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 Replies: 15 / Views: 2,937 |
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Pillar of the Community
United States
2023 Posts |
Just got this email from GreatCollections: Quote:
We have implemented a new fee structure effective with this Sunday's auctions - it will not affect all bidders. Clients who pay by check/wire or our new eCheck service will continue to enjoy our discounted 10% buyer's fee (min $5), by far the lowest among the major auction houses. Invoices paid by credit card or PayPal will attract the standard 12.5% buyer's fee (min $5). It's a small bump and affects only those paying by credit card or PayPal, but it is noticeable. I had used my credit card for points, but may not be worth it anymore. Still a lot better than 20% at some other auction houses, though. |
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Moderator
 United States
23522 Posts |
I can't say I'm bothered by this. GC has been absorbing the additional cost of those payment methods all along, effectively giving up their margin for your convenience. Now they're not, and the fact that their fee does not change for the payment methods which do not burden them with third-party administrative costs pretty much tells the story.
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Bedrock of the Community
13014 Posts |
Its more than a small bump its a 25% buyers fee increase for them. Consignors are now basically giving up 17.5% plus listing fees for under 1k. Quite a hefty fee in my opinion for a service that doesn't even bother to write a description. ebay will be laughing to the bank when people start figuring out how significantly cheaper the fees are there for those coin price points Quote:
Still a lot better than 20% at some other auction houses, though. At least you actually get something for that 20% from the big boys like live bidding, catalogs, advertising, lot descriptions ect. Besides their 20 percent used to be a lot less too, then they raised it in small amounts over time like what will be happening here. |
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Bedrock of the Community
Australia
21788 Posts |
Many of the major World auction houses charge BOTH a seller's fee, and a buyer's fee of 15 to 20%.
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Pillar of the Community
7234 Posts |
Like stated 12.5% is still one of the lowest Buyers fees around for credit cards and PayPal.
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Rest in Peace
United States
17900 Posts |
It makes absolutely NO difference.
Previously I wanted to bid a maximum of $200 for a coin. Forgetting the minor postage cost. I divided by 1.1 to give me a bid of $180.
Now I divide by 1.125 so I bid $175 instead.
The only ones hurt are the those placing the consignments as bids will be lower. At least for those who take the 3 seconds to figure it out.
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Moderator
United States
23522 Posts |
Quote:
At least for those who take the 3 seconds to figure it out. I took the three seconds to figure it out, and decided that I'll pay by eCheck if I win an auction there. That way I can bid $180 and beat you out.  I'm guessing we feel it's right and proper for them to pay the extra cost involved when we want to pay with CC or Paypal? |
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Pillar of the Community
 United States
3058 Posts |
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Rest in Peace
United States
17900 Posts |
It's a bargain either way. Great Collections often offers some high class material that usually ends lower than Heritage or Stacks. I'm always happy to give them business.
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Pillar of the Community
United States
1839 Posts |
By the way Heritage just bumped theirs from 17.5% to 20.0%  |
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Pillar of the Community
United States
3058 Posts |
Quote:
By the way Heritage just bumped theirs from 17.5% to 20.0%  |
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Bedrock of the Community
United States
94367 Posts |
Makes complete sense for GC, especially with Heritage leading the way.
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Bedrock of the Community
13014 Posts |
Quote:
By the way Heritage just bumped theirs from 17.5% to 20.0% Stacks did it first. Once one of those two does the other almost has to so they have the same negotiating room with the whale consignors. Edited by basebal21
08/25/2017 8:36 pm
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Bedrock of the Community
United States
94367 Posts |
Right.  |
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Pillar of the Community
United States
1101 Posts |
I tried to sell coins w/ Heritage but they wouldn't take mine since they were less than $5000. Ended up selling mine through GC.
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Pillar of the Community
United States
3479 Posts |
I got the same email but you left out a key part. Quote:
Paying by eCheck will not slow down shipment for existing clients. Pay by noon Pacific Time and your order will ship same day (99.5% of the time). So it's a nobrainer to switch to the electronic check system. You have to call them to set it up over the phone. Smart on their part b/c their website is not yet https encrypted. I'll add that GC is taking a big risk by offering same day shipping on these. Heritage offers a 1% discount for using their electronic check payment system but it slows down the shipping by 7-14 days while they wait for the funds to clear. GC may rethink that policy in the future after they get burned by a few nonsufficient fund transactions. I do agree with Mox. The bidders would adjust their bids to factor in the % increase but with same day shipping still being offered, I suspect most will switch to their check system rendering the increase a big nothingburger for sellers...for now, anyways. Edited by MikeF
08/27/2017 01:18 am
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Replies: 15 / Views: 2,937 |
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Posted 08/23/2017 5:12 pm
