Neteller, a financial services company registered in the Isle of Man, has a lot to be smiling about these days. The online gambling e-cash processor’s first quarter 2006 results offer proof of the company’ s continued growth and expansion. As an e-cash provider, Neteller has 2.6 million users and deposits of $4.7 million a day. The success of this well-managed company is likely to continue if its average daily receipts, which soared to US$4.7 million (GBP 2.5 million) from US$2.87million in the same period last year, are any indication. Remarkably, 3 609 new users signed up to use Neteller every day on average for the quarter, while total customers at quarter end were over 2.6 million. Total revenues too increased, going up 69 percent to US$57.9 million over the same period while the company achieved gross margins of 73.5 percent. As part of its expansion plans, Neteller has recently entered the European market and is now offering local language and Euro payment options. The European service also features a 24-hour resident-speaking helpdesk. The company’s services in Asia are also being expanded and updated, as its existing technology is being replaced with a Java platform. Neteller, an English-only site, has more than 2.6 million customers worldwide and 3,400 merchants spread out through 160 countries. Related Links: Posted on: June 2, 2006
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