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Author Topic: Redeemed Credits  (Read 2900 times)

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WarrenPrice

« on: June 07, 2011, 15:45 »
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I just received an email from iStock, explaining "Redeemed Credits."  This is getting absolutely ridiculous.  I'm an old man hoping that there will be something in all this microstock stuff to pass on to my wife.  I'm attempting to document what she needs to do.  Yeah!  Right!  How the F! is she supposed to understand all this crap?  I'm starting to think the best approach may be to have her log in here and have Sean Locke help her.   :P


« Reply #1 on: June 07, 2011, 16:53 »
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Nail on head.


I didn't even try to understand that email.  What's the point?  The goal is just to make pricing and commissions so complicated and confusing that contributors just give up and take whatever token payments they receive.

« Reply #2 on: June 07, 2011, 17:20 »
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Come on guys it aint that complex...

microstockphoto.co.uk

« Reply #3 on: June 07, 2011, 17:23 »
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What I understand is that I am earning 17% this year and 16% next year. Nice 6% reduction - not to mention falling sales. But I already knew this, even without their email.
« Last Edit: June 07, 2011, 17:32 by microstockphoto.co.uk »

lisafx

« Reply #4 on: June 07, 2011, 17:32 »
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It is completely insane.  FWIW, Warren, I don't think your wife needs to worry about details like redeemed credits.  Just teach her the passwords to your accounts and how to transfer money to paypal, and then to the bank.  And rather than leaving it to be sorted out in your will, you might want to contact the sites and get her added to your account as a co-owner or partner. 

I hope this is just you being cautious and there is no actual reason your wife might need to know this stuff anytime soon, BTW.  I just went through this whole big thing when I was scheduled for surgery.  Made sure my husband knew how to keep collecting income from my accounts. 

If for any reason you wife does end up having to deal with this, she can write me (my e-mail is in my profile here) and I would be happy to provide any guidance I can :)

WarrenPrice

« Reply #5 on: June 07, 2011, 18:28 »
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Lisa; appreciate your generosity.  I have no special concerns, just that I finally started making a few dollars and don't want it left in the agency kitty.  I'll sit down with my wife and talk her through the procedures for accessing any money.  She is a note taker and tries to get too involved in details.  I'll certainly let her know of your offer.

Also, I had not thought of the Co-Owner idea.  Have you managed to do that with all your accounts?  Does that give your spouse claim to the copyright as well?

It is all very confusing and I don't want to even try explaining all the complexities at each site.  I was just being silly about contacting Sean.  But, glad that it generated such a generous response from you.  I may be asking more questions about the Co-owner concept.

BTW:  hope you are well.  Must have been fairly serious for you to resort to such drastic planning?

« Reply #6 on: June 07, 2011, 18:31 »
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IS is increasingly a smaller percentage of my photography income so their latest commission shaving just further erodes my opinion of them.

lisafx

« Reply #7 on: June 07, 2011, 18:35 »
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Lisa; appreciate your generosity.  I have no special concerns, just that I finally started making a few dollars and don't want it left in the agency kitty.  I'll sit down with my wife and talk her through the procedures for accessing any money.  She is a note taker and tries to get too involved in details.  I'll certainly let her know of your offer.

Also, I had not thought of the Co-Owner idea.  Have you managed to do that with all your accounts?  Does that give your spouse claim to the copyright as well?

It is all very confusing and I don't want to even try explaining all the complexities at each site.  I was just being silly about contacting Sean.  But, glad that it generated such a generous response from you.  I may be asking more questions about the Co-owner concept.

BTW:  hope you are well.  Must have been fairly serious for you to resort to such drastic planning?

I haven't gotten around to the co-owner thing yet.  Until recently, I was incorporated and my hubby was VP, director, shareholder, etc. so he would have had an automatic right to the income.  But having recently dropped my S-corp status I am back to needing another option.  I thought of co-ownership because I know some couples that do micro together using the same account.

My health issue wasn't really serious at all, but until they went in we didn't know that for sure.  Happy to report I will most likely outlive my portfolio's earning power by a couple of decades at least :D

« Reply #8 on: June 07, 2011, 20:03 »
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My business is owned by my revocable trust, so if I go, whoever gets the trust gets the biz.

« Reply #9 on: June 07, 2011, 21:23 »
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I had a very close call in September, it took an emergency surgery to pull me through.  That definitely changes your point of view.   Like many of you I have a document for my wife, explaining my online accounts, with instructions for shutting down services.  For most things, like my web site or Amazon S3 storage, just closing out the credit card and stopping payment should be enough, I don't think they'd go to collection over a few dollars.    However I'm not going to burden her with instructions for emailing all these little microstock companies and harassing them until they close the accounts.

She can spend the money in my PayPal account and close it,  but I seriously wonder if that in itself would be enough to stop companies like IS from continuing to sell my photos and just keeping the money.  
« Last Edit: June 07, 2011, 21:26 by stockastic »

« Reply #10 on: June 07, 2011, 21:32 »
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I would suppose that with a trusteeship or power of attorney anyone could act for your wishes whatever they are regarding the handling of your images providing it doesn't violate the terms of the agreement with the specific micro stock company.
I'm surprised sites don't have a FAQ and a stated policy covering these matters.

microstockphoto.co.uk

« Reply #11 on: June 08, 2011, 00:41 »
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I'm surprised sites don't have a FAQ and a stated policy covering these matters.

Most sites probably don't have a clue about their own future.
And if they have, the prospect of keeping dead photographers' earnings indefinitely is very "sustainable" for them - except a few sites which pay without asking.


 

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