As many of you might have read in a previous thread, ticketreserve.com had a glitch in their system just before the final games of the regular season/conference championship week which caused their site to be down for almost a day. This glitch also caused some transactions to be reversed including my sales of several West Virginia reserves in totaling over $2000. I am happy to report that after 6 days they finally credited me the money for the sales and made things right. Now on to my analysis of the site:
While I believe that it is a great idea and business model, I don't think I will be using it for a while now. I am one of the lucky people that sold my shares of West Virginia and Missouri before the glitch and I cashed on it, but some others that were waiting until the last minute to get the best price were pretty much screwed due to the glitch. I also will not be using the site due to the way they hold your money. If you deposit with a credit/debit card, they will not allow you to even attempt a cashout for 10 days. After the 10 days is up you can attempt a cash out, but they then hold your money for an additional 14 days before they process the check. I see this as ridiculous, especially since this is a domestic company. I would like to further note that the customer service is very hit and miss. It took about 5 phone calls and 5 emails for me to get the west virginia sale straightened out and they finally put me in touch with someone that knew what they were doing and it was straightened out within 24 hours of me speaking to that person. I am now trying to get my money out of the site. As I stated previously the put what is pretty much at least a 24 day hold (10 in, 14 out) on your account. Couple that with the 6 days they held my money with the glitch and they will have held my money for an entire month. I asked them to tell me when my checks would be sent and they will not be sent out until the 20th and 23rd, which is an additional 1 and 4 days on top of the 14 days. I tried to get them to budge on this and even offered to pay a fee for a WU or moneygram cash out and they would not budge even though the 6 day hold due to the glitch was their fault. All in all it is a good idea and I think it will be successful, but until I know the site has all server issues taken care of and they have better options for payouts I will not be redepositing.
While I believe that it is a great idea and business model, I don't think I will be using it for a while now. I am one of the lucky people that sold my shares of West Virginia and Missouri before the glitch and I cashed on it, but some others that were waiting until the last minute to get the best price were pretty much screwed due to the glitch. I also will not be using the site due to the way they hold your money. If you deposit with a credit/debit card, they will not allow you to even attempt a cashout for 10 days. After the 10 days is up you can attempt a cash out, but they then hold your money for an additional 14 days before they process the check. I see this as ridiculous, especially since this is a domestic company. I would like to further note that the customer service is very hit and miss. It took about 5 phone calls and 5 emails for me to get the west virginia sale straightened out and they finally put me in touch with someone that knew what they were doing and it was straightened out within 24 hours of me speaking to that person. I am now trying to get my money out of the site. As I stated previously the put what is pretty much at least a 24 day hold (10 in, 14 out) on your account. Couple that with the 6 days they held my money with the glitch and they will have held my money for an entire month. I asked them to tell me when my checks would be sent and they will not be sent out until the 20th and 23rd, which is an additional 1 and 4 days on top of the 14 days. I tried to get them to budge on this and even offered to pay a fee for a WU or moneygram cash out and they would not budge even though the 6 day hold due to the glitch was their fault. All in all it is a good idea and I think it will be successful, but until I know the site has all server issues taken care of and they have better options for payouts I will not be redepositing.
