Power coin 15% cancellation fee

[goldhunter]

I ordered a coin from them 2 months ago, has not been despatched to me yet, so decided to cancel.

They charge a 15% cancellation fee(about £60 for my order) which is excessive for a distant selling product that they have not even despatched yet.

Something to consider if ordering from them.

 

Edited January 18, 2022 by goldhunter
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[stefffana]

Hi, thank you for sharing your sad experience.

Probably was very clear stated in terms and conditions, even with small writing and you can do no nothing now. Maybe it is better if you will cancel your cancellation via phone and wait another two month. I really don't know, buy I would try this rather to pay £60 for nothing.

Keep us updated, and good luck!

Stefan.

[MancunianStacker]

They do this all the time. They seem to say they have stock then hope to buy the coin on the secondary market for less than mint price to complete their order. I ordered several coins and whilst everyone else received their coins direct from the mint, they couldn’t fulfil my order from several months prior. I even gave them another month. In the end bought some gold pieces I didn’t really want which left a sour taste. Unlikely to buy again. Previously had very good experiences 

[motorbikez]

@goldhunter why don't you message them on here, they are an official sponsor.

[Groundup]

I have purchased many times from powercoin.it   high premium coins is their main product, but the customer doesn't get the high premium experience. I have had the  points rewards cancelled. Excessive pre order times and the best yet... after waiting for many months for a coin without any price change on the website.... As soon as it gets delivered, it goes on sale... Needless to say my preference of dealer has changed. 

 

[Nortypeter]

2 hours ago, Groundup said:

I have purchased many times from powercoin. I have had the  points rewards cancelled.

i too have purchased many times from pc,spending several £1000s, and also had points cancelled, seems very unfair.

2 hours ago, Groundup said:

 

 

[goldhunter]

On 18/01/2022 at 19:22, stefffana said:

Hi, thank you for sharing your sad experience.

Probably was very clear stated in terms and conditions, even with small writing and you can do no nothing now. Maybe it is better if you will cancel your cancellation via phone and wait another two month. I really don't know, buy I would try this rather to pay £60 for nothing.

Keep us updated, and good luck!

Stefan.

Hi Stefan

I decided to cancel my order after waiting 2 months for it to come in stock, and incur the 15% cancellation fee.

I have put it down to experience.

Imagine it the Royal Mint charged a 15% cancellation fee, they would be toasted on social media.

 

[stefffana]

6 minutes ago, goldhunter said:

Hi Stefan

I decided to cancel my order after waiting 2 months for it to come in stock, and incur the 15% cancellation fee.

I have put it down to experience.

Imagine it the Royal Mint charged a 15% cancellation fee, they would be toasted on social media.

 

Hi, Goldhunter,

It is true, the waiting time is huge and cancelling fees are high. Anyway, it is good to share your experience to another people.

Thank you.

Stefan.

[DarkChameleon]

I've cancelled a few orders from various premium silver sites and uet when I tried it with powercoin they said they'd send memy order as quick in fact quicker then they would post them as available and did...during this time orders are getting ridiculous e erywhere, I waited 4 months for one coin from poland, cancelled one three months in from another, getting prerelease right now is a joke...they get promises from suppliers and those suppliers don't deliver as their staff can be gone for weeks from infection or trucking companies leave them in the hole for better paying deals

[PowerCoin]

Dear all,

We thought it would be a good idea to jump in and clarify a few things.

All orders cancelled are subject to a 15% cancellation fee, as clearly indicated in our Terms & Conditions (we do not use fine print) and agreed upon at checkout. When it is possible, we are happy to reduce the fee to only 5% of the total to cover at least the credit card fee. As an alternative, we always offer our customers a voucher; in this case the cancellation fee does not apply and the voucher is promptly available to be used for a new order.

Unfortunately, due to the still ongoing global pandemic, many productions and releases of coins are delayed and often postponed by the mints. When we list a new article on our website, we always specify whether it is in stock or on pre-sale, and in this case, we also specify the official availability date given by the mint. We also state that the availability date is subject to change. When a date is postponed, it means that the production has been delayed and the coin is not yet available, not only for Power Coin, but for all dealers. As a result, if you cancel an order with Power Coin and place an order for the same item with another dealer, you will not receive it any sooner!

We take upfront payments for orders on pre-sale for several reasons. First of all, the payment allows you to secure the item at the current price, and we do not require you to integrate the payment if the price has gone up by the time the coin arrives. Furthermore, when the coin arrives, we can ship it right away without having to wait for the payment, allowing our customers to have their coins as quickly as possible.

We always offer loyalty points to our customers, which can be converted into a voucher for a discount on future orders. Please keep in mind that the points are a gift from Power Coin. We only ask that our clients use their points within 6 months (which is a reasonable timeframe) and use their voucher within one week after the conversion date. We also send multiple emails to remind you that your points or vouchers are close to expiration, because we want you to enjoy your shopping experience with us!

We provide Customer Support by email, live chat, social media, and this forum, so if you have any questions or issues, you can always contact us directly! 🙂

[SilverPlatinum]

1 hour ago, PowerCoin said:

We take upfront payments for orders on pre-sale for several reasons. First of all, the payment allows you to secure the item at the current price, and we do not require you to integrate the payment if the price has gone up by the time the coin arrives. Furthermore, when the coin arrives, we can ship it right away without having to wait for the payment, allowing our customers to have their coins as quickly as possible.

I think this is unfair to charge the customer fully for pre-orders and having them to wait over 2 months! At least charge them 10% then ask for the full payment when the item arrives, and if the customer does not pay; take your 10% and ban this customer from future orders.

That was my thoughts......

[stefffana]

Dear @PowerCoin , If somehow I can make a customer to pay in full for something I have not yet, I am using his money few month and when the customer is frustrated I am giving him back only 85% from what he paid, I am not very sure it is a good practice. Even it is written in contract. 

I can sell to you a Tesla, 2022 model full options. This car is not yet in my garage, but if you are paying in full, I promise you when I will have it you will receive it as quickly is possible for your fully satisfaction. If you will ask for your car or for your money, I will partially refund 85% and I will offer you a voucher from my generosity for next Tesla you will order from me in the next six month.

My example is only to see how weird is this practice. I am sure after you are reading all these opinions you will decide to change something in your T&C.

Regards,

Stefan.

 

[PowerCoin]

Hello @SilverPlatinum,

the payment systems work this way: if you place an order and decide to pay by PayPal or Credit Card, the full amount of the order (that may contain coins in stock, in pre-order or a mix of both) is immediately charged by the payment system. There is nothing handled manually at order time and a shipping time.

But, let's suppose for a moment we would like to handle this manually, imagine how many customers pay by debit cards that have credit to cover the order at placement time, but could have no credit at shipping time. Furthermore, when a coin becomes available and we receive from the mint, let's say 100 pieces (average quantity for us) we have to chase at least 100 customers to ask for payments, handle refused charges etc. These are just few of the multiple issues we may have (change of minds, customers that disappear etc.).

So, for us the pre-order is fully paid and this is the only way to lock-in the price and secure the piece. We don't force anyone, if someone wants to buy when in stock, can simply come back to us when we are ready to ship and place an order then. Yes, by that time for some coins the price could be much higher or the coin sold out... that's the point of the pre-orders, pay in advance and peace of mind.

I am sure that there are many sellers that instead work the way you said, but these are our choices very clear in our terms of sale. Thank you!

[PowerCoin]

16 minutes ago, stefffana said:

Dear @PowerCoin , If somehow I can make a customer to pay in full for something I have not yet, I am using his money few month and when the customer is frustrated I am giving him back only 85% from what he paid, I am not very sure it is a good practice. Even it is written in contract. 

I can sell to you a Tesla, 2022 model full options. This car is not yet in my garage, but if you are paying in full, I promise you when I will have it you will receive it as quickly is possible for your fully satisfaction. If you will ask for your car or for your money, I will partially refund 85% and I will offer you a voucher from my generosity for next Tesla you will order from me in the next six month.

My example is only to see how weird is this practice. I am sure after you are reading all these opinions you will decide to change something in your T&C.

Regards,

Stefan.

 

Dear @stefffana,

I partially agree with you on the Tesla example, cause maybe I started to produce your own car that suddenly you don't want anymore. Another example, none of you has ever cancelled a hotel reservation, a plane ticket, a concert ticket or something? I guess that nobody is expecting the full amount back (in some cases the refund is even zero!).

I have also to say that, we barely charged 15% to customers, even if stated in the terms of sales. I invite all customers that wrote above to provide the order number and I can check if they have been really charged 15%... cause we get to that point when nothing else works with the customer.

We always offer a voucher to buy something else, with no expiration, otherwise we charge only 5% to cover not refundable card fees. On the other hand, if the buyer changes his mind (or is tired to wait) who has to cover the expenses created by his decision? Anyway, we compensate these small losses in many other ways, we offer worldwide free shipping for a minimum amount order, we offer loyalty points (discount vouchers) and also personal vouchers in case of unexpected problems, just to make the customer happy. I can guarantee that 5% for a cancelled order is really nothing considering all the benefits that a returning customer can have. Thank you for your thoughts!

[SilverPlatinum]

@PowerCoin The idea here is not to penalize the customer if they decided to ask for a refund for an item which they waited for 2 months and not have revived it!

Maybe consider penalizing the mint who is sleeping and comes up with all the excuses for their delay (hurricanes in Mars, Tornado in Pluto, Sun solar storm) 😉.

[StackemHigh]

The whole idea of pre-order and inflated stock of precious metals really does infuriate me. A lead time of maybe a few days after the mint has confirmed dispatch of goods is ok, but several weeks or months is downright shocking and such practices show poor working practice even serious cash flow problems paying for orders by gouging customers weeks or months in advance.

[ArgentSmith]

Surely if you have paid via credit card or paypal and you haven't received the order within a reasonable time the purchaser could initiate a chargeback/refund? unless the vendor chose to offer a full refund?

Is there a stated limit to how long the maximum wait is on pre-order? Could this go on for years? 😆

Edited February 3, 2022 by ArgentSmith

[PowerCoin]

Dear Guys,

we offer the pre-order possibility for announced coins as soon as we have an allocation from the mint. We take pre-orders with payments also of 5-6 months in advance, I know this is not a common practice for bullion buyers and silver stackers. The price of coins we sell has nothing to do with the up and down of the precious metal value, we generally sell coins that sell out already in pre-order phase and when they arrive on the market, the average price is also 10 times the pre-order price. Again, who is not comfortable with pre-orders, is not forced to buy, can wait until the issue date and pay what is the price by then. We take pre-payments to be secure we don't have to chase the customers with mails, calls and refused/expired card. We don't really need for the cash-flow, considering also that nowadays banks are charging negative interests to the capital in the bank (talking about Euros).

Very important: we never declare a coin in stock and then look around for it and let the customer wait, we don't need to wait for the best deal. Nothing of this belongs to the market where we are in. What we sell is part of our already confirmed mint allocation. Who purchases very low mintage modern coins knows that very well. Thanks for your thoughts.

[Mrpound]

I’m speechless 😶 

 

[ArgentSmith]

10 baggers "on average" 🤣

6 minutes ago, PowerCoin said:

the average price is also 10 times the pre-order price

 

[DarkChameleon]

2 hours ago, StackemHigh said:

The whole idea of pre-order and inflated stock of precious metals really does infuriate me. A lead time of maybe a few days after the mint has confirmed dispatch of goods is ok, but several weeks or months is downright shocking and such practices show poor working practice even serious cash flow problems paying for orders by gouging customers weeks or months in advance.

I wouldn't call it gouging, I have ordered through powercoin and had some real delays and yes, I'm angry but I'm angry at fedex for still having goods that arrived in LA 9 days ago but I still don't have them in florida, these are weird times...but I paid my total on day one to powercoin, to Poland mint, to nz mint, to royal mint.

 

Its the manufacturer which has the main problem then the shipper second, the middle man like powercoin who don't actually make the items who are the ones we vent at the most..but they are governed by the maker and shipper and stuck the same way as any flipper amongst us.

 

Do we deserve grief if we sell and then the shipper to us or ebay or the post office let us down?, we don't take 10% from ebay buyers or silver forum buyers to hold their place in line..why should the premium middle dealers do it.

 

I hate having thousands of dollars tied up but then it gets tied up at NGC, PCGS, etc....I can't even guarentee my Amazon order will arrive in three weeks even if it says available at checkout...my fedex sends me updates sometimes every hour to give me another excuse to why it can't deliver my items from new zealand that are in Tennessee...but says they'll be here tomorrow

[PowerCoin]

Dears,

I think it is important to recap the main topics of this thread and move on.

15% Cancellation fee: we have it clearly written in our terms of sales but we rarely applied this fee. Most of the times the customer accepted a full amount voucher or a refund with only 5% fee that is just the not refundable amount of the payment method (credit card). I invite again who opened this post and who replied "me too, me too" to tell us for which order they have been charged 15% cause we don't find any customer to who we applied this rule recently. Or maybe they are only complaining about the rule but not about their direct experience.

Pre-orders: we take pre-orders months ahead the issue date like any other seller. In example, by end of January one of most important modern coins producer named CIT - Coin Invest Trust has presented their "Winter Launch" with several coins available in April / May / June this year. All big dealers, including us, are already selling these coins and nobody is scandalized if they have to pay today and receive the coin in several months. It is normal for who buys these coins, but I also understand that it is absurd for who buys bullions or old coins that are always in stock.

Full prepayment: we take payment at day 1 like, I think, any other seller and we cannot do another way, with paypal, credit cards and so on. Who wants, can join the "Buy Now, Pay later" PayPal installments option, or have installments directly with their credit card issuer, or even finance their purchase. That is not something we offer directly.

Reward points: we offer loyalty points as gift for any purchase, with the only condition that have to be used within the reasonable time of 6 months. We send a reminder at least one time per month about points and their expiration date. If they are not used in 6 months, which means that the customer doesn't even place 2 orders per year, I don't think it is something that need a complaint.

I hope this clears our point of view and we also accept suggestions to improve. For any other question different from the four topics above, we are here and happy to answer! 😊

[MancunianStacker]

I’m now only buying from PowerCoin if the coin is in stock. My (Royal Mint coin) pre-order took so long I was able to buy multiples of the same coin for less on the secondary market, so it makes no sense now to pre-order after my experience.

Apart from this pre-order issues, previous service was good and delivery was fast.

I’d rather pay more for a coin in hand and ready to despatch than worry about a pre-order ever arriving.

[GoldDiggerDave]

@goldhunter Have they taken £60 from you?  

[GoldDiggerDave]

I was just about to order off them, I will wait to see you have a favourable outcome before I give them any of my money.