Worried about buying fake tickets to events? This company has an idea
The Ticket Fairy founder and CEO Ritesh Patel says his company allows people to resell their tickets but not over face value.
The Ticket Fairy founder and CEO Ritesh Patel told FOX Business' Liz Claman some customers are disappointed with the ticket resale market outside of his company.
"We have our own resale built into the platform," Patel said on "The Claman Countdown." "So, if we sell tickets to a show, we're also the official place to resell."
"You're not allowed to sell for higher than face value. There's a matching system between people who still need tickets for a show and can't attend anymore."
Patel said the way the company ensures this is by naming each individual ticket, similar to how airlines function.
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"So, the scalpers are actually discouraged from buying up tickets in bulk because they have to assign a name to every single one, and that's tied to a government ID," Patel said.
Whether buying tickets to a concert or a sporting event, customers are often surprised by the pricey fees on the checkout page.
The House Energy and Commerce Committee announced a probe into companies like Live Nation, the parent company of Ticketmaster, over reported unfair and deceptive practices surrounding high hidden fees.
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Patel hopes his company is the consumer's best hope against the online, larger ticket agencies.
"Fans have been so used to being ripped off over the years by hidden fees."
Patel said people are tired of things like exorbitant fees, tickets being bought up by resellers or having to pay three times the face value of a ticket.
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"The bigger problem in the industry is the risk that these events take, that the risk that the event organizers take in terms of how much it costs to actually throw a festival," Patel said. "We're a solution that solves problems for both sides, so we help the events and we help consumers to experience something that is ... a much fairer experience than they're used to."