TUSCALOOSA, Ala. (WIAT) — Two students at the University of Alabama have turned a class project into their newest business venture.
While working together on a project to create their own business, John Ritondo and Jared Waller brainstormed and decided an escrow service for students could be a great investment.
Not every student at the University of Alabama receives a football ticket for every home game. This makes buying, selling, and trading extremely common throughout the student body through myBama accounts.
A Facebook group with nearly 80,000 members called “Alabama Student Ticket Exchange” has acted as the platform for posting about buying, selling and trading student tickets. Sometimes, students are scammed and do not receive payment for their tickets or visa-versa because of the lack of security and safety of simply messaging the buyer or seller and hoping for honesty.
“A major problem is that it’s completely unregulated. You have peer to peer transactions and it often results in hard working college students losing their money due to scamming unfortunately. So we decided that an escrow service that verifies transactions between the buyer and the seller would be the ideal way to go with this,” Ritondo explained.
This website is not available for just anybody. Users have to be a proven student at the University and follow a set of rules that will provide for honesty and security during transactions.
“We protect the user in a couple of ways. The first one is that every user has to have a verified myBama email before they can do anything on this site. You can register with any other kind of email address, you have to have a myBama email. Now say a student here decides that they’re going to scam someone, we can permanently ban these users and since you have to have a myBama email, they can’t just make a new account and rejoin the website like they could on a Facebook group,” Waller said.
The two founders are hoping to grow their business as soon as fans are able to fill the stands. They look forward to exploring the possibility of working with other sports and possibly even other schools.
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