What is PSA policy when PSA Authorized Dealer Group Submitter don't pay for the cards when finished?

RufussCkingston · January 20, 2022 11:57AM

https://instagram.com/p/CY9c-LfqPra/embed/

Ironmanfan · January 20, 2022 12:29PM

is there a Cliff Notes version of this story? I can't sit through a 21 minute video

Thanks

IMF

RufussCkingston · January 20, 2022 12:38PM

Authorized PSA Dealer took prepayment for all group subs. Then when cards were finished being graded, didn't pay for them cause they broke!!!

1959 · January 20, 2022 1:04PM

Dealer should not collect money until PSA has graded cards and requests payment. PSA does not get paid until cards are graded and ready for sending. ALL dealers that I send to PSA do not collect my money until cards are in their hands. That way , if I don't pay they have cards. Call psa and see if you can pay only for your cards. and good luck'.

Justacommeman · January 20, 2022 1:47PM

He's got the Ken Goldin water thing down to a science

m

erikthredd · January 20, 2022 5:37PM

Kudos to that guy for taking care of his submitters when a 110K issue came up. Hearing this story is just one more reason why I don't think I'll ever have anyone submit cards for me.

eyebone · January 20, 2022 6:05PM

This young man (Ryan) deserves recognition for how he handled a situation that was not his doing. Good for him!

AFLfan · January 21, 2022 11:37AM

Official Statement:

https://www.psacard.com/articles/articleview/10594/official-statement-regarding-marx-cards

ArtVandelay · January 21, 2022 12:28PM

Fantastic to hear PSA taking the steps to right people that have been wronged in this situation. Classy move!

erikthredd · January 21, 2022 2:11PM

Reading more into this story I'm seeing reports of roughly seven figures in grading fees taken in by this dealer. If that is true I can't even imagine how many cards that amounts too or how many collectors there are sitting on pins & needles right now wondering if they'll ever see their cards again.
Logan Paul's 3.5M case of GI Joes cards was a huge black eye on this hobby but I honestly think this incident with Marx cards has the potential to much,much worse.

voxels123 · January 21, 2022 2:50PM

Seems to be a function of these absurd TOTs. PSA needs to get this huge problem remedied.

Ahmanfan · January 21, 2022 2:53PM

Can’t imagine giving a fly-by-night group submitter a bunch of cards to send to PSA for me. What are people thinking?

voxels123 · January 21, 2022 2:53PM

@Justacommeman said:
He's got the Ken Goldin water thing down to a science

m

Seriously. A horrible speaker/communicator. He makes me nervous.

GoDodgersFan · January 21, 2022 3:08PM

I am glad PSA is being proactive here and helping to return the cards to the owners. Not a good day for the hobby. There's a place for PSA authorized dealers, but the issue has always been can you trust them. As PSA works to process the backlog, I suspect we will have a few more of this non payment situations. These subs with all ultra modern cards are basically bleeding money when they hit ebay, myslab, shows, and etc.

Justacommeman · January 21, 2022 3:19PM

Painful

m

ndleo · January 21, 2022 3:54PM

I skimmed the massive thread about this on Blowout. From what I gather won't they need Marx cards to confirm which cards belong to which submitters? There are supposedly other subs from Marx that were in-process and ungraded. I assume those raw cards will be sent back? How will PSA know? I don't know how the group subs work at PSA but I assume that PSA doesn't know which person subbed the cards to Marx.

Kepper19 · January 21, 2022 5:03PM

@eyebone said:
This young man (Ryan) deserves recognition for how he handled a situation that was not his doing. Good for him!

yet he was sending cards to another group submitter but didn't inform his customers he was doing that...I can promise you that if everyone knew that there cards were going to Ryan and then to another guy who they didn't even know existed, they would not have sent their cards to Ryan. He clearly dropped the ball on this one, regardless if he paid the missing money or not..

eyebone · January 21, 2022 8:32PM

^^^Fair comment Kepper19.

Though I firmly believe two things:
1. that he did it in the belief that it would expedite the process for those who entrusted him with their cards. Can't blame for trying to move the painfully slow process along more quickly.
2. that he thought Marx legit. He certainly had no reason to believe a certified PSA group submitter to be otherwise (at least none that I can think of).

If things had gone as they should have, I assume most of the people who entrusted Ryan with their cards would have applauded his decision to submit through Marx.

But at the end of the day he did everything he could to get people their cards back safely.

1982FootballWax · January 22, 2022 2:47PM

@ndleo said:
I skimmed the massive thread about this on Blowout. From what I gather won't they need Marx cards to confirm which cards belong to which submitters? There are supposedly other subs from Marx that were in-process and ungraded. I assume those raw cards will be sent back? How will PSA know? I don't know how the group subs work at PSA but I assume that PSA doesn't know which person subbed the cards to Marx.

_We are currently requesting detailed account information from Marx Cards for the impacted orders still at PSA with the expressed goal of returning cards to their rightful owners as soon as possible. _

If Marx does not supply their records, those with cards may be SOL. Perhaps I'm a bit jaded but I do not expect any Card Dealer to do any semblance of what is morally "right"

jeffcbay · January 22, 2022 3:14PM

I'm curious how much these people are paying to have two layers of group subbers to submit their own cards... I mean they're not doing it for free, and it can't possibly be cheaper than simply submitting their cards themselves. The guy in the video says it makes him "feel better" that someone (Marx) is walking them into PSA in-person, but simple insurance (that he's already paying to ship the cards to Marx) would cover that. I understand that mega-submitters get a discount from PSA, but you know Marx and this dude are taking that difference for themselves. I just don't get it.

Tabe · January 22, 2022 8:50PM

@eyebone said:
This young man (Ryan) deserves recognition for how he handled a situation that was not his doing. Good for him!

Ryan is a quality guy. He's very much a modern dealer but he does a lot to promote the hobby. He creates a ton of great video content, including a series showing his purchase and move to a new physical store.

That said, sketchy as heck to submit through another party without telling his customers.

ndleo · January 23, 2022 8:05AM

What a mess. Some people have thousands of dollars worth of cards stuck in limbo. This is going to take a long time to fix, hopefully Marx does the right thing but I'm not betting on it.

beachbumcollecting · January 23, 2022 11:05AM

does it say that PSA is returning the cards graded or ungraded since PSA didn't get paid? I guess it is good to get your cards back but if they are ungraded after paying and waiting a year that would totally stink

erikthredd · January 23, 2022 5:28PM

@Tabe said:

@eyebone said:
This young man (Ryan) deserves recognition for how he handled a situation that was not his doing. Good for him!

Ryan is a quality guy. He's very much a modern dealer but he does a lot to promote the hobby. He creates a ton of great video content, including a series showing his purchase and move to a new physical store.

That said, sketchy as heck to submit through another party without telling his customers.

He's actually put out more info about that.

What is PSA policy when PSA Authorized Dealer Group Submitter don't pay for the cards when finished?

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