More Bad News from Neteller

[Billman]

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While I respect that you're a software tester, I've been involved in software architecture for 14 years. I designed the payment solutions platform for, what was then, the third largest eCommerce site in the world. I worked with, around, and on payment systems for over a decade and there are certain, non-negotiable truths about how money flows from party a to party b. You simply can't hope your way around those truths. That was why I was 1000% certain ACH would be cut off the moment I read the bill.

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Oh and by the way, the current situation with Neteller has absolutely nothing to do with UIGEA. All of this stuff could have just as easily happened this time last year. And yet I don't recall anybody, you included, calling it back then.

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That would be because you're choosing to narrowly read my statements so as to support your own views. Neteller has two problems:

1) Their founders were arrested for aiding in funding gaming sites.

2) The NACHA issued voluntary guidelines asking ACH networks to shut off transfers to and from companies known to be engaged in businesses covered by the UIGEA.

If the only problem Neteller had was their founders being arrested then they may have just left the US market. It's the fact that the ACH networks have completely crippled their business is what most impacts us as people who formerly used the service and can't get our money. Granted, for me it's a couple hundred bucks so I don't really care but for many, many others they've got serious amounts of cash tied up.

And BTW, I did predict that eventually Neteller would be crippled due to being denied the ability to transfer funds over the ACH networks. My prediction was spawned out of a response to people like ZeeJustin who claimed that it would be impossible to do. The part I was wrong about was that I thought the ACH networks would wait for the regs to be issued. Whether or not they had the ability and the means to do it was never a question in my mind.