Pre-Sale Question

[OTT Team]

I was going to release a coin but I wanted to offer a Pre-Sale. I just don't know how this works. How do you take the money up front knowing it will be 4 to 6 weeks before they are released?

 

I know there are concerns about a time limit on PayPal for returns, and from what I have read there have been some issues in the past.

 

Any tips on how to raise the funds to start production? I think I have to hit a minimum of 250 coins because of the tracking numbers. So do I take orders, without collecting the money, and then when I hit the mark of 250 declare it a green light and start collecting the funds? That might be easier said than done.

[+MustangJoni]

I was going to release a coin but I wanted to offer a Pre-Sale. I just don't know how this works. How do you take the money up front knowing it will be 4 to 6 weeks before they are released?

 

I know there are concerns about a time limit on PayPal for returns, and from what I have read there have been some issues in the past.

 

Any tips on how to raise the funds to start production? I think I have to hit a minimum of 250 coins because of the tracking numbers. So do I take orders, without collecting the money, and then when I hit the mark of 250 declare it a green light and start collecting the funds? That might be easier said than done.

 

I won't buy pre-sales anymore, unless it is from a GC organization, or a company with a proven track record of delivery.

 

There have been several companies that have taken pre-sale money and never delivered the product, or delivered it after a six months to a year. The last time I did a pre-sale, they changed colors on the coin, and it wasn't very attractive.

 

So my tip would be not to do it at all. Work with a vendor to offer the coin.

Edited July 15, 2009 by MustangJoni

[+Droo]

Ditto what MJ said. Some of the pre-sale burns of the past were from known companies.

 

Re-check the guidelines.... last I heard you only need 100 coins for tracking numbers but 250 WAS the minimum for a custom icon but I think even that's been lowered.

[+ECplus3]

Ditto what MJ said. Some of the pre-sale burns of the past were from known companies.

 

Re-check the guidelines.... last I heard you only need 100 coins for tracking numbers but 250 WAS the minimum for a custom icon but I think even that's been lowered.

 

Indeed. The new number for an icon is only 50, but it still costs $150.

 

I too am considering options for my new personal. But I think I will be going with a pre-order. The difference being that no money is taken up front. I will list the coin for a couple of weeks, taking orders for the different versions I plan to mint. That will give me an idea of how many coins to have made (I'll probably add 5% to cover errors/lost in the mail/etc). I'll pay for the coins myself, and once the coins are in my hands and inspected I will send out invoices.

 

I know that some buyers may back out after the order has been placed for any number of reasons. But those extras can become traders, ebay sales, etc. You shouldn't get burned so bad that you won't make your money back (assuming that you are pricing them to make a small margin of profit). In the end, you'll likely attract more buyers than you would have with a pre-sale.

 

You also avoid the whole Paypal issue this way as well.

[+cache_in_hand]

After being burnt here on several occasions, my attitude is that I don't pay for my meal until after I have eaten and I don't leave a deposit when I go into a store to shop, so why should I prepay for a coin that isn't even minted. I am not in the business of being a financing institution. There are several of those available commercially. Nope, thanks to several opportunists here, Cache_in_hand's policy is Cash-in-Hand.

 

References responsible for this policy are available upon request.

[OTT Team]

Good points. Thanks!