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Author Topic: Brandstack Closing  (Read 3047 times)

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« on: November 15, 2011, 01:01 »
0
Don't know if anyone here contributed to Brandstack, but this is posted on their front page today.  More credit card fraud.


Thank you for the great memories...
Dear Brandstack Customers and Designers,


Over 3 years ago, Brandstack (then known as IncSpring) came onto the scene and created a new way to buy and sell logos from designers around the world. In that time, we've seen some exciting new brands adopted from unused concepts from talented designers in over 150 countries. Unfortunately, Brandstack's run has come to an end.


Recently, we were hit with significant fraud. If you're not familiar with this kind of situation, here a simplified summary of what happens: 1. Criminal uses stolen credit cards to purchase legitimate goods (designs); 2. retailer (Brandstack) pays out vendors (designers) for their work; 3. bank sees the fraudulent transactions and takes the money from the retailer; 4. retailer loses the funds paid to vendors, any profits associated with the purchase, and resources used to fight and process the transactions; 5. If the fraud is significant enough, the retailer loses access to accept credit cards. Even shorter summary: the retailer takes all of the liability. Talk to any successfully entrepreneur about the impact of fraud online and you'll hear some interesting stories. I have been fighting the impact of this fraud for months. Unfortunately, it's ripple effects have caused serious waves I did not have the flexibility or capital to withstand it.


Although I wasn't able to fulfill my dream of turning Brandstack into a success that drives change in the design community, it has still been an amazing journey. Several competitors have come to life over the past two years, validating the idea of buying and selling logos in this manner. Designers now have several options to sell their unused designs, finally providing real ways for designers to make passive income. It has been amazing meeting so many talented designers who drove Brandstack to the success it had, as well as, seeing the incredible work contributed to Brandstack's marketplace. I want to thank everyone, including designers, customers, investors, advisors, and friends for the passion, dedication, and inspiration you've provided. It would have never made it this far without you.


As many of you know, there is some unfinished business that won't be taken care of. Many designers put their faith in Brandstack and were left short. I sincerely apologize for the issues this has caused. I wish it would have turned out differently.


If you are already a member of Brandstack. you will be able to log into Brandstack and Brandstack Custom until December 1, 2011. Please download any files needed before that time.


If you have any domains registered through Brandstack, you will now be able a mange them through ResellerClub.com. To transfer your domains to another registrar, you will need to email them directly at compliance@resellerclub.com using the email address shown in the WHOIS records.



My time working with so many wonderful people has been amazing and I am going to miss it. I wish all of you the best of luck in the future.



Sincerely,
Wes Wilson
Founder & CEO



You can log in to download your designs by December 1st 2011.


« Reply #1 on: November 15, 2011, 04:50 »
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I'm astonished that the retailer is banned from accepting payments because of a fraud perpetrated against him, also that the card transaction fees seem to be charged despite transactions being voided.
I don't understand how buying logos benefits the thief.
It's sad when criminals destroy a business.

« Reply #2 on: November 15, 2011, 12:48 »
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They have been struggling for a long time. Many designers (myself included) bailed a long time ago when they were having trouble paying the designers. They tried to grow too fast and the whole operation was mismanaged.

helix7

« Reply #3 on: November 15, 2011, 13:25 »
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There's a hell of a lot more to this story than fraudulent credit card charges.

« Reply #4 on: November 15, 2011, 13:43 »
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stocklogos.com is an up and rising site for logo designers to submit their work..

Now I feel lucky that I never really found the time to upload logos to brandstack.. It would have been a waste of time.. It did look very promising once! I especially liked their upstack project.. have no idea why that didn't work out!

Designers with large logo portfolios should consider using http://www.stocklogos.com if they haven't already done so.. After all, you don't want your logo portfolios to collect dust in your hard-drives..
« Last Edit: November 15, 2011, 13:46 by cidepix »

digitalexpressionimages

« Reply #5 on: November 15, 2011, 17:26 »
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stocklogos.com is an up and rising site for logo designers to submit their work..

Now I feel lucky that I never really found the time to upload logos to brandstack.. It would have been a waste of time.. It did look very promising once! I especially liked their upstack project.. have no idea why that didn't work out!

Designers with large logo portfolios should consider using http://www.stocklogos.com if they haven't already done so.. After all, you don't want your logo portfolios to collect dust in your hard-drives..


I say good riddance to Brandstack, never liked them. Between them and stocklogos.com I would choose stocklogos but I'm not a fan of either. A company logo is not like a photo.

« Reply #6 on: December 11, 2011, 12:42 »
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There's been an update.  The good news is it looks like they are paying amounts owing by year end.

Their email: 

GOOD NEWS: Brandstack is being acquired and will be back soon!
Dear Brandstack Member,
We're emailing to let you know that Brandstack.com has agreed to be acquired and will be back online soon.
The purchasing company is excited about the opportunity to carry forward the ideals that once made Brandstack great. We're not ready to release all the details, but feel this is going to be a win-win opportunity for all parties involved, especially the designers and customers of Brandstack.
What does this mean?
If you're a designer and have been looking for a replacement site to sell your unused logo designs, look no further. Nothing beats the original. After all the reasons you were frustrated or went elsewhere had more to do with the financial woes of the company than the principal or functionality of the site. I promised before my goal has always been and has remained doing whatever it would take to keep the company functioning and all of the designers paid. This acquisition is the answer for all of this.
Can I upload designs?
Yes! While the acquisition is being completed you can start uploading and editing designs on Brandstack again. You'll then be notified once we're fully back online and will be able to get right back to business.
What about the designers that are owed payments?
Assuming the acquisition goes as planned, every designer will be taken care of. The goal of the acquisition is for all designers with outstanding payments owed to them to be 100% paid by the end of December. Yay!
Why are you telling everyone ahead of time if the deal isn't finalized?
I've had to remain quiet about everything happening behind the scenes far too long. I know how frustrating it has been for everyone with stake in the matter to be in the dark, it's been frustrating for me to watch. I'm confident that we're working with an incredible company who is ready to right the ship and carry Brandstack to the next level, so both the acquiring company and I wanted to share the good news as an attempt to renew your faith in Brandstack.
Can I buy logos?
You can make offers to buy logos. On every logo page you'll see a button that says "Buy Soon", click it to make an offer. Once Brandstack's full functionality is back online, we'll contact you and the designer to complete your purchase. Otherwise, you can add designs to your Favorites to bookmark it for later.
What if I don't want to be involved with Brandstack after the acquisition?
Considering Brandstack will be stronger than ever (what does not kill us makes us stronger- they weren't joking about that one) along with a renewed sense of commitment and increased resources to get your designs in front of tens of thousands of new buyers… leaving just wouldn't make any sense. :) But if you insist, you can remove your designs through your Manage Brands section or email help@brandstack.com to remove your account.
Check out the Terms of Use for the new Brandstack
New terms of use have been prepared in anticipation of the acquisition. You can check them out here. These new terms of use allow the purchasing company to deal with you and for you to continue to have the opportunity to sell your designs after the acquisition. These new terms of use will apply from today. Of course, you do not need to agree to these new terms of use and can email help@brandstack.com if you would like to remove your designs and close your account.
Thank you for your loyalty and patience to Brandstack to date. We believe this is a positive development for Brandstack's designers and customers and we hope you will stay with Brandstack as it transitions to its new owners - it should only take a week or two!
Regards,

Wes Wilson
Founder & CEO
Brandstack

« Reply #7 on: December 11, 2011, 13:38 »
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Brandstack's explanation of how credit card theft-fraud works is very interesting to me. Good information, if scary!


 

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