Support » Plugin: PMC Gold » The worst product and not far from the worst people I have ever seen :(

  • The idea seemed great to me. Being able to send your customer buy a coin which would then be transferred to the merchant. I liked the principle.

    I tried to look up on their website what the associated costs would actually be. After being unable to find much (I just saw they state a markup of “8 to 12%” over the price of gold for the value of the token in their T&C), I sent a nice email asking 3 basic questions I feel any merchant would want to know (copy of my actual email):

    1. Is your token traded on some exchanges ? Can it be exchanged for something else somewhere ?

    2. Is the physical gold redeemable ? If yes, what are the conditions ?
    (I saw the 8 to 12% markup over the price of gold in your T&C. I guess that would be lost in case of 2., but all or some may be collected again in case of 1.)

    3. Are there fees between the amount purchased by the customer and how much tokens he receives (which the merchant ultimately receives) ?

    RESULT? I did not get any answer to my questions, but received an email with a long list (14 detailed items) of everything they will require if I want to go forward with them. It just fell short of my grandparents birth certificates.

    In the end, after exchanging a few messages with the “National Sales Director” (really the brother of the guy who setup this thing, it seems. The title is everything in some people’s mind), it is an absolutely HORRIBLE product.

    The (physical) gold isn’t redeemable, all you can get is the USD value by losing the 8 to 12% markup. In fact, it’s what they actually expect you to do as they have an initial “settlement” period, and you will only potentially receive tokens after that (they present it as if they were “locking in” the price of gold for the merchant and as if it was a good thing, when they really just sit on the USD collected to see if there is no charge back and only convert to gold after that). After this settlement period, copy/paste of the actual answer = “Now if the Merchant wants to hold the PMC rather than liquidate to USD that is completely up to them.”

    You can’t trade nor exchange the tokens anywhere for the moment, and if you do hold them and want to cash them in later, you’ll lose the 8 to 12% markup. Or you’d have to find another fool buying them from you at a big markup over the price of gold (knowing he’ll never be able to receive any physical gold out of this).

    Of course there are fees for the customer, meaning that what he pays isn’t what the merchant will receive. This comes ON TOP of the 8 to 12% markup! I didn’t even manage to know how much these fees were. Probably not very cheap.

    Anyway, without even going into details of the used cars salesmen tactics and rudeness (it’s you who don’t understand how great their product is and the benefits they truly offer! But on the other hand, they are unable to explain any of them), it’s really an extremely overpriced way to process debit and credit cards at 15%+ fees.

    You have none of the advantages of anything crypto related, and it’s even more burdensome than to open an account to process the cards directly yourself. They do expect to collect outrageous fees, and you to rely on a system more complicated for your customers, which will allow them to distribute their fee-rich token. (Why wouldn’t you process the cards and buy directly gold, or even maybe their token if you would want to, is a good question. Not one they’re able to answer in any case).

    My opinion: Stay away. FAR away.

    Note: Just for information, they told me, and I quote: “We clearly are not the correct fit for you”, to which I asked back: “And who would it be the correct fit for ? For what advantages ?”. I never got any answer 😉

    • This topic was modified 3 months, 1 week ago by Mevo.
    • This topic was modified 3 months, 1 week ago by Mevo. Reason: Corrected "loosing" => "losing"
Viewing 4 replies - 1 through 4 (of 4 total)
  • I work at PMC and I talked to you. You sent a very long email to us filled with insults and doubts. We politely answered your initial questions and were met with more insults. It was at this point my boss decided you were so rude that it wasn’t worth trying to do business with you. Though it seems you were not interested in actually doing business either. Best of luck with whatever your real profession is, clearly it isn’t writing reviews either…

    Well, this sounds like a troll slander piece. Also, before you rage write a review, perhaps verify your information. It sounds like you misunderstood or simply didn’t like the idea.

    Perhaps, it’s the poorly written reviews, not the company, that I should stay away from! Btw, “loose” is the opposite of tight. I believe you mean “lose” & even then – it sounds like there’s a fundamental misunderstanding. That being said, I suppose you’re entitled to your own opinion.

    Thread Starter Mevo

    (@mevo)

    @dfleisnerbtc There was never any insult in my emails. I only had questions because I actually was interested to do business with you (initially, I mean). Why do you think I wrote to you in the first place? Let’s be logical.

    @drmantistobogan The only “slander piece” are your comments guys. I tried my best to be fair, honest and accurate in my above review. Your comments just tend to prove that. So, very well, I misunderstood or simply didn’t like the idea. You didn’t come up with anything original since last time. Why don’t you please explain to us what I misunderstood, and what is inaccurate? And maybe better describe your product/offering? (this is also exactly what I asked and never received any answer about). That would be more helpful to everybody.

    Thanks for the tip about “loose/lose”. I was under the impression “to loose” was written with 2 “o”. I was wrong. (you know English isn’t my first language). I’ve corrected the initial message.

    So, your answers, which solely consist of lies (for the 1st one) and some denigrating, without ever addressing the matter at hand, pretty much sums up what I was describing, isn’t it? Thanks to prove my point.

    PS: I love the tags you attached to your message. You realize this is going to be associated to your plugin? At best to YOUR message, not mine 😉

    Moderator Jan Dembowski

    (@jdembowski)

    Forum Moderator and Brute Squad

    @drmantistobogan This is not libel, this is not slander. Do not report this review a third time.

Viewing 4 replies - 1 through 4 (of 4 total)
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