Startup to Take on PayPal | Hacker News Reader

Startup to Take on PayPal

darkreading.com

6 pointsdrm23716 comments

A secure electronic payments startup plans to challenge PayPal, but with a twist: It permits transactions for online pornography and gambling, which PayPal does not.

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It's beyond ridiculous for an American company to attempt to process gambling transactions. I'd be extremely leery of using them for anything, as they're going to be shut down and have their funds seized without a doubt.

Has anyone else ever wondered: what would I tell my parents if I got involved in the adult entertainment industry?

I wonder what I would tell my kids. "How was work today, Daddy?"

You'd be telling them "sure you can borrow my second yacht this weekend."

It is a myth that people working in adult entertainment make a lot of money.

I once did a little work on the payment system for one of those sites (luckily I didn't have to see much of anything, because it was something I consider pretty gross rather than 'hot'), and frankly, the people involved weren't getting that much money, and they were real assholes to boot. I have no idea whether that's normal or not, but it's not something I'd care to repeat.

no I was talking about gambling.

ahh. You're right then. Though I'm not sure how recent regulations have changed things.

The headline is misleading. The company is not trying to take on PayPal, they are just trying to fill the void that PayPal leaves.

What an excellent choice of terminology for this subject.

After the whole NETeller debacle, I would be wary of association with anyone providing service to online betting shops. http://www.wnbc.com/news/13656319/detail.html?subid=10101421

That was the US goverment's screw up and that had terrible consequences for many startups, even outside of gambling.

Blame those who caused this, not the companies.

It was not the US Government's screwup, it was the Neteller founders' for coming to our country. Had they had the common sense to remain overseas the whole debacle would have been avoided.

Regardless of where you stand on the issue (and I'm obviously as pro-gaming as they get, since I made my living for 5 years playing poker online) the fact is that the DoJ is going to systematically destroy anyone who has anything to do with online gambling. Anyone starting any startup in that space in this country is begging for jail time.

That was my point exactly. I would think anyone setting up a wide ranging electronic payment system must need some sort of funding, banking deals etc. Being US based, getting that with a prominent link for Online Casinos etc. to sign up as merchants on the front page, seems rather unlikely. Hence, unless they refocus, the whole startup seems a bit unserious. I wish them the best of luck, though; hoping that does not make me guilty by association:).

A swiss startup should give this a shot! They have what I think would be a unique advantage... they automatically inherit the trusted & neutral "brand" thing associated with swiss banks.

It would need to prove stable but it might be enough to give Paypal or any other fund processor (online banks even?) a real run for their money.

How lame.

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