New Service for High End Items: The Vault

We at COMC are proud to announce the launch of a new service designed to handle your high end items: the Vault.  You will access this new service through a new subdomain: http://vault.comc.com.  As a separate site from COMC.com, it will have a few key distinguishing features to optimize the sale and purchase of collectibles of the highest value.  Whereas COMC has historically found a sweet spot with items in the $1-$100 range, the Vault will really make it worth sending us $100+ items.

By Jonathunder (Own work) [CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0) or GFDL (http://www.gnu.org/copyleft/fdl.html)], via Wikimedia Commons

Why You Want To Use The Vault

  • Only 10% commission on all items sold
  • High quality 36x zoom scans of front and back of each item
  • Items may be showcased at some of the most prestigious shows in the country
  • Additional payment options (e.g. wire transfer)
  • It is the safe and easy way to buy and sell high end collectibles

What Sellers Need to Know:

When an item sells through the Vault, the seller may opt to receive 100% of the sale as COMC Store Credit or we can immediately cash it out for 90%!  All items marked as Vault Eligible will receive 36x zoom scans of the front and back, making it even easier for buyers to know exactly what they are purchasing.  The official launch of the service will be on July 31st, 2013 at the 2013 National Sports Collectors Convention.  The exact date this subdomain will become active will be announced closer to launch.

To make your items Vault Eligible, simply use any of the following services

Items that used any of the above services after January 1st 2013 are already Vault Eligible.

You may list any Vault Eligible item on COMC, the Vault, or on both. Pricing on each site is independent of one another.  In the near future, you will be able to see which items are Vault Eligible from your Inventory Manager.

Storage Fees

A fee of $0.01/day will be charged for items with an asking price of up to $1,000.  For more expensive items, it will be $0.01 per additional $1,000 per day. This fee is in place to help offset the cost of insurance.  Storage fees for the Vault will be charged daily similar to the way COMC storage fees are charged monthly.

What Buyers Need To Know:

There are 3 ways buyers may purchase items in the Vault:

  • Instant Purchase: Pay in full via Credit Card, PayPal, or Amazon Payment
  • Down Payment: 5% COMC Store Credit down payment + remainder via check, money order, etc.
  • Make Offer: Unlike COMC which requires 100% of the offer amount to be funded before making an offer, the Vault will only require an offer reserve of 5% of the original asking price in COMC Store Credit. It will be refunded if the offer is countered or rejected, just like COMC offers.

If a buyer does not pay for an item on which they have placed a down payment, half of the down payment will be passed along to the seller in COMC Store Credit as a restocking fee.  For instance, if an item sells for $1000, the down payment would be $50.  If the buyer doesn’t pay for the item, $25 would go to the seller and $25 goes to COMC as a restocking fee.

On COMC’s end, we will continue to provide the same excellent customer service.  In the event that a buyer receives a Vault item and it is deemed unacceptable, the buyer will have 7 days to return the item.  After the 7 day waiting period has expired, the funds will be available for the seller.

Exposure at Shows and Conventions

There is one more benefit to having items in the Vault for both buyers and sellers.  Items in the Vault may be eligible to travel with COMC and be sold at some of the most prestigious card shows in the nation!  For example, later this summer COMC will have a 100 sqft corporate booth at the National Sports Collectors Convention in Chicago where we will feature showcases of items from the Vault.  Even as your physical items are being viewed by some of the most discerning buyers, they will still be on the site and available for sale.  In this way, your items will receive the most exposure and acclaim.

Now this is worthy of celebration!

Now this is worthy of celebration!

We hope you are as excited as we are to finally see this new feature rolling out.  We encourage you to  begin sending Vault Eligible items in to us as soon as possible.  All Vault Eligible items received by July 15th will be taken with us to the National Sports Collectors Convention at no additional cost to you!  Be one of the first to have your best in show at the best of shows.

Stay tuned for a video interview with our CEO Tim Getsch about the Vault.  Submit your questions in the comments below and they may be featured in the interview.  As always, we want to know what you think and now is the time to tell us before the service goes live.

42 thoughts on “New Service for High End Items: The Vault

  1. Are these items then on Amazon too? -20% there too?
    A penny a day to list the item is too much. $50,000 in cards cost me $5 a day….$150 a month in listing fees. I can have them on eBay for way less and more exposure until the Vault takes off and grows in exposure.

    • Hey Jason,

      Vault items will not be listed on Amazon, so they will not incur the normal 20% Amazon fee.

      Grant

    • A $1000 card with COMC if it stays on the site one year will be $3.65 in storage fees, your initial submission fee, and 10% ($100) in cashout if you take the payment for a total of at least $103.65 in fees. On eBay it will cost you $1.10 in listing fees (assuming the initial listing is free) if you put it on as a store item Good ‘Til Cancelled in addition to whatever portion of the monthly store fee it occupies. When it does sell eBay will take 9% and Paypal 2.9% + 30 cents for a total of at least $120.40 in fees. Add another 1% in eBay fees if you run it as an auction item, and if you ran the card continuously as one of your 50 free auctions it will still be an additional $8.90 ($10-1.10). You also will be required to ship the item yourself and since it sold for more than $250 are expected by eBay rules to insure it for the $1000 amount. COMC takes care of all of that for you. Seasoned eBay sellers also know that on average 1 of every 20 sales will either go unpaid or will have a dispute raised that will result in a return, and that the higher the sale price the more likely it will be an unsuccessful transaction. It seems to me that COMC is the better option.

    • A $50,000 item would only be $0.50/day, not $5. That is $15 a month to pay for insurance & storage. If you are referring to listing 500 items that are $100 each, I am sure we will figure out a reduced storage fee option like we have with COMC. For example the $50/month membership could enable storage fees to be calculated based on the total asking price instead of having a minimum of $0.01/item. This sounds like a great problem to solve. :)

      Regarding Amazon, we will discuss this with Amazon, but we might be able to do this for an extra $5 + 5%. We were not planning to do anything special for Amazon, but if that is what you want, we can consider it.

      • Thanks for the reply Tim.

        Amazon:
        If cards are in the Vault they are listed on COMC too, correct? Since I’m apart of Amazon on COMC, my Vault cards would then be on Amazon and thus I could be hit with 20% Amazon fees and then regular COMC cash out fees, correct?

        In regards to your Amazon comment, I’m not following you.

        The Vault:
        Sorry, I mis-calculated. Lets go with the assumption that I grow my cards quantity to roughly 379 cards priced at $50,000+. Plus, add in that I have a high end card worth $20,000. So, $70,00, what’s my fees? Will there be tier pricing for larger $ sellers? A monthly fee is more appropriate for the high-end sellers on the Vault.

        NA Pricing:
        NA pricing should be monitored. Some of these prices are absolutely ridiculous. $500 for a common card # to 5. You would be lucky to get $50 for it. One idea to improve NA pricing would be to have relationships with very knowledgeable dealers. They could help guide/suggest pricing for items that don’t book. You can very easily set-up a relationship with 3-5 dealers and help suggest pricing for NA cards. I understand that this maybe a far fetched idea. I understand the argument that sellers can ask what they want. But, fantasyland pricing doesn’t help the site. It’s unfortunately a negative. For the knowledgeable buyer to see fantasyland pricing on some cards is just a turn off. Some high-end COMC customers have told me that they saw this crazy pricing and stopped looking because of this. Click on the Football cards. You need to go in a bout 7-8 pages in until an item is priced fairly. Maybe after all said and done, COMC is an avenue mainly $100-$1 range too and that’s ok too.

        Beta Testing New Markets:
        We are quickly approaching 1 year of this announcement. Comic books are the only live section. We still have these to launch:

        Factory sealed complete sets
        Autographs
        Ticket stubs
        Sports magazines
        Coins
        Paper money
        Tokens

        When will these new sections go live? I was really looking forward to the Auto section and have inventory to send, but now I feel it won’t happen anytime soon. Do you have any update/solid lead times? Hopefully, it will it launch in that 1 year timeline you gave? I am thankful for the COMC future development projects and forward thinking. However, the cart is often way in front of the horse. Unfortunately, new features are announced way too far of them becoming live.

        Thanks for reading Tim.

      • You will be able to pick price points for The Vault and for COMC independently. Amazon requires price parity, so we will probably have to create a separate account on Amazon for items in The Vault. Since these items will have a much higher price point the Amazon fee structure may not require that you accept a 20% discount. Instead we may offer a per-item option for listing Vault items on Amazon where we show you the price you would receive if the item were sold on Amazon. You would be able to opt-in/opt-out of Amazon on a per-item basis.

        Regarding the 380 items worth $70K… According to my suggestion it would cost $50/month + $0.70/day. This comes to about $71 for the month. However, we will probably not do those specific details. We will put together an updated proposal for storage fees when there are more than 100 items listed in The Vault.

        Regarding fantasyland prices… Hopefully the $0.01/day will encourage people to price their items at a point that will actually sell. If not, we can consider some other options.

        Regarding new categories… Thank you for the feedback. We do expect to launch the sports related items later this summer, but the Coins and Paper Money will probably get delayed.

      • As someone who gets Amazon Affiliate credit monthly, I’d like to see them on there. The only reason I haven’t done so yet is because there are no high quality cards on there of interest. Interested in “Amazon Payments” though. Hopefully that will work with my Amazon.com account even though I’m in Canada.

  2. Thank you! This is GREAT news! I know you guys have been working hard on this and I think it will turn out great!

    I do have a couple of questions.

    Will the cards in The Vault be viewable by potential buyers through the regular COMC site or do they have to specifically go the vault domain?

    Can we still process cards over $100 the old way?

    What forms of protection do you guys have in place against fraudulent chargebacks? This, for me, has been the number one draw to COMC. Allow me to present an example, say I sell a $2,000 card through the vault… The buyer pays and the card is shipped, then within the 7 day time frame the buyer lies and says a different card was inserted, the buyer files a claim and mails back the “dummy” card. Does the COMC seller still get his money?

    Here’s the breakdown for those interested in seeing it.

    Old:
    Sell card for $500
    Cashout $400
    – .25 processing
    Estimated storage fees: $.10

    New:
    Sell card for $500
    Cashout $450
    – $2.00 processing
    Estimated storage fees: $3

    • Hey Tyson!

      Glad to hear you’re excited about the Vault. We can’t wait. I wanted to address a few questions you have about the upcoming service.

      Will the cards in The Vault be viewable by potential buyers through the regular COMC site or do they have to specifically go the vault domain?
      – Yes. Vault items will show up in COMC search results and will direct them to the Vault for pricing and purchase.

      Can we still process cards over $100 the old way?
      – Yes. Both sites will support items from high end to common. The seller can decide which model works best for a particular item.

      What forms of protection do you guys have in place against fraudulent chargebacks? This, for me, has been the number one draw to COMC. Allow me to present an example, say I sell a $2,000 card through the vault… The buyer pays and the card is shipped, then within the 7 day time frame the buyer lies and says a different card was inserted, the buyer files a claim and mails back the “dummy” card. Does the COMC seller still get his money?
      – Yes. Both buyers and sellers can expect the same level of protection they do on COMC.

      Don’t hesitate to contact Customer Relations if you have any further questions.

      Grant

  3. I don’t suppose I can get 10% back on my high end sales that happened in the last 2 months? Good idea I like it. Wish I would have waited I lost my ass on cashing out my high end cards.

    • Furthermore 10% should be the standard for all cards I always thought u guys where high on the cash out. I get why you do it, to keep money on the site, but true sellers and buyers will continue to put money on the site. They might just hit a rough spot in life and need some cash. Then the next month put the money right back in. Another way u could go about it is charge 5% for a 30 day lone. Seems as though u guys are trying to corner the market with all products. U could do some banking 2. Just a thought.

      • Ive always thought 20% is more than fair and i cash out $6,250 to get $5,000 every 3-4 months.They do all the work they should have higher fees……..If I cash out four times a year I get 20k and they get 5k and they do the work(i realize that excludes processing and storage fees but those fees are minimal)…………..I never have an issue with their fees but I usually disagree with most of their changes…………..

  4. I think this is a great idea, but $.01 a DAY per $1,000 is overkill. One of the complaints about COMC has been that high end cards do not sell. If you want to attract more buyers you need more sellers (high end). Adding more and more fees are not going to do that. I just do not see how this new service warrants 30x the regular storage fee. If that is adjusted I will be sending you some very nice cards that are in high demand. Otherwise I will stick to ebay for higher end.

    • Completely agree. Doesn’t seem like any advantage to sending high end cards here. Higher or about the same fees as ebay(I’m not exactly sure but I do know that they are not lower). More exposure on ebay.

      So tell me again why people should use the vault if it costs more and gets me less exposure?

      • Doesn’t look like its more expensive than ebay (Got that wrong) Looks like it is relatively similar as long as you don’t have hundreds of thousands of dollars of cards sitting in the vault for months lol.

        Still. 5-10x more exposure on ebay. I think COMC is great for low-mid end cards but I’m not sure you guys can ever get to a point of challenging ebay legitimately with the type of audience they get for high end cards. Keep working at it though.

      • If it is the same fees as eBay, what would be the reason to send cards to COMC vault. In my eyes there more exposure on eBay. I like COMC but they need to be lower then eBay to keep my business. Plus I no my card will sell on eBay auction style, might not be what I want but it will sell, there’s no gaurentees here.

      • Thanks for the apples and oranges, but u need to add a few columns. Maybe u could compare how much advertising the two companies do or compare how many users. Comc does offer more sportscard related services like safe shipping and a trustful company to buy from ect. , but them services are not needed if your cards go unnoticed. I have a example. I have cards on comc I lowered the price of these cards to dirt cheap, waited 3 days very few bites if any. Then i cranked the price up then payed $3 to run a ad sold a whole bunch at a higher price. I am not sure why that is but I bet if COMC had more users (like eBay) this wouldn’t be the case. More users=more advertising. I was at a card show about a month ago in Eau Claire, WI. There where people from all over the state and Minnesota there. Only 2 dealers had ever heard of COMC, either one used COMC. In my eyes this is where the focus should be.

  5. If I understand correctly, there is nothing preventing (other than the seller taking a “bath” on the storage fees) undesirable cards with low book value from entering the vault because the criteria is not based on BV?

    I like the 90% cash-out option, which is equal to or slightly better than eBay/PayPal fees (especially too if you offer free shipping on your auctions).

    Looking forward to moving some high-end stuff into the vault and seeing those items at the national this year when I stop by your booth.

  6. Hello Folks,
    I just wanted to take a moment and thank you all for your thoughts and questions about this upcoming service! We are looking forward to presenting The Vault interview with Tim to answer some more of these sorts of questions, so please, keep them coming!

    Regards,
    Mark M.

  7. Would BGS/PSA cards that are already on the site but were not submitted through your service, still be vault eligible?

    It was mentioned that any vault sale proceeds would be available immediately for cash out, however it’s also stated that funds aren’t available to the seller until 7 days have passed to insure buyer satisfaction. Which is it here?

  8. We haven’t sent in expensive items to the site because we like having immediate access to them. However any idea that gives us options isn’t a bad one. This is an interesting concept… Not sure we’d be interested in paying a daily fee but we’ll look into it and see if the numbers make sense.

    • Hey Sue,

      We are working on a way to allow COMC users to use Store Credit for the entire purchase. At the moment, users will be able to hold an item or make an offer on it by paying 5% of the original asking price in Store Credit. This amount would essentially be a cash-out at a 1:1 ratio (so no 20% cash-out fee).

      If you’re looking at using Store Credit to make the full purchase, we would likely take the final price for the item and add the regular COMC cash-out fee. For example, if you placed a 5% down payment on a $1,000 an item on the Vault, you would use $50 in Store Credit to reserve the item. If you want to pay for the remaining $950 in COMC Store Credit, you would be charged an additional fee of $237.50 to account for the regular COMC cash out fee.

      Grant

      • That is unacceptable. How is buying something with 100% store credit from the vault any different from buying something with 100% store credit from the main site? Really think you guys are spread too thin with all these vanity projects (mailbox, vault, etc…) and should be focusing more on your core offerings.

      • I really don’t understand this? Why am I being charged additional fees to use store credit that I already have?? So you’ll charge me 20% and then still charge the seller 10%??. There is no incentive here for me to buy from the vault site.

      • Hey Sue,

        Good catch on my bad math. We would not charge such a high fee for using Store Credit. The fee would only need to be 12.5% to adjust the amount. Let’s use my example again, only this time, correctly :)

        If you placed a 5% down payment on a $1,000 an item on the Vault, you would use $50 in Store Credit to reserve the item. If you want to pay for the remaining $950 in COMC Store Credit, you would be charged an additional $118.75 Store Credit (12.5% of $950) to account for the regular COMC cash out fee.

        Grant

      • Hi,

        Thanks for the reply, but I still don’t see why I have to pay any additional fees for using store credit. Why should I pay a higher price for the card based on the form of payment?

        Sue

  9. I think it is also important to recognize that many sellers with high end inventory sell through various auction houses (other than Ebay) because many offer 0% commission on cards valued over $1000. The premium is taken on the buyers end (15-20% usually). For sellers, some also have advance cash options based on market value and private selling options. For the different houses, it really is about advertising quality on their site to get people to spend all over the place. With that being said, I do like where the vault concept is going for sellers but I’m not sure how much sway it will have against the allure of those major houses.

  10. Grant,
    Using your own example,
    I’m incredibly confused as to why on the current COMC site, if I wish to purchase a $1,000 card with my COMC balance I pay $1,000. However, if I wish to purchase the same card under the new system I pay $1,169.
    I think your reasoning is this.
    OLD COMC= $1000 sale = $200 profit for COMC
    VAULT= $1000 sale= $100 profit for COMC + $170 worth of fees passed on to the buyer?

    I don’t get this logic at all, the benefit of The Vault for COMC is to promote high end cards coming to the site to both generate increased interest and traffic on the site, and because the man hours required to scan 1,000 $1 cards is FAR greater than one $1 card. I would think that fact alone would be enough to lower the cashout for cards sold over $100 to 10%.

  11. I currently have over 500 cards priced above $100 on COMC. I’d be a fool to pay $1500 per month in storage fees to have these listed in The Vault. If I understand it correctly, there’s probably a way I wouldn’t have to pay this much, but I’m guessing it will still be over-absorbent.

    I’ll have to think about this for a while and see what I want to do. At the moment, I’m thinking the vault option isn’t for me, but maybe it is on a much smaller scale.

  12. I was initially excited by the 10% cash out on high end thru the vault. After reading all this and if you really want to compete with ebay you do need more traffic, obviously. So the best advice I or anyone can give you is:
    Keep it as simple as possible.
    Also if someone has store credit and decides to spend it in house or on the website there should not be a fee.

    Also in regards to having cards listed on the vault and COMC I am conflicted. Do we all not hate when your on a site and you click something for whatever reason, and it redirects you to another site. Our search both sites option, or Maybe just have like a gallery or preview option on the main site that can show up when a player or set year, etc is searched. Maybe preview on the homepage near the bottom as well.

    • If these are two separate websites that would mean two advertising bills. I think advertise has been less then expected with the COMC main page. When adding fees a couple months ago we where promised advertising. We did get a little but nothing over the top. I would like to see a banner ad on nfl.com or MLB.com. I don’t think a ad in Beckett really is giving us are money worth. Lets face it who really buys a magizine, it’s all done on line now. I love COMC don’t get me wrong but you cats need to mass advertise to make COMC work. I would not ad another site at this time. Leave it on COMC, then give 10% cash out for balances over $3000. Odds are that’s high end cards.

  13. One question on a potential problem- What happens if the card is at a show and somebody buys it online, and before anyone knows it, someone buys it in person at the show? Could work the other way around too- Someone buys it online to later find out somebody has bought it in person a short while before them.

  14. Pingback: Apples to Oranges | COMC Blog

  15. Pingback: Announcing: The Vault Interview | COMC Blog

  16. Pingback: Collectors Revolution is it run out of someones basement? - Blowout Cards Forums

  17. Pingback: Does Expensive stuff move on COMC? - Blowout Cards Forums

  18. Pingback: COMC Hot List: June 26th – July 10th | COMC Blog

  19. Pingback: How popular is COMC compared to EBay? - Blowout Cards Forums

  20. Pingback: COMC vault is up. - Blowout Cards Forums

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s