TablexChange.com is Online restaurant reservation system.
Title
TableXchange -- "Your table is waiting"
Description
Excerpted from the website:
- TableXchange is the only marketplace where users can both buy and sell reservations to the most sought after restaurants, even those that are otherwise 'fully booked'.
Origins
TableXchange was created in New York City by Gabriel Erbst, Will Geronimo, and Dwight Lee. The idea for the company came from Gabriel Erbst, an ex-investment banker who enjoyed dining at high-end restaurants; however, his unpredictable schedule as an investment banker never allowed him to make restaurant reservations in advance. The TableXchange website was first launched in June, 2007 offering its services for New York City, the Hamptons, and in San Francisco; the internet company plans to extend its services to other major cities.
Services
TableXchange allows users to post their restaurant reservations to be sold or to purchase posted restaurant reservations. Any user is free to browse through the posted reservations at no cost. Buyers and sellers are required to register at no cost. Sellers can post reservations for parties of up to 6 people and sell them for up to $40. TableXchange charges a 12.5% fee for all transactions made. All payments are made through PayPal. Although only TableXchange-approved restaurants are allowed to be posted on the site, users are encouraged to suggest restaurants not originally approved by the site.
Protection
TableXchange has issued certain rules to protect its users from any misuse of its service. To protect its buyers from fraudulent restaurant reservations, TableXchange has a no tolerance policy whereby any incorrect information provided by a seller will automatically be ban from using its services. TableXchange will also refund buyers for any fraudulent reservations sold to them. Buyers are also required to confirm bought reservations with the restaurant to ensure that a reservation is properly passed on to the buyer. Also, in order to discourage scalpers from making reservations and selling them solely for the purposes of profiteering, TableXchange also prohibits a seller from posting more than 3 reservations a month. Other rules are contained in the website's "Terms of Use" and "FAQ".
Criticism
Some people have criticized the service provided by TableXchange, saying that restaurant reservations should not be bought and sold in an open market. Critics have argued that since TableXchange’s service are not provided in cooperation with restaurants within its listing, restaurants may react negatively to this service and backlash by requiring proof of identification through a driver’s license or a credit card.
Recent Accolades
TableXchange's founders have recently received the distinction from BusinessWeek.com as the Best Entrepreneurs Under 25 for their creation of TableXchange. On November 12, 2007, Businessweek.com named the founders the # 1 young entrepreneurs of the year amongst business all across the United States.
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