New Online Payment Processor to Open in March

Since Neteller announced its withdrawal from the U.S. market less than two weeks ago, many other online payment processors have followed suit, leaving American internet poker players scrambling to try to find ways to move their funds in and out of poker rooms. Poker players have been wondering if an enterprising company would step up to fill the void, and it looks like one has. YouTeller.com, created by London tech firm Seed Capital, announced in so many words yesterday that it plans on being the savior.

Said Johannes Knierzinger, YouTeller.com CEO and co-founder, in a press release, “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.”

Co-founder and company spokesperson, Florian Schweitzer said that recent anti-internet gaming legislation in the U.S. is not of concern to YouTeller because it has no offices in a “NAFTA country.”

Schweitzer also said that the British Financial Services Authority has granted the company a "Small E-Money Issuer Certificate," and thus the stamp of approval to begin operations as an e-wallet. YouTeller still needs to finish some testing before it is ready to go.

The YouTeller.com website is not quite complete yet, so information directly from the company is a bit lacking right now (especially because the FAQ links are broken). It appears that YouTeller is taking new signups already, although presumably nobody will be able to actually use the service until some time in March.

Right now, U.S. funding options are not listed, nor is there any specific mention of accepting U.S. customers, let alone U.S. customers who want to transact with online gambling sites. But, based on the company’s statements in its press release, particularly the statement saying, “…we are not affected by US legislation,” YouTeller gives every indication that it intends to be the new online payment solution for U.S. poker players. Even the name of the company implies that it plans on being the next Neteller.

Fees are a bit steep. To deposit from credit card (right now, only UK fees are listed), it will cost 3.5% plus $0.50. Deposits from bank account carry rates of 1% plus $1.00. Withdrawals by either method are charged 1% plus $5.00.

The online poker world is keeping its fingers crossed that YouTeller.com and possibly other enterprising new companies will be legitimate options for U.S. customers to fund their online poker accounts. All it takes is one.

Originally published 11:34 AM Wednesday, January 31, 2007