortune 500 companies. The guys have already expanded to the UK, which should be their launching platform to reach the rest of Europe. They also have implemented their service to enter Asia, especifically big in Hong Kong, Pekin and Korea -South Korea that is- and its surroundings.
I know the guys have decided to stay away from the forums and that can't be beneficial to mantain the large base of sharpies that use them, but think about this guys: If you were the owner of the company, what interest would you have to get into mud-slinging wars in a forum with people that have obvius interests on seeing your company failing? Especially because Neteller right now is the man to beat, the one on top.
Now, although I'm in no way related to the company -other than being one more of their customers- some answers have come my way and I'd like to share them with the rest of the posters here. The following are the questions I made and that I believe you guys would very much like to get an answer for:
Why has Maryland been shutt off of the service? Apparently the State of Maryland wanted Neteller to create a "local" platform of services within the geographical and legal jurisdiction of Maryland. They were tryin to create a tax on every transaction handled by Neteller. They had the legal grounds to fight this initiative, but the publicity the case would receive could have set a precedent for other states to try to do the same. So they simply shut them out. It was a business decision. Now, if the State of New York had the same intentions, THEN Neteller would use all of their resources to come up on top in the dispute. It has to do with ROI and liability. Shuttin down Maryland was a business decision.
Will the fees be increased for the merchants? Yes, they will. Why? Let's see, the original deal was to pay a 15% per transaction up to $15. This scheme created a high end and a low end kind of deal. Let me try to explain myself: Let's say Mr.Schmo makes a deposit of $85 from his Neteller account into X book merchant account. And Mr. Prick makes a deposit of $2500 (max. allowed/transaction) into the same book. In the first case the book had to pick up $12.75 on $85, which is a REAL 15%. In the second case the book paid $15 for a deposit of $2500, which represents only a 0.6%. A 0.6%.
Added to that, there were some books out there that were charging their customers for all the low end transactions, that is for all transactions under $200 or $300. When this new guy got to the chair, his obvious first question was: why are these guys getting such a bargain? So they've come up with a new deal, that is still very reasonable. And the fact of the matter is that for a book picking up to a 4.9% to get a deposit from their customers is STILL a lot cheaper than picking up the Western Union fees. That's a fact.
Neteller debit card? Yes. Incredibly convenient. All you have to as a player is request the funds to be sent from the book into his account. Once there, he can requests those funds to be deposited into his debit card. This player will now be able to withdrawal those funds from any Cirrus or Maestro ATM, if outside the U.S. or any Plus or Star machine if from within. How much do you pay for that? $1.5 on the dime. It doesn't get any more convenient than that.
You guys might argue that PPATM, owned by A.R (nothing personal here FatFrank) provides the same sevices. But for one I would personally feel safer if my funds were to be handled by a established Canadian company, rather than by a company in the Islands, owned by a guy known for his shady business estrategies. But then again, that's just me and I'm a control freak. Those are facts.
What is InstaCash and why do they charge 8.9% for the service? InstaCASH works exactly the same way as a regular EFT (Electronic Funds Transfer), with the difference that the funds are instantly deposited to a member's Neteller account. With a maximum deposit of $3000 a week (level 3) it offers even the high rollers the possibility to play while they wait for their regular EFT to clear, which usually takes up to 5 business days. For the recreational player or sharp guy that is not a mover, 3dimes represent a good chunk of business. As for the 8.9%, that is still lower than Wester Union and it spares you all the hustle. Besides, solid books will be looking into picking up those fees for their customers.
What is the best thing offered by Neteller? The guys will respond for a 100% of the funds in your Neteller account.
With SecureBuxx "becoming only a processing house for merchants" and FirePay being run out of some obscure room somewhere unknown, Neteller is definitely profiling as the sure bet when it comes to transfering funds.
I'm all about options, so the E-Gold possibility can only translate into more convenience for me as an user. One can always judge the stability of any given business operation by the results achieved by the company. Neteller's results speak for themselves.
Now you guys might come in here and say I'm shilling for NT or some of you might understand that I'm only tryin to help those of you that are in a similar position that I am. Let be it what it has to be.
Latest news on Neteller:
I think the worst nightmare for a book would be to be stiffed by a money processor such as SecureBuxx, Firepay or Neteller.
But despite of all the latest happenings, I'm 100% sure Neteller is on a league of their own. This company is doing things professionally and they have started a definite process of globalization of their services. This "new" approach is mostly impulsed by Neteller's new CEO, a guy that has worked as a consultant for many Fortune 500 companies. The guys have already expanded to the UK, which should be their launching platform to reach the rest of Europe. They also have implemented their service to enter Asia, especifically big in Hong Kong, Pekin and Korea -South Korea that is- and its surroundings.
I know the guys have decided to stay away from the forums and that can't be beneficial to mantain the large base of sharpies that use them, but think about this guys: If you were the owner of the company, what interest would you have to get into mud-slinging wars in a forum with people that have obvius interests on seeing your company failing? Especially because Neteller right now is the man to beat, the one on top.
Now, although I'm in no way related to the company -other than being one more of their customers- some answers have come my way and I'd like to share them with the rest of the posters here. The following are the questions I made and that I believe you guys would very much like to get an answer for:
Why has Maryland been shutt off of the service? Apparently the State of Maryland wanted Neteller to create a "local" platform of services within the geographical and legal jurisdiction of Maryland. They were tryin to create a tax on every transaction handled by Neteller. They had the legal grounds to fight this initiative, but the publicity the case would receive could have set a precedent for other states to try to do the same. So they simply shut them out. It was a business decision. Now, if the State of New York had the same intentions, THEN Neteller would use all of their resources to come up on top in the dispute. It has to do with ROI and liability. Shuttin down Maryland was a business decision.
Will the fees be increased for the merchants? Yes, they will. Why? Let's see, the original deal was to pay a 15% per transaction up to $15. This scheme created a high end and a low end kind of deal. Let me try to explain myself: Let's say Mr.Schmo makes a deposit of $85 from his Neteller account into X book merchant account. And Mr. Prick makes a deposit of $2500 (max. allowed/transaction) into the same book. In the first case the book had to pick up $12.75 on $85, which is a REAL 15%. In the second case the book paid $15 for a deposit of $2500, which represents only a 0.6%. A 0.6%.
Added to that, there were some books out there that were charging their customers for all the low end transactions, that is for all transactions under $200 or $300. When this new guy got to the chair, his obvious first question was: why are these guys getting such a bargain? So they've come up with a new deal, that is still very reasonable. And the fact of the matter is that for a book picking up to a 4.9% to get a deposit from their customers is STILL a lot cheaper than picking up the Western Union fees. That's a fact.
Neteller debit card? Yes. Incredibly convenient. All you have to as a player is request the funds to be sent from the book into his account. Once there, he can requests those funds to be deposited into his debit card. This player will now be able to withdrawal those funds from any Cirrus or Maestro ATM, if outside the U.S. or any Plus or Star machine if from within. How much do you pay for that? $1.5 on the dime. It doesn't get any more convenient than that.
You guys might argue that PPATM, owned by A.R (nothing personal here FatFrank) provides the same sevices. But for one I would personally feel safer if my funds were to be handled by a established Canadian company, rather than by a company in the Islands, owned by a guy known for his shady business estrategies. But then again, that's just me and I'm a control freak. Those are facts.
What is InstaCash and why do they charge 8.9% for the service? InstaCASH works exactly the same way as a regular EFT (Electronic Funds Transfer), with the difference that the funds are instantly deposited to a member's Neteller account. With a maximum deposit of $3000 a week (level 3) it offers even the high rollers the possibility to play while they wait for their regular EFT to clear, which usually takes up to 5 business days. For the recreational player or sharp guy that is not a mover, 3dimes represent a good chunk of business. As for the 8.9%, that is still lower than Wester Union and it spares you all the hustle. Besides, solid books will be looking into picking up those fees for their customers.
What is the best thing offered by Neteller? The guys will respond for a 100% of the funds in your Neteller account.
With SecureBuxx "becoming only a processing house for merchants" and FirePay being run out of some obscure room somewhere unknown, Neteller is definitely profiling as the sure bet when it comes to transfering funds.
I'm all about options, so the E-Gold possibility can only translate into more convenience for me as an user. One can always judge the stability of any given business operation by the results achieved by the company. Neteller's results speak for themselves.
Now you guys might come in here and say I'm shilling for NT or some of you might understand that I'm only tryin to help those of you that are in a similar position that I am. Let be it what it has to be.
Is Neteller no more and no less than simply fulfilling the niche that banks have these days not offering instant (international) transfers?
I am not so happy with Neteller. My experiences with them can be read in this thread:
http://therxforum.com/6/ubb.x?a=tpc&s=100090022&f=988094022&m=6693099866&r=7583055086
I am not so happy with Neteller. My experiences with them can be read in this thread:
http://therxforum.com/6/ubb.x?a=tpc&s=100090022&f=988094022&m=6693099866&r=7583055086
Thats a great summary of what neteller offers and where its headed globally, but I think the poll question was directed toward how paypal and cc is no longer an option for sending money(since neither entity has specifically gone "down") from the united states,to a book, and if neteller is next to follow suit. If thats how the poll question is directed, then it seems fairly obvious that neteller will be "done" in the U.S. when the U.s. banks are instructed to cease doing business with them.
