Feeling ripped off by Twickets??????

LillieDo

I bought 4x tickets for Arctic Monkeys as did my other half for the same gig. I wanted to sell on my tickets, not interested in making a profit, so thought Twickets would be perfect.

Tickets cost £320 in total so I advertised at £300. Not used the site before so carefully read through the instructions associated with using the site, noted the two payment options of PayPal, immediate payment or bank transfer, 5-8 day processing time. Thought that sounds okay, and set up a PayPal account, for the purpose of this transaction.

Set up the sale on Twickets; not having completed one before I did note the absence of an option for PayPal but without anything to indicate otherwise, assumed that this could be agreed post sale between buyer and seller. BIG MISTAKE.

I sold my tickets within an hour of posting and then to my horror realised that I wouldn't receive payment until after the gig in June 2023. If I withdraw the tickets from the sale I face a fee of 15%, which will be £45.

Ive contacted Twickets customer services who have so far been completely unhelpful and sent me a screen shot of the single reference to the condition of payment. I went through the entire sale set up process again and it is just at the point of providing my bank details is it stated in small print about the huge time delay before payment will be made. This is unacceptable as the event is a big ticket price and quite large sums of money being exchanged. I appreciate its partly due to buyer protection and to mitigate fraud however I am not in a position to be able to essentially forfeit £300 for the next 8 months, while its growing interest in a holding account for Twickets! (is this how they can operate without seller fees ??!). 

Cant see this being anything but a bad experience for me and a costly one, anyone had similar or give any advice about next steps???

CKhalvashi

This sounds fairly standard industry practice to me.

I'm not sure you understand how little deposit accounts earn. Our client account pays (at the moment) 0.34% per year, which on a £300 transaction for a year would be about £1 (the rate in your case is about 80p). The fees for processing the payment on your behalf will be more than this.

I'd say with certainty that this isn't how the business is financed, however it needs to be a lesson to read terms and conditions before entering a transaction.

sheramber

from the How It Works  page- tab at the top of the web page

We’ll pay out your funds from a sale via PayPal or a bank account transfer, depending on the event. In the event of a sale, sellers receiving funds from PayPal will receive a payout immediately after the sale. Sellers receiving funds via bank account transfer will receive money in their bank account within 5 to 8 business days after the event takes place. Once the sale is complete you'll receive an email with payment confirmation. Standard PayPal charges apply.