| And they're still in business ... |
| Posted by: NewtonUK 08:46 am EST 03/01/21 |
| In reply to: YUP. - LynnO 04:14 pm EST 02/27/21 |
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I confess that I don't understand their business model.
a) They don't charge the promoter/producer anything for selling their tickets (most services charge .25-50 per ticket)
b) They don't charge the promoter/producer for credit card transactions (these are at least 2.6% - mots services charge back 3.5-4% 4% producer)
c) They charge ticket buyer 99 cents or 5% of ticket price, whichever is higher. (most services charge $5 to $15 per ticket)
So their positive cash flow can't be more than 2.5-3% of sales on which to fund their operation
Legally the ticket income should be sitting in an escrow account of some kind, because it belongs to the event, not to Brown Paper
So that they should have had 100% of ticket buyer income in the bank, and be able to return that
They've been in business for 20 years - they must have had enough employees and money to pay them to return/refund for shows not presented
The have obviously illegally used ticket sales for their internal purposes
They should not still be in business. |
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re: And they're still in business ... - ryhog 09:15 am EST 03/01/21 |
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