Getting a money transmitter license in virtually every state, many of them requiring six-figure surety bonds, is just one of the many hurdles before you can take your first customer. First you have to raise the cash, then you have to deal with at least this many government agencies:
Tons of stuff. Random example: doing international payouts basically requires having a subsidiary in each country you want to pay out to, thanks to the credit card company agreements. This is a pretty high barrier to entry for anyone who wants to get started in the space.
