30 September, 2018

Online Auction Payments

 

How much will I end up paying?

When you are considering a bid in auction you should consider the following points…

  1. The amount you are prepared to bid
  2. Is there VAT payable on the lot? If there is then this will be listed in the lot details or under additional fees next to where you enter your bid amount
  3. What is the buyer’s premium? This will also be listed in the same place and is likely to range from 5%-25% depending on the type of item. This amount will always be subject to VAT as well.
  4. Is delivery included? This will be stated in the description or in the terms and conditions for that auction – check the location of the lot and consider the delivery costs if it is not included. To get a delivery estimate you can always contact a courier of your choice.

 

Below is an example of a common invoice amount:

Bid amount: £100

Is there VAT payable on this lot? No

Buyer’s Premium: £15

VAT on Buyer’s Premium: £3

Delivery Estimate: £6.99

Total you will pay: £124.99

 

How do I pay for my items?

If your invoice total is under £1000, then you can make payment by Credit or Debit Card by following the links and instructions which are included in your email invoice.

For invoices of any amount, you can make payment by Bank Transfer to the account details included in your latest invoice. Please check your latest invoice to ensure you are paying into the correct account.

We DO NOT take payments as a matter of course from any card you have used to register your account. You will need to take action to clear any payments due. 

We cannot take card payments over the phone – please follow the links on your invoice.

Cash and cheque are not accepted methods of payment. If you are unable to pay online by Card or by bank transfer, then please do not bid.

 

How long do I have to make payment?

Payment is required by 4pm on the second working day after the auction. 

If an auction closes on Monday at 2pm, payment is required by 4pm on the Wednesday.

For auctions ending on a Thursday, payment is required by 4pm on the following Monday.

 

What happens if I do not pay on time?

Bids placed are legally binding, and payment is required within 2 working days. The auctioneer will grant additional grace for payments in certain circumstances where there is clear and regular communication from the buyer as to their intention to pay at the earliest opportunity. 

In any case, the normal procedures will be followed notifying winning bidders of their invoice at the close of auction, again on the day payment is due, at 1 day overdue, 3 days overdue, 7 and 28 days overdue. Additional measures will then be employed to recover payment if it is not forthcoming. Throughout, the seller is entitled to charge between £20-£50 per day per lot (depending on its size and value) storage charges from day 8 after the auction closes. 

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