Isle of Man based e-cash processor Neteller plc and the Europe and Asia facing BORN (BornForSports) e-commerce group, signed a five year payment and joint marketing agreement this week. The agreement provides for the exclusive use of a version of Neteller Payment Suite inside the BORN group network of merchants and brands. Included is a co-branded e-wallet to be called BORN Express powered by Neteller.
With a million members worldwide, BORN manages a sports lifestyle oriented social network that sells sports-style-fashion goods and services from carefully selected merchants and brands. Via its proprietary marketplace platform, BORN takes a commission on each sale and controls the payment processing through its e-wallet BORN Express. Under the five-year contract, BORN has agreed to implement the Neteller Payment Suite across its online merchants and brands network.
Under the agreement a co-branded e-wallet, BORN Express powered by Neteller, will be embedded into the BORN marketplace platform and used as the standard method of payment across the BORN network, with an initial focus on the UK, France, Germany, Italy and China.
The co-branded e-wallet will provide a safe and convenient way for BORN customers to shop at BornForSports and at all other online merchants that are part of the Neteller payment network.
BornForSports customers will also be offered the opportunity to sign up for the co-branded BornForSports/Net+TM Prepaid MasterCard. These are available both as a physical card, and as a virtual card for use online, providing a secure, private method of web shopping at any merchant that accepts MasterCard using the funds in the co-branded BORN Express e-wallet.
Live processing testing is already underway for the first part of the agreement comprising the implementation of the Netbanx payment gateway to replace the previous proprietary in-house payment processing system for BORN online marketplace sites.
The agreement will also enable through a joint marketing effort to offer preferential BornforSports goods and services to all Neteller's existing members and customers.
Jean-Christophe Chopin, Chairman and Chief Executive Officer of BORN Group, said "With Neteller handling all the complexities of payments, compliance, identity, and regulation we are able to focus on the distribution of our co-branded e-wallet and spend more time building supplier relationships and winning customers."
Ron Martin, President and Chief Executive Officer of Neteller, said "BORN Group is a fast-growing, successful online business, and we're delighted they have chosen to work with Neteller. We see this agreement with BORN Group as one of Neteller's key initiatives to generate a step-change in the number of active consumers using the Neteller Payment Suite. We welcome their rapidly growing network of merchants and millions of members into our network and look forward to working with BORN Group to develop further innovative payment solutions."