Todays show Mike talks with Jayesh Parmar about event ticketing service Picatic has come up with a way to eliminate its service and convenience charges. Its new service FairPay, launched last Tuesday, works in a somewhat different way. They do not charge service fees, which usually end up costing ticket buyers, event organizers set the price – which can be as low as zero.
Once the event is over, organizers choose what they want to pay Pica-tic for its services. There are no gimmicks or obligations, the company says; not paying a cent is a real option.
Jayesh Parmar: Hey! How are you doing?
Mike McAllen: Great! Jayesh is – I don’t know. What is your title? I’m sorry. I didn’t even know that. What is your title?
Jayesh Parmar: Yeah. They call me CEO or founder, but I mean, when you’re in a startup and a small team, you kind of do a little bit of everything.
Mike McAllen: You are everything?
Jayesh Parmar: So I’m just a team player.
Mike McAllen: Excellent! You are the team player of Picatic.
Jayesh Parmar: That’s right.
Mike McAllen: I was just going through my surfing, trying not to work, which I do, and I came across this Fair Play. What is it? Saying you’ve launched with Picatic, right?
Jayesh Parmar: Yeah, that’s right. I mean, most people who know about us selling – we’re a pretty sizable ticketing platform right now. We launched approximately seven months ago crowdfunding for events with Picatic. And what that was is we gave event organizers an opportunity to come on to our platform. They then entice ticket buyers to come purchase at a discounted rate if they hit that threshold that that continues to sell on. If it doesn’t hit that threshold, well, everyone will get their money back and the event organizers nod out tens of thousands or hundreds of thousands of dollars.
And that was very successful and we had a lot of great traction. We’re doing some phenomenal things there. But what we’re interested in doing is we’re interested in empowering event organizers in making sure that they have event success, and we want to build a platform that gives them the tools for what they need for when they need it. And one of the things that we noticed with our launch – and we’re event organizers too. That’s what we do as well. We realized that what’s happening here is that there’s no platform that partners or invests into the event organizer.
And what I mean by that is that platforms are there or are set up for in a sense that you do all the work. You go and create the talent and the venue and you do all the advertising and we’ll do the transactions for you and provide a ticket. And if you’re successful, great! We’re successful. If you’re not successful, well, we still have made our money and we keep on going. And we thought there was something wrong with that. We thought there is a better way to do this.
So our team, we decided to create Fair Play. And what it is, it’s completely, completely different than anything out there in the world. And it’s new and that’s why we’re getting a tremendous amount of press we’re getting on it and it goes against everything that’s out there. And that makes us nervous at the same time as it makes us – it’s a little bit exciting, so we’re hoping that it’s going to work.
But how it works is like this, is that we partner and we invest that organizers can come out there and use our platform and do any type of ticketing. They can crowdfund their event or they can do traditional ticketing. Let’s go and help them and let them have the success that they have. And then at the end, and only at the end, they decide if they want to provide us with any type of compensation. So they can choose zero. And then if they choose that, well we’ll feel that we haven’t serviced them very well and we need to come up with a better product, better services, better features and/or it could be a large percentage.
And that way, what ends up happening is that it’s total de-risk and total investment into the event organizer. And we’re hoping that event organizers will put on better events because that little risk is taken out of it. And then, in that case, any users or the public or the world will have better events because of that.
Mike McAllen: It’s so interesting. So, I, of course, just came across this. And then I just sent you an email immediately when I saw it and I didn’t really read through it. So now I’m kind of feeling bad, I don’t have a bunch of questions ready for you. So what do you think will be the pushback if there is any?
Jayesh Parmar: I’m not too sure if there’s going to be. Well, a little bit. I mean, what we did at the beginning there in the front page, it’s kind of the language is like no gimmicks or no hooks. I think the pushback is going to be that there’s a hook or there’s a gimmick. There’s something up, right?
Mike McAllen: Yeah.
Jayesh Parmar: There is absolutely no hooks and no gimmicks. I mean, we really want to invest in event organizing. And you see, like listen, I’ve been an event organizer for 15 years. I know that just because I’m selling tickets, that event doesn’t always make money. And then those situations, don’t worry about it. You know what? Catch us next time because we want to work and partner with you for the long haul. So, next to that where there’s a lot of maybe surplus or whatever the case be, there’ll be fair competition that comes off it this way.
So, I think right now, just because it’s so different – and the world is, they’re used to having service fees, convenience fees stocked upon one and then another.
Mike McAllen: [Laughs]
Jayesh Parmar: And then all of a sudden, there’s a company that says, “Okay. We’re done with all of that. Just go and use our platform.” Conceptually, we know that that might be a barrier, but you know what? Thank you for calling because when we get to have this conversation with people and they try us once and they realize there are no hooks, we hope that there’s going to be a good community around, that it’s going to build up around us and we could help them.
Mike McAllen: And that’s any good business is going to work very hard to gain the trust of their clients. I mean, so you’re actually coming through and without the fees. I just dealt with a bunch of bank stuff recently and I kept asking, “What is this fee for?” and they didn’t really know [Laughs].
Jayesh Parmar: Yeah.
Mike McAllen: This is fantastic! I think it’s a great idea.
Jayesh Parmar: Thank you, thank you. Absolutely. And I want to clarify, there are Visa and MasterCard fees. That’s a cost that [this person] will collect on your behalf and pay on your behalf. That is it. That is all. We’re actually partnering with PayPal sometime here that’s coming up really soon where you can actually use your own merchant account so the money will fly right into your account.
So, there is that small cost of business, but that’s the normal cost of business. But I just want to make sure that we’re telling people that because I would hate for them to be underpromised or overpromised and underdelivered. So, the nickel and diming stuff, the printing fees, the $1 ticket fees, the percentage [on cut], all that kind of garbage is gone. We’re done with that. We’re just going to make you successful. And if it doesn’t become successful, not a problem. What ends up happening, you’ve got one less thing to worry about.
Mike McAllen: Right, right. Well, it’s very interesting. Thank you so much for talking with me about it.
Jayesh Parmar: Yeah. I really appreciate you taking the time and letting this new movement of events and event ticketing and this new fee structure be heard by the world. Thank you very much!
Mike McAllen: Yeah. And I think we should revisit this in a little while and see how it’s going. I think it will be very, very cool.
Jayesh Parmar: Yeah. I’d welcome that. Our team would really welcome that. So thank you very much. And if there’s anyone that’s interested in putting on an event, come and talk to us. We are very open to chatting with you and helping you and maybe even sponsoring some events.
Mike McAllen: So where can people find you?
Jayesh Parmar: Oh, just Picatic.com. That’s Picatic.com or @picatic. Just holler at us and we’ve got so many different ways to contact us off of our site that will be there and we’re really responsive.
Mike McAllen: Fantastic!
Jayesh Parmar: Yeah.
Mike McAllen: Alright, Jay. Thank you so much. I look forward to talking to you again.
Jayesh Parmar: Okay. Bye for now.
Mike McAllen: Bye-bye.
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