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GiftCard Mart Letter to TPM Sellers
It has now been over two months since we broke the news that The Plastic Merchant was bouncing checks. The company and its owner have been radio silent since an email stating he was having health problems went out on June 6. Unfortunately I don’t have any new updates about TPM or its owner, but you can follow what we do know here.
GiftCard Mart Letter
As part of their business, apparently The Plastic Merchant (TPM) sold batches of cards to other companies. One specific company called GiftCard Mart is sending out letters to some people who sold cards to TPM. Here is a copy of the letter courtesy of The Flight Detective on Travel with Grant.
Statement from GiftCard Mart
I reached out to Gift Card Mart this morning and gave them the opportunity to provide an official statement about this. Here it is:
Before I say anything, let me state the obvious. I do have opinions about this but they are personal in nature and nothing I say here should be taken as legal advice. I am not a lawyer nor will I pretend to be. I have also had a positive bulk selling relationship with Gift Card Mart for 3 years. With that said….let’s talk about this.
There are a couple of important things that are pointed out by GCM. These iTunes cards were sold to TPM in January – March, 2018 which is a time when TPM was apparently making all payments. In other words, the person who sold these cards to TPM should have been paid for them. In my view ownership was transferred.
I buy and sell a lot of gift cards and personally would not have ever thought to liquidate cards for which I had been paid. I actually think it is a moral issue, but it seems to me to be a legal one as well. (Again, not a lawyer.) Much digital ink has been spilled with analogies so I’ll spare you trying to find an equivalence to this, but if I sell something and am paid for it and then it’s sold to someone else, I don’t have the right to take it back. That’s the way I see it.
A Bad Position
GiftCard Mart and people who have lost thousands of dollars with TPM are both in a bad position. This really sucks. Everyone will have their own opinion on this (share yours in the comments), but I have to say if I was in GCM’s position I would probably do the same thing. They seemingly own those cards and they believe the funds were taken.
Like I said before, this whole situation really sucks for everyone involved. I do believe people who took funds or re-sold cards for which they had been paid are in the wrong, but again that isn’t for me to decide. Either way, I know GiftCard Mart to be a good company and I will continue to sell to them and occasionally purchase cards from their website as well.
What are your thoughts about this whole situation? Please share them in the comments!
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.