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« Last edited by yos9694 on August 18, 2021, 01:46:13 PM »

Author Topic: New Coin Deal  (Read 1355158 times)

Offline lindnuck

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Re: New Coin Deal
« Reply #7740 on: September 11, 2023, 01:37:48 PM »
fwiw I bought as many as I had the guts to run up on my credit card, 14 tickets in total, before I chickened out on getting more. Was about as much as I could risk on the off chance PFS didn't come through on their end of the bargain lol...

Would I make a profit flipping them myself? Maybe.. I don't know, I've never flipped tickets and some of the stadiums didn't look like they sold out. So I think the position PFS is taking here is that some really good money maker tickets are going to make up for the losses on some low resale tickets. For me the quick $350, MR points, and coming a lot closer to keeping my annual centurion free guest membership for another year was enough for me :)

Onto New Coin Deals.... are there any whispers on the Palladium American Eagle coming out on Thursday? It's the lowest minted Palladium coin so far, with only 6,000, and the first time they've put a household limit of 10. Sounds like the Mint anticipates a little demand?

Any update on when we will get paid for the Travis Scott tix? This is unusually slow for them.

Offline sddd

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Re: New Coin Deal
« Reply #7741 on: September 11, 2023, 02:26:51 PM »
Any update on when we will get paid for the Travis Scott tix? This is unusually slow for them.

I wonder if it has to do with how bad theyve done. I bought for myself and cannot find any buyers, even at 70% off

Offline lindnuck

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Re: New Coin Deal
« Reply #7742 on: September 11, 2023, 04:46:22 PM »
I'm sure it might but they need to make everyone whole at the very least. Honestly I couldn't care less about the commissions, but if they want to ever do another coin deal they can't fail to pay people who bought tickets for them.

Offline Agoldsc1

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Re: New Coin Deal
« Reply #7743 on: September 11, 2023, 05:13:06 PM »
I'm sure it might but they need to make everyone whole at the very least. Honestly I couldn't care less about the commissions, but if they want to ever do another coin deal they can't fail to pay people who bought tickets for them.

If these tickets cannot be sold even at 30% of face value, then they may be in the hole hundreds of thousands of dollars, or maybe more. I hope that they come through for everyone's sake, but this is a good lesson about buyers clubs in general.

Offline sddd

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Re: New Coin Deal
« Reply #7744 on: September 11, 2023, 06:06:14 PM »
If these tickets cannot be sold even at 30% of face value, then they may be in the hole hundreds of thousands of dollars, or maybe more. I hope that they come through for everyone's sake, but this is a good lesson about buyers clubs in general.

It's likely their business model is akin to a buying group. But, yes, either way, someone on top of the chain is in the red for hundreds of thousands likely if not more.
Then again, I am just a newbie to the ticket reselling game - I went on my own to buy a few thousand worth but they just arent selling on TM, Stubhub, even at substantially below face.

Offline Agoldsc1

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Re: New Coin Deal
« Reply #7745 on: September 12, 2023, 09:03:01 AM »
It's likely their business model is akin to a buying group. But, yes, either way, someone on top of the chain is in the red for hundreds of thousands likely if not more.
Then again, I am just a newbie to the ticket reselling game - I went on my own to buy a few thousand worth but they just arent selling on TM, Stubhub, even at substantially below face.

At the end of the day, it's a voumne numbers game. They have held deals where they likely made several hundreds of thousands of dollars, if not more. I participated on a coin deal a few years back where they paid me something like $300 profit for a coin, which I could have flipped myself for thousands in profit. Hopefully they still have some of that cash lying around. But if they don't pay soon and in full, their reputation will take a serious hit. This is why Dan always says not to swipe more than you can afford to lose.

Offline Tex

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Re: New Coin Deal
« Reply #7746 on: September 12, 2023, 02:03:00 PM »
It's likely their business model is akin to a buying group. But, yes, either way, someone on top of the chain is in the red for hundreds of thousands likely if not more.
Then again, I am just a newbie to the ticket reselling game - I went on my own to buy a few thousand worth but they just arent selling on TM, Stubhub, even at substantially below face.

First time I've worked with PFS and they haven't fulfilled anything they promised with regard to TS tickets. Though they wanted us to buy them, input info, give our TM passwords to them so they could take control, etc.

Offline sddd

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Re: New Coin Deal
« Reply #7747 on: September 12, 2023, 02:21:30 PM »
First time I've worked with PFS and they haven't fulfilled anything they promised with regard to TS tickets. Though they wanted us to buy them, input info, give our TM passwords to them so they could take control, etc.

Below is my personal opinion only. I have no insider info.
PFS reputable so I personally wouldnt worry.
The 99% most likely explanation is that yes, they (or big guy on top) took a steep loss. So he/they need more time to move around money to pay everyone. Same as the common delay the buying groups have. Float.

Offline CopyJosh

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Re: New Coin Deal
« Reply #7748 on: September 13, 2023, 12:34:03 PM »
Received just a few minutes ago... I'm choosing to forego the $350 commission to be paid now. I would have been willing to do half the tickets commission and pay out half up front no commission, but that would be unreasonable probably for their systems to coordinate such an ask lol. Glad they are giving people a chance to get out.

Quote
I want to begin this email with a sincere apology. The communication about the Travis Scott ticket deal since the tickets went on sale is not what you’ve been accustomed to here at PFS. We’re sorry for not communicating better, for not reaching out more frequent with updates, and for our occasional slow response times to incoming emails.

The quantity of tickets our members were able to get were way more than we were prepared for, and more importantly, the different prices/venues/seats/dates etc. that is unique to each ticket/purchase etc. is very different than our typical coin deals that we run, and our systems/automation/scale simply broke down.

We’ve been working around the clock to get everyone’s purchases in our system and getting everything catalogued and organized so that we can begin listing/selling them on moving forward with the deal.

While it’s not an excuse for the lack of clear next steps and communication, it was where our priorities were and we hope that you can forgive any inconveniences with our communication, response time, and/or vagueness in our replies.

We also wanted to be upfront about the following… This deal, unfortunately - at this point in time - does not seem to be a “good” deal for us. As you may have heard, Travis Scott added close to a dozen new shows to the tour right after these tickets sold, creating lots more supply to the market.

We understand that it’s “not your issue” and of course this is part of our business – we have deals that do better, and others that do worse – but as we communicated with you in the past, our ability to move through our entire inventory quickly/easily was not only severely hampered, but it became entirely impossible without drowning the market with supply.

At this point, we’re relieved to let you know that almost every single one of our members purchases have been entered into our system and we’re moving on to our next step with getting the tickets sold so that we can pay out our members as quickly as possible.

On this note, we realize that many of our members’ credit card statements may have already been generated and that cashflow may become an issue, so we’re offering members two options moving forward.

Option A. We can maintain the deal as initially committed to, paying you your full cost as well as commissions when your tickets sell. (You can check the dates of your tickets, and although some tickets sell each day (even months in advance of a show), please understand that most tickets sell within a week of the show).

Option B. We can pay you your entire cost of the tickets now. However, due to us floating the funds for many months and the costs to us involved (added to the deal not working out great), if you chose this option, you will be forgoing the $25/ticket commission.

Please click one of the following links.


-note: when I started reading the email opening with "sincere apology" I was 100% expecting PFS to say they were broke and we weren't getting our money any time soon and made peace that this was just what was planned for me for Elul lol.. so I was quite pleased when I got to the end of the email  ;D
« Last Edit: September 13, 2023, 12:37:09 PM by CopyJosh »

Offline YossieW

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Re: New Coin Deal
« Reply #7749 on: September 13, 2023, 02:05:14 PM »
Received just a few minutes ago... I'm choosing to forego the $350 commission to be paid now. I would have been willing to do half the tickets commission and pay out half up front no commission, but that would be unreasonable probably for their systems to coordinate such an ask lol. Glad they are giving people a chance to get out.

-note: when I started reading the email opening with "sincere apology" I was 100% expecting PFS to say they were broke and we weren't getting our money any time soon and made peace that this was just what was planned for me for Elul lol.. so I was quite pleased when I got to the end of the email  ;D

interesting, I did not get an email like this

Offline JMHO

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Re: New Coin Deal
« Reply #7750 on: September 13, 2023, 02:10:31 PM »
Received just a few minutes ago... I'm choosing to forego the $350 commission to be paid now. I would have been willing to do half the tickets commission and pay out half up front no commission, but that would be unreasonable probably for their systems to coordinate such an ask lol. Glad they are giving people a chance to get out.

-note: when I started reading the email opening with "sincere apology" I was 100% expecting PFS to say they were broke and we weren't getting our money any time soon and made peace that this was just what was planned for me for Elul lol.. so I was quite pleased when I got to the end of the email  ;D
Do they offer extra upside when the deal is 'unexpectedly' positive in their favor?

Offline Tex

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Re: New Coin Deal
« Reply #7751 on: September 13, 2023, 02:27:58 PM »
I didn't get the offer to cash out either.

Option A - If your tickets sell, we will pay the full amount at some unspecified time in the future.
Option B - if we do what we promised - Pay now - you give up the commission.

"Option A. We can maintain the deal as initially committed to, paying you your full cost as well as commissions when your tickets sell. (You can check the dates of your tickets, and although some tickets sell each day (even months in advance of a show), please understand that most tickets sell within a week of the show).

Option B. We can pay you your entire cost of the tickets now. However, due to us floating the funds for many months and the costs to us involved (added to the deal not working out great), if you chose this option, you will be forgoing the $25/ticket commission."

Offline Agoldsc1

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Re: New Coin Deal
« Reply #7752 on: September 13, 2023, 02:32:36 PM »
What were the terms of the initial offer? Did they agree to pay when the tickets were delivered to them, or when they sold?

Offline Tex

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Re: New Coin Deal
« Reply #7753 on: September 13, 2023, 02:42:59 PM »
"Once the tickets are transferred, we'll add the tickets total cost plus commissions to your PFS account so that you can cash out."

Offline lindnuck

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Re: New Coin Deal
« Reply #7754 on: September 13, 2023, 03:57:48 PM »
I didn't get the offer to cash out either.

Option A - If your tickets sell, we will pay the full amount at some unspecified time in the future.
Option B - if we do what we promised - Pay now - you give up the commission.

"Option A. We can maintain the deal as initially committed to, paying you your full cost as well as commissions when your tickets sell. (You can check the dates of your tickets, and although some tickets sell each day (even months in advance of a show), please understand that most tickets sell within a week of the show).

Option B. We can pay you your entire cost of the tickets now. However, due to us floating the funds for many months and the costs to us involved (added to the deal not working out great), if you chose this option, you will be forgoing the $25/ticket commission."

Me neither. Do we think only some customers get this option and promise? That is very confusing to me.

Offline S209

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Re: New Coin Deal
« Reply #7755 on: September 13, 2023, 04:27:32 PM »
What were the terms of the initial offer? Did they agree to pay when the tickets were delivered to them, or when they sold?
Right away, then after they stopped buying they said they would pay out the initial price first and then the commission separately.
Me neither. Do we think only some customers get this option and promise? That is very confusing to me.
I got this
Quote from: YitzyS
Quotes in a signature is annoying, as it comes across as an independent post.

Offline lindnuck

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Re: New Coin Deal
« Reply #7756 on: September 13, 2023, 04:32:54 PM »
Right away, then after they stopped buying they said they would pay out the initial price first and then the commission separately.I got this

Yeah I got that initial communication but not this Option A/B email.  I appreciate them taking a hit and making it right (assuming they follow through for all) and have no problem forgoing commission on this one. But hopefully it's just a glitch, offering to some buyers and not others would be upsetting if true.

Offline TzviR

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Re: New Coin Deal
« Reply #7757 on: September 13, 2023, 06:25:16 PM »
I did not recieve any of these emails   :o :o

My  prizes from CV :)

Offline askmoses

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Re: New Coin Deal
« Reply #7758 on: September 14, 2023, 09:52:08 AM »
I did not recieve any of these emails   :o :o
I hadn't yesterday but received it today.

Offline YossieW

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Re: New Coin Deal
« Reply #7759 on: September 14, 2023, 10:58:44 AM »
I hadn't yesterday but received it today.

same here I also don't like that they changed what they had committed to less than 2 weeks ago

Quote
Payments will be split into two
Because of the really large inventory we collectively acquired, and the time it'll take to sell the tickets (see more about that in #2), we will be splitting up everyone's payouts into two.

The first group of payments will be to pay back everyone's costs. The second will be to pay out commissions. We want to ensure that everyone can pay their credit card statements on time, while we still work through the inventory and sales.