New Bulletproof Payment Processors !
It has not been very long since NETeller began experiencing their big problems. Because of payment transactions for online gambling companies, today they no longer accept any funds from US clients. Also several former execs are now facing US criminal trails for their roles in the operation.
If you remember NETeller had been processing about 7 billion a year in online gambling payments.
As predicted in my Jan. 26th post, Anti Online Gambling: Feds Play ‘Whack-A-Mole’ With Online Payment Processors , smaller and more bulletproof payment processors are now opening to try and capture that orphaned 7 billion in revenue.
In just the past few weeks new players have been popping up like dandelions in Spring time.
These payment processors, have learned from the painful experiences of others and are trying to bulletproof their operations from day one.
Most of them are associating with the World Trade Organization, which has been very vocal in their opposition to the US gambling crackdown.
According to Reuters (below), the WTO has again ruled against the United States and in favor of places like Antigua and Barbuda thus favoring the online gambling operations.
The other very noticeable item present in their company descriptions is text similar to this (below), “…no overseas branch in a NAFTA-country like Neteller or Citadel, so we are not affected by US legislation.”
It is shaping up to be a hot summer for online currency and payments! Here is yesterday’s press release from Newswiretoday.com *Source: eog.com
Neteller replacement could be Youteller
January 31, 2007, Shortly after Neteller announced its decision to pull out of the US gaming market on January 18, the London-based technology company Seed Capital Ltd. introduced a new payment processing service ‘YouTeller.com’.
“We will start in March with a revolution in simplicity of worldwide online payments. Everybody who can download songs or play online games will now be able to pay for that instantly,” said Johannes Knierzinger, CEO and co-founder.
On Monday the British Financial Services Authority (FSA) granted YouTeller the “Small E-Money Issuer Certificate”, therefore making it possible to operate as an e-wallet. “The FSA has already given us the green light. We will begin services after the server-security testing period is completed,” said Florian Schweitzer, company spokesman and co-founder. It took three month to develop the new online payment framework.
“We have no overseas branch in a NAFTA-country like Neteller or Citadel, so we are not affected by US legislation,” underlined Schweitzer. YouTeller is part of an international lobbying task force that works on the issue ‘worldwide online payments’ with the World Trade Organisation (WTO) and the European Union.
The WTO has again ruled against the United States in favor of Antigua and Barbuda, this time for not taking “the necessary steps to comply” with the April 2005 WTO ruling to correct discrimination against foreign internet gambling operators, Reuters reported late last week.
Earlier this month, federal officials arrested the founders of Neteller, an Isle of Man-based online payment processor, while they were in the US to switch planes. John Lefebvre and Stephen Lawrence are set to fight the charges laid against them when they appear in court in February.
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POSTED IN: Boosting Online Sales, Emerging $ Tech, International
1 opinion for New Bulletproof Payment Processors !
DigitalMoneyWorld.com - Online Gambling Payment Processing - Who’s Left?
Mar 15, 2007 at 4:44 pm
[…] Youteller - Expected in March. Very nice looking. Previous post. […]
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