The moment that we have all awaited has finally arrived! Tim sat down with Nathan yesterday to answer your questions about the Vault service, and when we got done compiling the list, we realized that there were just too many to answer in one video. So, this first video will answer your general questions and the second will answer your seller questions.
So sit back, grab some popcorn, and enjoy the first of a two part series: The Vault Interview!
In case you don’t have time for the whole video, here are the time-stamps with the questions being answered:
0:48 Please describe COMC’s “Vault” service
2:50 What items are eligible for Vault service?
5:50 How will Vault items be seen?
7:00 How will Vault commission fees work?
9:30 Will Vault items be listed on Amazon.com?
11:20 How will offers work with Vault items?
12:04 Will Vault items be listed on Amazon.com? (cont.)
13:17 Will the Vault service be required?
14:30 What items will be displayed at shows?
After seeing the video, what are your thoughts about the service? Are there any other general questions that you need us to answer? Feel free to discuss and ask in the comments below and keep following us on the blog, Facebook, Twitter, and our new Google+ page.
This is ok
I think that while the vault may be a nice service, I do not like the fact that I can’t get 100% store credit for The Vault items. As a person who uses store credit a lot, I’d like to have that money to use on my Comc account for 100%
And can you explain your reasoning for this?
Thanks for the response. I just want to make sure I understand correctly. Are you wanting to sell an item on the Vault and, instead of receiving the 90% cash out, have the full amount deposited into your COMC account as COMC Store Credit?
As it is now, you could sell the item on COMC, the Vault, or both, and price them independently of one another. But are you looking to get COMC store credit regardless of which site it sells on?
Yes, I would like to get full store credit regardless of the site instead of the 90% cash for the Vault
It seems a bit silly!!!
Could you tell us in what way you feel the service is silly If there are some ways that we can improve the service, we do want to hear your input.
maybe silly wasnt the correct word to use i am just very confused by the whole thing. If u can offer a less cashout option for this service then why not for another?? The fees seem higher so is it really a better service??
Are u guys actually storing high end cards in a vault? Is this the reason for the higher storage fees? I guess I would like 2 here more about why storage fees are higher on these items. Also I think many have domain names that link to comc.com. Will I need to get another one if I choose to put items in the vault? So I’m guessing the vault content will only be able to be viewed by people who no about the service? What steps are comc taking to make this content known? General public who come to comc like they always have will have no idea there are cards hidden under a special vault tab? I think these special vault items should be mixed in with general population and just noted that 10% instead of 20% should come out. This also solved the problem of store credit, if wanted to use it on comc they could. Just some thought. Thanks for listening. Jason
Thanks for the comments. We expect the Vault will contain items ranging from $100 to $10,000 and beyond. Because we house and insure all items listed on our site, we need to modify the storage fees to account for these higher valued items.
I also want to addres your concern about vault.comc.com visibility. We want to make the Vault as accessible as possible to the most users. In order to do this, we plan to have Vault items listed on COMC as well, even if the purchase will take place on the Vault.
For example, if you search for an item only listed on the Vault, say, a 1955 Topps Mickey Mantle on COMC, you would see it listed just like any other on COMC today, only without an asking price. When the user goes to purchase the item, they will be taken to the item on vault.comc.com. Alternatively, if the item happens to be listed on both sites simultaneously, the user will see the COMC price and have the ability to purchase the item with COMC Store Credit.
Buyers who are interested in items in all price ranges will still have the same ability to find items for sale on COMC as they do today, but the Vault presents a new layout that will help our high-end buyers and a commission structure that will help our high-end sellers.
Thanks Grant. That cleared alot up.
The fees for this service both on the front end and the cashout put this option as something we will not use. But giving people choices is not a bad thing.
Like buymore says this is strange (silly). It seems comc is making up fees, this goes for standard service as well. For example if I put $100 on your site. Let it sit there for 6 months don’t touch it. When I decide I want it back after 6 months comc charges $20. Why is this? What work or service did comc preform to get this money? If anything u should pay me, u got to use my $100 for 6 months interest free. I’m sure there’s a small fee from PayPal but $20 think not. This also goes for the new vault were comc is making up storage fees, also telling us we need to spend $2 just to put it on the vault from the regular site. I think I’m not alone in asking why more fees? Comc was able to make buying idiot proof with one fee. Why can’t this be done with selling? Please explain why comc feels it don’t need to work for money? This would be like paying a cover charge at a gas station. This is why I don’t shop at SAMs club, pay to shop.
Cardko: You haven’t sold on this site apparently because some of the things you are asking/putting the site down for tell us that. If you actually put $100 on COMC.com and never use it, you can ask for a full refund and they will give it, not taking out 20%. I can vouch that this site is the only site out there you will find that has the abilitly to actually get sellers $0.25-$2.25 profit for cards that book for $2-$5 due to the easy buying and flat rate shipping from any/all sellers. I may not own my own store or have 50,000 auto/jersey cards for sale, but I have sold almost 1,500 items in the just over 3 years on this site and for cards worth $100 or less, ebay has nothing on this site except for the ability to accept a quick auction price vs. Listing Price.
As for fees, yes, the vault is trying to answer for lowering our % taken out when we sell a card. For example: Peyton Manning Autograph that books at $200, sells on ebay for $140-$175, person puts it on here and accepts $160 Best Offer @ 80% = seller gets roughly $128 for that Peyton. On ebay/Paypal/shipping + Fees + Fees + USPS: $160 @ 85% (First $50 on ebay = 12%, 8% after and 2.9% on Paypal + Shipping/Insurance) = $136. So already for cards worth $200 and over this site is not as easy on our pocketbooks, so are you really willing to send in say an Andrew Luck RC AUTO 1/1??? If you sold a $1000 card you are paying $50 more to have it on this site vs. ebay so the vault is put out there to try and even out those fees.
Just something I’d like to mention to keep in mind is that some of these items we may submit to you and then 3-5 months down the road there is a local card show and we want to take a few items from the vault/COMC to the show… So like on COMC its only about $0.30 if I wait a month after the show for each card to be put back on the site or like $2.25 for the week processing, etc. If the vault only costs about $2.00 or $5.00 per card at most it’ll only costs someone like $20-$40 to take out 4-8 cards that they might sell one at the show and make up that cost and the second one takes them to profit, but than may have 2-6 cards to re-list on your site. If it isn’t reasonable, we’ll have to decide wether we really want to send in the card or hold onto it for our local shows. For me, I’m just a Football fan, so its really only in the Fall/Winter that we have local shows around my area, so I have a 4-6 month span were I can have my cards on here and than just a couple weeks before the show request a shipment of the cards I want to take to the show with me. However, multi-sport collectors/sellers who go to shows every month might rotate during season with their cards, but its something to think about as most of the people who might go to a show may want cards back from the site and than want to relist them, but only if its reasonable. Thanks for everything and look forward to The Vault!!
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I am confused. Will I not be able to buy vault items with store credit? I thought we could
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1955 Topps Mickey Mantle?