UPDATE: TPM’s founder has sent the following response to this post: We experienced a cashflow issue lasting roughly 3 days about two weeks ago where ~20 checks (out of ~450 that successfully cleared our account during that same time without issue) were returned for insufficient funds. As soon as I reconciled it, I made sure we fixed everything on our end and reached out to those affected to make things right. In every case, I offered to either send a wire transfer or expedite a replacement check to the seller. I also explained to each person that I would be reimbursing any and all fees incurred on their end due to the issue. None of the replacement payments or future payments sent out to sellers since have been returned.
Earlier today, I shared a post about The Plastic Merchant that got a lot of negative feedback. Apparently The Plastic Merchant’s payment issues have gotten worse over the past few weeks, with an increasing number of folks receiving checks that end up bouncing. That’s completely unacceptable and I would not have written so “glowingly” had I known things have gotten that bad. In the year and a half that I’ve been selling with The Plastic Merchant, I’ve never had a payment issue and was under the impression that they had rectified some of the payment issues that came up last year. I don’t have a financial relationship with the company and I certainly wouldn’t endorse them if I’d known about the recent issues. As you can tell by my lack of posting, I’ve been a little out of the loop.
Now I’m hearing large checks are bouncing and people’s accounts are getting shut down as a result. Again, that’s absolutely unacceptable and I would warn you all against completing sales through The Plastic Merchant’s platform. Either until these issues are resolved or we receive assurances that this isn’t how they’ll continue doing business. There are several other allegations being made in the comment section, some of which I have no way of verifying. But I wanted to get this post out and warn you all because it appears a lot of people continue to have payment issues. I certainly don’t want any of my readers to experience the same.
My hope is that The Plastic Merchant addresses these issues and does right by those who are affected. In the meantime, proceed with caution. My general advice is always “don’t churn more than you can afford to lose”. Hearing about these allegations about five figure checks bouncing definitely drives this home. Whether it’s gift card companies sending you $0 balance cards, gift cards getting stolen or platforms like TPM not properly issuing payments – it’s important for all of us to be aware of these risks and to guard against them.
I appreciate readers bringing this to my attention. I hope you’ll keep us all updated on the status of your payment issues via the comment section.
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