|YouTeller.com, a newcomer to the payment processing market, appears to have submitted to pressure by NETeller's legal counsel after it accused the brand of infringing on its registered trademark.|
YouTeller's London-based parent group has recently posted the following disclaimer on its site: 'Seed Capital Ltd is not affiliated with, related to or endorsed by NETeller Plc.'
YouTeller was issued a cease and desist order from NETeller's corporate counsel on February 28, 2007 and ordered to put a response in writing to the company by March 5.
YouTeller is aiming to set itself apart from major players such as NETeller, whose co-founders are due at a court hearing on charges relating to money laundering, by marketing itself as a community-based payment processor. The move would be following the Google Gmail model of only serving customers that are recommended by other members and offering a €150 per account and transaction limit.
Florian Schweitzer, a spokesman for Seed Capital commented, “Our target group are people who play community-orientated online games like poker, chess or role-playing games. People who need instant and worldwide payment processing.”