Intersite account transfer business idea

[Wes]

It seems with all the transfers that people want to do between sites that there should be a viable option for mass transfers. The idea being if you want stars money and have ftp money to give, the business would charge 1% of the total amount.

I was thinking about setting something like this up, but I really don't know how I would get the logistics of it done. Say I had a site that let the user fill in the parameters of the transfer (amount, what site, name transfer to) and then obviously I would want to do it automated with some program to fill in the username and amount. Would it be possible for a program to automatically do the transfer given the user fills in the parameters. I'm sure it would be possible, but where would I hire someone to make this program?

And if I were to do this, how much capital do you think I would need for it to be viable?

[JDMcNugent7]

I don't know but it sounds like a decent idea and I would be willing to put money into it. I really want to do some type of little business thing like that to experiment and get some experience.

[Talking Poker]

I thought about this as a business right after Neteller froze up. I looked into it briefly, but decided it wouldn't be worth the potential risks... Let me give you an example of the biggest potential problem as I see it:

1. Scammer makes a $500 fradulent deposit to Poker Stars.
2. Scammer swaps $500 on Stars with you for $495 on UB.
3. A few days later, scammer's deposit gets charged back, and guess what - now Stars freezes YOUR account (or certainly at least $500 worth of it).

Don't think that happens? Ask eejit about it.

There are also much more serious issues to take into consideration - namely potential money laundering charges or anything else that could get you on the DOJ's hit list (UIGEA, for example).

IMO, it's just not worth the risks. I mean, trading at a 1% margin, you'd have to do $1 million in transfers to make $10k - BEFORE expenses (web site, programming, support, advertising), taxes, etc, etc.

IMO, you'd be far better off spending the time required to get this up and running (and supported) playing poker instead.

My

[melioris]

you would probably have to get approval of all sites involved and have dedicated business accounts. The movement of money around these accounts would (hopefully) set off alarms at the sites.

I think it would get sticky for several reasons. First, the sites wave all liability between p-p transfers, but in granting to new accounts just to set up this business, they are implicitly endorsing your business and therefore have (perceived) interest in your company. Second, you would be currently running amuck of the JOD and IRS. This type of business is illegal in the US, no question. And when (hopefully not if) the US complies with the WTO ruling then it won't be an issue any more.

In short, great idea if you get approval from the sites and live out of country and don't plan on setting foot in the US.

[redbank09]

im pretty sure i saw a site that does this already but i could be wrong. try to google pokerswap or pokerexchange, i think it was one of those but i could be wrong.