LIVERPOOL, UK, October 04, 2008
/24-7PressRelease/ -- The NETELLER Group (LSE: NLR), the independent global online payments business, has announced the launch of its new paperless Direct Debit service as part of its Payment Suite. The new service enables online retailers to offer a speeded up and simplified sign-up process to UK customers. It also decreases administrative costs and errors, and means the merchant does not need to go through the expensive and time-consuming process of obtaining AUDDIS compliance.
Setting up traditional Direct Debit mandates has been a lengthy and error prone process as it is reliant on the merchants posting correct forms, the customer filling them in, the postal service and the accuracy of staff keying in data. With the simplified process, when the customer has finished the application via telephone, Internet, keypad or interactive TV, the merchant can start invoicing and providing the service immediately. The new service means that customers will be, on average, 'live' with Direct Debit six days earlier. Because the service is offered as an integrated part of the NETBANX gateway, the merchant can get paid quickly by taking a customer's first payment by card while the customer's Paperless Direct Debit application is being processed.
The NETELLER Payment Suite features the NETBANX international payments gateway, the NETELLER e-wallet and Net+ cards. NETBANX allows merchants to accept card and non-card payments through multiple channels including online, contact centres, mail order and via automated phone systems. The NETELLER e-wallet allows consumers to spend securely online as well as allowing merchants to increase customer lifetime value. Net+ cards allow merchants to extend customer loyalty and lifetimes.
Normally, retailers who want to accept paperless Direct Debits have to achieve Automated Direct Debit Instruction Service (AUDDIS) status, which can be expensive and time-consuming. The NETBANX service removes the need for the retailer to obtain this status, ensures compliance to all relevant financial and legal requirements, and maintains the same level of security and customer protection as traditional direct debits.
Due to tighter security measures including 3D Secure, taking repeat payments via a credit card is becoming more difficult. Already, Maestro Card does not allow repeat or recurring billing. Using paperless Direct Debit is an alternative to merchants as they also charge on pence-per-transaction rather than the transaction value.
Time Etc, an organisation that provides pay-as-you-go support to business owners and entrepreneurs, is already using the new Paperless Direct Debit service from NETELLER. Barnaby Lashbrooke, founder, said: "Our clients want a speedy service and we need to provide this. By allowing clients to set up the payment options themselves, errors are reduced and they can start receiving our great service immediately."
Dan Starr, Executive Vice President of the Merchant Services division of NETELLER Group, said: "Where there's commerce and the need for funds to flow, we're there. With our new Paperless Direct Debit service, the NETBANX payment gateway gives retailers and their customers more choice and flexibility, while improving the efficiency of online commerce."
About Time Etc
Started in 2007 by multi-millionaire entrepreneur Barnaby Lashbrooke, Time Etc Limited intelligently take care of the routine tasks that business owners and entrepreneurs don't have time for, so that they can focus on what's important. The business has grown by 400% so far in 2008 and has nearly 100 clients. For more information visit http://www.timeetc.co.uk.
About the NETELLER Group
Trusted by consumers and merchants in over 160 countries to move and manage billions of dollars each year, the NETELLER Group operates the world's leading independent online payments business. Through its Payment Suite, featuring NETELLER , NETBANX , Net+ and 1-PAY brands, the Group specialises in providing innovative and instant payment services where money transfer is difficult or risky due to identity, trust, currency exchange, or distance. Being independent has allowed the Group to support thousands of retailers and merchants in many geographies and across multiple industries.
NETELLER Plc is quoted on the London Stock Exchange's AIM market, with a ticker symbol of NLR. NETELLER (UK) Limited is authorised by the Financial Services Authority (FSA) to operate as a regulated e-money issuer. For more information about the Group visit http://www.netellergroup.com.
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