Press ReleaseLatest NETELLER Upgrades to Increase Sign-Up Rates and Fund Transfers22 August 2006 - NETELLER Plc (LSE: NLR), the leading independent online money transfer business, today announced two new service upgrades that will enable it to increase both its customer sign-up rates and the volume and velocity of funds transferred to its e-wallet. Two-step sign upIn the past, new NETELLER customers had to complete a seven-step authorisation process before being able to open an online money transfer account. Research conducted by the company showed that the length of this process contributed to a number of potential customers abandoning their application before completion. Recently NETELLER made a significant investment in its real-time identity verification technology - a major benefit of which is that it enabled the company to streamline its sign-up process. Now NETELLER can securely verify a customer’s identity and create a new account within two simple steps, whilst still adhering to the Financial Service Authorities (FSA) "Know Your Customer" (KYC) regulations and the best practice guidance provided by the Joint Money Laundering Steering Group. The two-step process significantly reduces the time it takes for a customer to create a NETELLER account from over nine minutes to an average of just three minutes and nine seconds. NETELLER is confident that this will reduce current sign-up drop off rates. Funds availabilityDue to watertight customer privacy controls, NETELLER customers currently have no method of viewing the funds available in their NETELLER account directly from a merchant’s website when they initiate a transaction. Often they will request to transfer more funds than they actually have by mistake, resulting in a declined transaction. Research has shown that after a few attempts, customers are liable to abandon their purchase. With several additional new service enhancements, now when customers have insufficient funds, a pop-up message immediately appears on screen that enables them to securely view how much money is left in their NETELLER account. At the same time they are given the option to transfer extra funds into their account from their bank, as well as to increase their fund transfer limits. This new process makes larger funds transfers quicker to merchants, at the same time as simplifying the customer experience, while maintaining their privacy. This new feature is part of NETELLER’s NetDirect 4.1 merchant toolkit release and is currently being piloted by a number of NETELLER’s merchants. Ron Martin, President & CEO of NETELLER, commented: "These latest upgrades to our service are incredibly important to both customers and merchants alike. They will increase new customer sign ups as well as make it far more convenient for customers to make money transfers to and from their NETELLER accounts to merchants. The result is happier customers and more business for merchants."
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