Peter Warns Fellow Dragons of “Black Market” Cross-Trading | Dragons’ Den
ฝัง
- เผยแพร่เมื่อ 30 ก.ย. 2024
- Sometimes all it takes is one good question from a Dragon to expose the flaw in a business plan. It's quite startling when that question is "Is it legal?"
Allan Brown & Simon Jamieson are in the den seeking £50,000 in return for a 25% stake in their website 'Gift Card Converter' that lets people sell or trade their unused gift vouchers for less than their face value, with a portion of the sale price going to the site owners.
An international sensation, Dragon's Den features entrepreneurs pitching for investment in the Den from our Dragons, five venture capitalists willing to invest their own money in exchange for equity.
#DragonsDen #OneQuestion #IsItLegal
I have to stop telling myself this counts as studying
Question 1: Did Dragon’s Den ever feature a gift card swap business? (10 marks.)
🤣
If your studying business and how not or how to get start a business. You’ll be grand.
It counts. What are you studying? It still counts. It counts toward life and making good financial decisions.
Too true! Same.
This does count as studying. Just not very useful.
Duncan: I love this idea
Debra: I love this idea
Peter: This idea will not just destroy you, it will consume your soul
(After Peter's comments): Deborah: I'm out.
The scammers cant wait to make accounts. How could they even verify they are legit cards? Plus a good way for other scammers to trade!
they forgot other liability issues aswell, like giftcards bought through illegal means (like stolen credit cards)
this just a big money launderer
@@danquaylesitsspeltpotatoe8307 agree
How I HATE Peter and THEO! Terrible human beings!
Peter's facepalm when he heard that the guy left is 100k job for a business thats on a questionable track is priceless 😂😂😂
Oh yes, that was quality! I love Peter, he says it like it is.
It's not like he'll never be able to work again. He will just have to sit through another round of interviews.
@@AudreyMealiff
You love Peter?
@@Rizzbulla Yeah he's great television
Relatable
I think their read on some of the dragons was accurate. They don't want this business to succeed because they have their own businesses that benefit from unused gift cards.
Right, she was sitting there saying, have you talked to a lawyer, someone will get it shut down... It's her, she's someone.
also businesses that offer gift cards don't want that either, it can be easily blocked with a terms & conditions change
the amount of free money they make from unused gift cards is insane.
And I don't by them because if the company goes bust so does the gift card.
They dissolved in 2014
Dragon’s Den videos and Saturday lunchtimes go together like Touker and office spaces or Jenny and references to being a Northern girl
Or Theo and his children's inheritance
@@TheOnlyIncognito 🍕 Jones and his colorful socks
Jenny: you made fun of my references to being a Northern girl, and for that reason I'm out
STFU. Saturday lunchtimes? Boring weekend eh?
Haha and Theo the retailer and Peter the tech tycoon, Nick the online business master, Debra the marketing Expert😹😹😹😹
“Retail giant Theo The Foetus is not looking impressed.”
I heard that as I read this 😂
Retail midget.
Huaaaaaa
What about Theo Defeatist?
Pizza Jones
Debra: just two guys, working not in an office…
Camera man: *frantically pans the camera at touker*
Debra : you will have a investment in this from me.
Peter : I think Debra is wrong .
Debra :
Debra : I'm out .
Lmaooooo
You forgot...
Debra: Pikachu face
She did say “if we get to the bottom of this, you will have an in investment from me”.
@@kcc-karenschroniccorner9432and sure enough Peter dug deep enough to uncover a critical flaw worth avoiding the investment. She even gave them a bone by asking about their legal team and they were unprepared xd
"Reselling unwanted giftcards"
*Phone rings*
"Hello, this is Microsoft tech support, we have detected hackers and virus in your computer"
Haaaaaa
I see what you did here. 😏
@@iceala kitboga enters the chat
@@alessandrosalem7223 😆
everyones always arguing, laughing and yelling but yet james caan is always so quiet and composed. respectable man
Because that is how the producers of the show want him to be!
he is indian and dark skinned.
He is Pakistani
@@maulvimuhammad wow, not much gets past your eagle eye
I bet he's the best poker player of the lot
Me watching: Wow, that's a great idea, I think that'll make a lot of money
Duncan: I think it's a great idea but I don't think it'll make a lot of money
Me: It's a great idea, but I don't think it'll make a lot of money
Lol
That's a lot of honesty that we all do but won't admit to 😂
Entrepeneurs on the way to the den: Excited about the future, full of life, inspiration and motivation.
Entrepeneurs on the way back: "What was the reason to get out of bed tomorrow again?"
Happy Saturday lunchtime folks!
Get a life
I'm jenny and I'm out
@@Ryanjoned163 originality is personality
Sadly, I didn't see this until Sunday morning, but thanks... oh wait, its Sunday morning, Bacon sandwich time!
This only applies for 0.2% of the year tho 🤔
Not sure I would have given up a job with a 100k salary to do that.
He probably found a new job after this failed.
Yeah I get that but sometimes you’re so focused and determined that you take what you think is a justified leap of faith I guess
Once you've got earning power like that, it doesn't just go away. He could probably easily have gone and got another 100k finance job if/when that business failed
They had a vision that they believe to make even more money. That’s why the rich are getting richer.
@@jakeevans9746 Being rich has almost nothing to do with "vision" and almost everything do with circumstance.
How to de value your cash, swap it for a piece of plastic that can only be spent in one shop !
Exactly. This is why The Dragons were wrong. If you got duked into buying a Gift Card, or someone gave you one as they are meant to do, the company already has their money whether you use it or not. Thus, most companies do not care what you do with a give card. There will be very rare cases in special conditions, but legality is not going to be a real issue.
Actually none of the Dragons grasped the concept of what is a gift card.
indeed. and to top it all of, it's value can expire
@@agenttyson007 but the companies would have an issue with someone selling their cards cheaper than them
@@littlewig200 No. You need to ask yourself how 99% of giftcards work. If you buy a $20 gift from Macy's, and gave to your mother, you spent $20 cash and your mother has a piece of plastic only redeemable at Macy's. Thus, Macy's already has their $20 cash, whether or not your mother uses the card, burns it, or gives it away, and it will expire if not used. Very few cards will have special conditions why this can't happen, but for the most part, no company would find fault.
@@agenttyson007 yeah you're right my bad
100k salary sheeesh. idk im with the dragon's there prolly dont leave unless its a sure thing
translations of some phrases
"We're just the middle man"
- we don't assume any responsibility, our customers typically violate terms and conditions by using our service, but it's on them. Our business model is based on pretending we don't see what's going on.
"We haven't consulted a lawyer"
- we have, and the opinion we got was such that we'd rather pretend to have never asked
The Dragons are usually astute by they were wrong. Question, if you purchased a Gift Card from Amazon for $30, and gave it away as it was intended to, sold, ate or burnt it, why would Amazon care what you did with it, when they already have $30 cash, and you have a piece of plastic Only Redeemable at Amazon?
@@agenttyson007 if the card remains unused amazon gets $30 cash and doesn't have to actually send the equivalent worth of stock out- if it's resold then they have to actually send $30 worth of stock
@@UberdudeRls21 also if there's anything wrong with a card, Amazon (or any other vendor) is likely to get blamed for that (involving their support getting called up, bad press etc.), while it could actually be the re-seller's fault.
Theo: lots of things go on it doesn't make them right
Boys: We work in financial services
Theo: why doesn't that surprise me 😂
Update: Company dissolved. I do remember being on their site and they had few cards and the ones they did were all gift cards from small shops you never heard from and you wouldn't save much money anyway.
Now there's a surprise
In Polar or Non polar solvent ?
They needed to have a huge link up chain like Amazon
@@mvr192 clearly that didn't happen since Peter exposes them on national TV for being a threat to the industry itself if they're successful
They’re on drugs
Yesterday on Dragons' Den: If you truly believed in the business you would give up your job. I'm sorry but I can't invest in someone who doesn't believe in the business.
Today on Dragons' Den: Pleease don't tell me you gave up your job.
Yeah you've not quite grasped it. To give up a £100k secured job to make the same or less, with a huge risk of having your business swept away from under your feet by the companies, who only have to change their terms and conditions, is pointless.
On the contrary, a dragon isn't going to invest a large chunk of cash into a business that's making peanuts in profit when the entrepreneur is usually only wanting to give away between 5 and 25% maximum anyway.
Most of the people who appear on Dragon's den who they criticise for "not giving up their job" aren't earning up to £100k a year.
Ultimately, most gift cards have had Ts & Cs on them for years stating they cannot be "resold" or "traded", and their actual monetary value is nothing. In the same way that Tesco wouldn't allow you to sell or trade one of their "clubcard vouchers" for cash or something else with another party.
@@thefiestaguy8831 it was a joke
That is the quickest I have heard Peter strip down a business and then say 'I'm out'.
U haven't watched many then
Peter is the Simon Cowell of the den.
Peter is usually astute, but he totally missed the mark on this one. He was wrong, and Deborah backed out due to pier pressure.
That's because Jenny's power outage is so great it actually speeds up time
@@agenttyson007 *peer pressure
Hmmm...I wonder why Peter would disagree on this one? Maybe it's because he owns a gift card company himself which would be a CONFLICT OF INTEREST...
This is dragons den not the high court 😂
but he is right about creating a blackmarket ... buying a twenty dollar gift card for ten dollars is actually really bad for the economy lol
@@neuberknight575 generating £30 of transactions for a £20 item is great for the economy.
Im not his fan but he told them facts
@@neuberknight575 Buying and selling gift cards is also a popular form of money laundering, people have been doing it with Steam gift cards for years.
Peter you are so wrong. I mean the IRS wants me to pay my tax in iTunes cards, so boo to you
I think I find it the funniest, as I'm Indian lol.
Duncan: you can’t use PR to change the minds of people
Apple: hold my ecosystem
You mean their ecosystem is well designed?
PR with an innovative precedent and arguably the most expensive PR team that exists.
Duncan saying people won’t sell a 50 card for 30 is wrong. Rich people are smart for sure, but at times, they forget how the rest of us live.
not to mention all the cards we get around birthdays and christmas we dont use just because we dont like the place theyre from.
Lol Debra the "marketing expert" like they all aren't good at marketing.
Talking to a lawyer should be the first thing you do before trading something you don’t own 🤦♀️
They’d make great hobbits
Yah I can see merry and pippin from the lord of the rings in these two
They have a website business and consider their website 'done' with no future overheads - that would be an instant out from me
The real definition of done in software is when all copies are *deleted* from the production environment.
"Peter Jones owns an experience-day gift company" he bought off another Dragon when they ruined it 😂😂
Which dragon?
Rachel Elnaugh, wasn't it?
Red Letter Days was the business name
How is Peter doing with red letter days?
@@Deffa7 They sold it
I'm ill in bed with a cold. Thought I'd let everyone know.
I'll be ok in a day or 2.
I'm in bed but I'm not ill, just lazy!!! Get well soon my friend.
get well soon random stranger on the internet!
Thanks for letting us know. We were starting to worry. I was just saying the other day, Gee we haven't heard from Martyn lynch lately. I wonder if he's okay 🤔
Seriously though...I'm glad it's just a cold and not the Rona. Get well soon and have a great day friend!
@@LynnnnnnnnnN ha, ha ha ha ha ha ha isn't this internet thing great. Happy Saturday afternoon stranger!!!!!!
Good to hear Martyn, we all wondered where you were this morning!
Why does Duncan want to look at the random gift cards they brought to the den?? 🤣
Maybe he was looking at the terms and conditions.
I think they just handed them to him. dont think he had a choice.
I think its because he was bored.
He was hoping it had some cash on it
The one bloke in the right is either got a bad nervous tic or a bad habit, I can't really help but focus on it.
It's really subtle and he just seems nervous, granted he did better than 90% of people on this show.
"Black market" nailed the problem. Gift cards are already a well known method of money laundering and these guys haven't even consulted a lawyer.
Sketchy as hell. Perfect site for scammers to quickly cash in gift cards.
Anyone else notice that the guys all dressed to match each other in this episode? Pink shirt purple tie day, and nobody called Peter.
James Caan has a white shirt, but Peter and James have a purple tie too.
They have a point...the issue is that people who don't use gift cards FORGET about them. Selling a $50 gift card for $30 is nuts...If people can remember it...They're gonna probably just buy stuff they don't need, instead.
Psychological research has been done. People want a double price premium when they give things up.
The counter point is fair as well. A lot of people get gift cards that would rather have money, even if it's slightly less. If the choice was there, and they knew they could do the trade, I think they'd go for it.
However the legalities of this definitely wouldn't have flown. I just can't see it working today.
idk, i have a couple cards i'd be more than happy to sell for 70% the price in a website such as this
That is why WALMART gives refunds in a form of a gift card.....they hope you just forget about. Take that card and buy food if you want but SPEND IT right now when you get it.
not really. I've had gift cards for cinema's that are nowhere near me and they just sit in a drawer not being used until they expire. I've had lots of gift cards for shops that I'd never shop in.
Don't buy gift cards from shops that could go out of business... Bung a few quid into a normal greetings card and let your loved one buy something they really want.
Gift cards of all the weird capitalism things is definitely the most ludicrous to me, people willingly exchanged their free money into money that can only be spent at one company with no bonus or whatever just because they've been told it's a good gift...
Deborah was just looking for an excuse to not invest after the other dragons rubbished it
Yah, agree. If it really was only the legal point that was a concern, she could have just made an offer that was contingent on getting a lawyer to ok the concept during the DD process
If I was making 100k from my job, I wouldn't even think about retirement let alone embark on a new business that relies solely on people never using gift cards and businesses not caring if someone else makes money off of their stuff. I wouldn't be surprised if their was a hidden pyramid scheme in their business.
Peter is the glasses Debra uses to see.
If I got a 100K job. I would never ever leave it for something not secure.
The problem with this service is that the shops don't want it to work. if you're a shop and sell a £10 gift which goes unused you've made a huge profit by selling a piece of card with a number on it for a huge mark-up (£10, probably about, what, £9.70 in profit?). But if the gift card gets sold on by the buyer (or the person given it) and it gets used, that shop loses its profit on that gift card. So all the shop will do is change the terms and conditions of the gift card to ban transfers or something
Debra often thinks about what to do with gift cards? TV millionaire, and her loved ones are getting her GIFT CARDS?
I've watched so much Dragons Den on TH-cam.... I've seen Jenny make a deal.
Why would you not sell a gift card for a little less than it's worth? I'd rather have £40 in cash to spend on whatever rather than £50 tied up to a specific retailer
Yes. Although most of the other reasons are legit as to why not to invest, saying that someone wouldn’t sell a 50 pound gift card for 30 pounds cash is just plain wrong.
I mean yeah thats a poor point they made, but everything else made plenty of sense.
Like the ToC for cards can change quickly and then instantly kills your business fully. Also it just sounds sketchy to begin with and might be illegal anyway.
Also most people dont have cards they dont want to use, usually its cards they meant to use and just forgot they had it. If people are forgetting they have the cards, they certainly won't remember to sell it for a loss
Like he said though, most wouldn't bother buying from this site if they couldn't get an exceptional deal out of it. I think the $30 for a $50 card is probably spot on. Plus, they get a cut of that $30 also. So, you could end up only getting half the value of the card. I have a $50 gift card that I have had for almost 2 years now and never used. Still, I don't think I would sell it for 50%... no matter how logical it would be to do so. It just doesn't feel right getting $25 to $30 for something worth $50... even if it isn't worth $50 to me personally.
But no one is going to buy a £50 gift card from you for £40 because they would like cash in pocket too. For the deal to make any sense they would want it for £30. So the question is would you sell it for that? And this is the point Duncan was making.
@@sadikmeah4057 ofcourse they would. I'm talking about people who shop often from particular stores or are about to make a purchase. It would save them £10
Peter's reaction at 8:36 is my favourite favourite moment from the whole of Dragons Den
It is against the law in Canada for a store not to honor a gift card no matter how old, simply because, as the dragons noted, it is money sitting in the bank accounts of the stores which have issued them and for which they have provided no goods or services. Plus (in my opinion) the store has earned interest on the money while they have had it PLUS the value of the money which paid for that card...because of inflation... is less when the owner of that card comes to exchange it for merchandise.
Peter hit the nail on the head, this would very likely end up supporting illegal activities in the black market.
When they said “exchange gift cards for cash”. The first thing I thought of was scammer videos on TH-cam
Yes 100%. There would be almost no way to avoid such a thing unfortunately
When I was a heroin addict we used to sell gift cards to get dope lol. Go in and steal from home depot, return the stuff back to them for a gift card then go sell it
most of their revenue would be from illegal activities. That site would be a Godsend for telephone scammers who usually will tell their victims to pay in gift cards because banks are well aware of the scams.
@Steppin Razor that is not a gift card, it is in store credit.
Gosh ...these guys are financial experts ...and yet I'm sitting here asking myself: "how on God's mother earth do they think to earn profit from that?" They take a tiny inch from the trade, but they have costs for marketing, salaries, running costs etc.pp. It simply doesn't add up. And on top of that, there are high risks to go bust with the whole concept.
Unbelievable that they have quit their 100k-job for this.
Duncan:"People buy gift cards from me and don't use them and it really annoys me"
Not enough to just give them their money back through....
Agree with the dragons on the salary. Do not give up a comfortable but tiring 6 figure lifeline for a business that has not come to fruition yet.
This type of business existed when I lived in Korea on a gap year teaching English. All the parents would give us “teachers”, the Lotte vouchers, and we would just go to this kiosk near by and get 90% of the cash value to buy things we want to buy.
I don’t see legal problem here. The only person here is kinda hurt is the person buying the gift voucher as a present. But that’s their fault for not just slipping cash in an envelope made by their kids.
Duncan is completely correct. There is no saving for the consumer so whats the point?
There is actually an unofficial market for this sort of thing in China where I live. Not gift vouchers exactly, but there are similar things that you can spend in several stores like certain supermarket brands. Some companies even provide them as part of staff compensation, including my wife’s. She gets about 500rmb a month on a card. Sometimes she sells it for about 400rmb, which is a small loss but she prefers the cash to being forced to shop at particular supermarkets.
If you live in China, how are you on TH-cam?
@@rainawareness1495 astrill vpn
Yes cash is better than buying so much more junks.🤣😏
@Chase Williams Part of her compensation technically, but her salary is pretty good so it's more like an extra benefit we don't rely on. For people on lower salaries, it will be more important and feel like actual salary.
This is an odd one because whilst I can't see it making a huge amount of money in think the argument of changes in terms and conditions to vouchers isn't necessarily a good one. Ultimately whether I buy a £50 item or a £50 gift voucher in a shop, that ought to be treated in the same way.
I am 100% sure that if companies tried to restrict it that it would be terrible publicity and would be subject to legal challenges and that courts would have no trouble at all finding such a term entirely unenforceable. The issue there though is that such a court case might cost a fortune.
The other issue though is that if anyone is going to do this, there's already a company perfectly placed to do it - CEX.
Am I the only person who did a double take when Peter said "you *ain't* ever gonna do that" ?
Why? It's something an English person (like me) would say for effect, while knowing perfectly well that it's not correct or standard English.
Hehe, it's 2021 and gift cards sell for more than they are worth because it is anonymous currency. :)
I'm sure this is another re-upload - it sounds awfully familiar.
It is
Pretty sure this isn't a reupload, I've never seen this episode before and I watch this channel's content religiously. Do keep in mind though, both Dragon's Den and BBC officially upload episodes of the show to TH-cam. So if you see an episode twice it could be the BBC version and the Dragon's Den version
In comments so far I haven't seen any of their uncle's son telling us how much money those two gentleman have made and how big a mistake dragons have made by refusing the deal.
The web site is non-responsive. Is that a clue?
@@watchtellyinuk Rightly so.
They went out of business in 2014.
It's sad though. I like the idea. I have two unused gift cards right now. :D If you swap gift cards with others via the site (instead of selling them), you probably don't have to go from 50$ to 30$ for it to work. Also: gift cards nowadays often have online codes. So you don't have to physically send them. You just have to figure out how to stop people from using the code after they have transmitted it to you...
“Here’s a $20 note”
Theo licks lips
They received some of the best advice ever given on the Den.
Duncan cracks me up man haha. Should be called Duncan's Den
I think in a perfect world this company would have done well, but in our real world it probably would have been be mainly used to Launder Money or for scammers
Love Peter just losing it over Duncan at 4:12 😂😂
This is most certainly the “A Team” of Dragons Den UK! The best combination of Dragons and surely the most entertaining. I’d pay a premium to buy all available episodes featuring this team of Dragons!
I prefer Richard Farleigh over James Khan but otherwise yes this is the best lineup.
Definitely not the A Team without Richard Farleigh
Replace James with Richard or Tej and you've got the dreamteam!
@@montyzooma I quite like James, but Richard was the best of all of them.
@@alkaholic4848 yea i did like him too. He was a very cool guy
I once put up a 100 Euro gift card for Center Parcs on eBay. To my surpise, it sold within a day for 80 Euro. So there is a market but i don't think it's very big
It's actually really sad that the capitalist incentive by companies is to not make this work, since if people don't use the gift cards and cant trade it to a person who will, that money earned since the person who would use the gift card has to spend on them instead. Kinda disgusting
I live in U.S nd there is a ton of places that give u money for unused gift cards i thought that was a good idea. Even if u get less money for what card is kids dont care because they get cash that they can use anywhere for anything. Especially kids that get a gift card for say chilis and wanna go buy some weed instead lol
Duncan's final point makes me wonder whether any non-scammers ever utilize sites like these. Had they made this pitch today, that problem would have been identified immediately.
“Let me here introduce this method for money laundering. Please invest!”
Loved it when they accused creepy Theo of not wanting people to spend the gift cards. Loved it.
Theo The Fetus hammered it home when he said that NOT all good ideas are money making ideas! That couldn't be more true!
Why tf can’t I stop watching these videos - I have so much to do and cannot stop😂
They were right as the company lasted 1 year before it ended with debt
No real surprise at all....
"Gi£t Card Convertor" I have to type a compose key + L + = to get a British pound sign; how these two guys think it looks like an F is beyond me. Press $ to pay respects. ;D
The pitchman ditched his presumably-stable £100,000-a-year job for this!?! Sounds like about half the Smash Bros. fandom...
This puts Theo in a bad light. He wants money for no goods sold. Theo should be directly asked why he cares if a gift voucher is given to someone else.
'I just want the toy - not the Happy Meal!'
Duncan: "I'll tell you where I'm at"
Also Duncan: "S'll Te-ye w'rm ah"
Is this not the most money launderable thing ever?
Ravenscroft road St georges hill is where theo lives. Massive block with a dog ugly house. 51.343044, -0.44363
Jenny called to say that this is a brilliant idea and for that reason she’s out.
Duncan's last analysis is the most accurate won for me!
Peter : Your idea is flawed and you will fail
The lads : Thank you very much
I totally agree with Duncan because most vouchers are limited to shops you can use them in, it isn't cash. You cannot sell 50 quids worth of vouchers for 50 quid. Cash is king!
Not fair to say people will want the exact value of the gift card. Remember these people got it for free as a gift. Circumstances might arise where they can't use the card so they will happily trade it for a lesser value if it gets cash into their pockets. It's only the initial buyer of the gift card who would want 100% of their money back.
The biggest problem to me is that the biggest reason people don’t use their gift cards is that they forget about them.
Completely agree, and it was Duncan’s very first point from the get go. The pitch was dead at that point.
The company is dissolved as of 22 July 2014
I like how they say you can't use marketing to change people's attitude but it's historical. Diamond rings weren't really used until marketing changed it. There are other examples I just dont know them but ya. Marketing can change attitudes. I think its more a conflict of interest that any of them would lose money if a card gets used.
The actual issue with this business is that why use them. Already had eBay. Then later gaming wise kinguin and other sites do that and way more.
Did he say that mobile phones ALSO sat in drawers because people did not know what to do with them?
3:30
Twas before your time boyo
They're talking about your old phone.
Once you buy a new one, the old one just sat there.
Now there's places you can send your old phones for cashback.
Mark, phones didn't use to have any fun type features there or internet to get anything out of it. They would just sit there like a landline phone for calls only and the technology advanced and people traded thoses phones in online or in a shop.
I miss Duncan, he was so great on the show
I have not seen him invest yet.
James Caan was the Jenny Campbell of season 5 to 8
What Rubbish! You just made that up completely WTF!! You know you can count from season 5 to 8 how many investments were made? If you bothered to research you statement before it popped into your little mind you would realise James Caan made more investments in those 4 season than Duncan Bannatyne who made 16 investments, JC is equal to Deborah Meadon at 18, Theo the Foetus made 21 and Peter Jones made 23. Over 2 seasons Jenny cambpell made 5 investments which is equal to Sarah Willingham who over 2 seasons also made 5 investments. James Cann Invested in the super successful Wrapstap, and on a different occasion £200,000 on a single investment into Planet products. Jenny Campbell's total amount invested was £295,000. I repeat James Caan invested £200,000 in one of his 18 investments. So No they were not alike as your dumb comment suggests.
Duncan is Mr Bean 😂
Peters about right saying its a black market, money laundring. The entrepreneurs seemed oblivious to it
The company was dissolved in 2014
Last accounts submitted in 2012
The Dragons are wrong about everything except potentially the issue with various terms & conditions being breached. Sellers will absolutely sell the cards under face value, without a doubt in the 30-50% range. Simply because for many people some cash is much more valuable than goods, and usually the people with the cards are given them, so any cash is a bonus. There is also a much bigger market than the 10% of unredeemed cards. If people know they can get some cash, a good portion of the 90% of people who would have otherwise redeemed the card will sell it for cash instead.
The problem with the site is eventually the there will be some big sellers. Some people who regularly sell cards for under face value.
Quick question, who does that and how did they come into so many gift cards?
The site will be used by hackers to liquidate stolen giftcards.
yea people will sell unwanted gifts for a box of beer or a tinny
@@cjj6412 I agree that would happen if allowed to. Easy fix is to limit the number of cards that can be sold on one account. There is no reason for any one person to be selling more than two cards a month say, so limit it there. Then anyone wanting to commit fraud needs to sign up many accounts that will each need a unique credit card for verification.
As much as sellers hate it, the site probably needs to work by escrow so the card needs to be received and verified as legit before the seller gets the money. There's not much way around that, because a gift card market isn't much different to selling cash for more cash.
@@jakecooper5855 How is that a business? If your sellers have to be limited for fraud, and generally don't have unlimited supply, your marketing costs finding customers will be through the roof because there will be no repeat sellers.
Put it this way... the only people selling cards will be individuals with a few cards from retailers they don't shop at. What's the loss they will take of $50 face value $10? $20? Lets go with $20. After considering marketing costs for a one-off, non-repeat customer, plus over head plus rent plus tech, you will be lucky if you clear $5 off each transaction.
Now only thing left is pray to the gods and hope lots of people want to liquidate gift cards. I dont think that's the case.
Now lets circle back to the crux of the matter. No one is going to give you $20 off $50 face value card.
@@cjj6412 Give one legitimate reason why an individual would possess multiple gift cards in a short period of time? Even after a busy Christmas a normal person wouldn't get more than two. And if someone happens to receive a few, they will spend all the ones at the shops they like. The cards that will be sold will only be from unwanted stores or being lazy.
But if you want to play with your crux, people will absolutely sell cards significantly under face value. They have no financial skin in the game. Getting $20 cash in your hand from a $50 voucher to some clothes store is preferable to many people. Not everyone of course, but a large enough portion. There are people out there that wouldn't take $49 for a $50 card, but who cares because they aren't the market anyway.
Still binging dragoon’s den ?
8:37 🤦🏽♂️Peter 😂
Deborah was smart to opt out looking for a fault-line
Deborah wont admit she's wrong here LOL.