Stockx is an online platform that re-sells various items to its customers, mainly sneakers. The company recently had also started reselling electronics, like smartphones, gaming consoles, hardware, etc. The company is headquartered in Detroit, Michigan and was founded by four partners, namely, Josh Luber, Chris Kaufman, Dan Gilbert and Greg Schwatz in 2015-16. The company has almost 800 employees in downtown Detroit and has international offices in London, UK, Netherlands, etc. the first chief marketing officer of the firm CMO was Deena Bahri. Let’s see ‘Does Stockx Accept Prepaid Cards?’.
Does Stockx Accept Prepaid Cards?
Currently, according to the data available on their website, the company does not accept any kind of prepaid cards, be it a debit or a credit card, apart from this the company does not even accept gift cards as forms of payment. Stockx allows payment with any prepaid card or through UPI like PayPal, but apart from that no other forms of payment are currently accepted by the company.
So yes, stockx does not accept prepaid cards for the time being.
Mode of operations and history
The company was officially founded in 2015, but was not launched until February 2016. Luber was also the founder of ‘Campless’ which was also a rare sneaker brand and was known as the predecessor of Stockx. After establishment the company opened its first international headquarters in London, in October 2018. According to the data, as of late 2018, stockx is the fastest-growing startups in Detroit and Michigan.
The company also had an authentication store in Detroit’s Corktown neighbourhood. Prior to the authentication center which was relocated in June 2018, there was a team of mere 15 employees who were authenticating thousand pairs of shoes daily. The establishment of the larger Corktown facility increased the number of authentication. Another authentication store was started by the company in Tampa, Arizona, which was soon followed by two more stores, one in Moonachie, New Jersey and second in West London. And lastly, it opened a fifth authentication center in Eindhoven, Netherlands. The company being a regular platform which receives thousands of goods for sale, has mastered the art to know which commodity is fake or a copy and which is original. The company also maintains a catalog of all the fake items received for sale by the company.
The company holds an annual event known as StocckX day where they invite resellers, industrial influencers and other people to meet the employees of the firm and see the way of how the operations are carried out in the firm. The company established its first ever permanent location in the city of New York along with major product upgrades.
The company suffered a serious data breach in the mid-2019, but the problem was soon taken care of by the technical experts of the company. The company made an announcement in November 2021 that it had signed UCon basketball superstar Paige Bueckers as their primary spokesperson for their basketball and women’s sports line which they were going to introduce soon.
Business model and funding
The company operates as an online marketplace for buyers and sellers. The company conducts auctions to sell the items it has received to its buyers. Stockx contains a stock-market-like variable framework of pricing, the company often lets the buyer know the previous prices of a specific product. The company is majorly known for sneakers and streetwear but also deals in accessories and handbags. If a fake item is accidentally sold to a buyer, the item is immediately taken back and given back to the seller and the buyer gets his money back. The company charges a 3 percent processing fee to its resellers and a 9.5 percent transaction fee to new users, which gradually decreases with experience.
Prior to their expansion into other countries, the company only advertised in the USA and accepted the American dollar as a form of payment, but as of September 2018, the company’s 15% buyers were international. In January 2019, the company launched its first I.P.O. and entered the stock market.
The company in terms of financing has received financial backing from various companies, and in 2017 it raise close to 6 million dollars. In the second venture round the amount was 44 million dollars. The investment from various companies helped stockx expand internationally.
In June 2019, the company raised 110 million dollars with a valuation of $1 billion in the next venture round.
Conclusion
The company has really made a very respectable name in the market in such a short period of time. Although it does not accept prepaid cards currently, due to various reasons, the company does rule the sneaker reselling market. It majorly deals with sneakers and streetwear but also deals in watches and handbags
With an employee strength of 1200, which many may think is a small number, but due to the company’s complete business being online, it does not require many employees as the job is quite easy and can be done by a few people and average revenue of 400 million dollars as per data, the company is scaling new heights and is currently the biggest high-end sneaker reseller in the world.
I think that in the future it has great potential to move more ahead and reach new heights if it continues to work in the same manner as it is now.
Frequently asked questions(FAQ)
1) Can you get scammed at Stockx?
No, due to the high-end and advanced authentication program procedure followed by the company, now a buyer always receives 100% original products when he shops at the company, never fake.
2) How to connect with Stockx directly?
When you sign in to your Stockx account, you see a chat icon at the bottom left-hand corner of your screen, by clicking on it you can initiate or start a chat with any of the company’s service executives, and then they will guide you step-by-step by asking specific questions, to provide a solution to your query or problem really fast.
