Teletrade Buyer's Fees Increased!
ProofCollection
Posts: 6,661 ✭✭✭✭✭
I saw this at the bottom of my Teletrade Invoice tonight, and I must say that I didn't know that buyer's fees had increased:
In recognition of your support of Teletrade, we have extended the 12% buyer's fees for three months (min $8 per lot), ending September 30, 2008.
I looked and sure enough, buyer's fees are now 15%!
In recognition of your support of Teletrade, we have extended the 12% buyer's fees for three months (min $8 per lot), ending September 30, 2008.
I looked and sure enough, buyer's fees are now 15%!
0
Comments
roadrunner
...Wait a minute.
<< <i>Considering that the seller ultimately pays the buyer's fee, what difference does it make unless you are a consignor? >>
HUH?
Unless I am seriously confused, I pay my buyers fee's as stipulated on MY invoice, not the seller.
Please 'splain your position RoadRunner.
The name is LEE!
<< <i>
<< <i>Considering that the seller ultimately pays the buyer's fee, what difference does it make unless you are a consignor? >>
HUH?
Unless I am seriously confused, I pay my buyers fee's as stipulated on MY invoice, not the seller.
Please 'splain your position RoadRunner. >>
should be obvious. the buyer simply factors in the juice when preparing
the bid. the seller ends up getting less... minus the fees. they end
up paying for it through a lower price hammered.
i think that is where he is going.
<< <i>
<< <i>Considering that the seller ultimately pays the buyer's fee, what difference does it make unless you are a consignor? >>
HUH?
Unless I am seriously confused, I pay my buyers fee's as stipulated on MY invoice, not the seller.
Please 'splain your position RoadRunner. >>
His line of reasoning is the old line around here...sometimes true, sometimes not, imho.
Most "knowledgable" buyers will factor any fee into the final bid amount, so, whether or not it is 12% or 15%, that will be factored in. Buyer will still bid only the final amount of the invoice, it is just split between bid/fee in a different percentage.
Example:
1) Coin is worth $100 to the bidder. Buyer's premium is 12%. Bidder bids $88. $12 is to teletrade as a premium.
2) Same coin...worth $100 to bidder. Buyer's premium is now 15%. Bidder bids $85. $15 is to teletrade as premium.
In the above examples, the seller gets $88 in the first one but only $85 in the 2nd one. Bidder would pay the same no matter what.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
You mean you don't back off your "bids" by 15% at auctions? If you don't do that at TT, I can assure you that you are paying 15% over market for what you buy. Since 99% of buyers back their bids off by 15% at major auctions, the consignor effectively pays that fee.
Your invoice may list a buyer's fee, but if you backed off your bids that amount didn't you pay the actual amount you wanted to?
Back when buyer's fee where first only 10% I would just bid 90% of FMV as a rule on anything I wanted. On a $100 value coin I would bid $90. And I'd send a check for say $99. I got the coin for it's actual value. I did not bid $100 and pay $110 in total.
Since the house pulls that $9 from my check and keeps it, who really paid for it? I know I didn't. And that's all that matters.
roadrunner
<< <i>19Lyds,
You mean you don't back off your "bids" by 15% at auctions? If you don't do that at TT, I can assure you that you are paying 15% over market for what you buy. Since 99% of buyers back their bids off by 15% at major auctions, the consignor effectively pays that fee.
Your invoice may list a buyer's fee, but if you backed off your bids that amount didn't you pay the actual amount you wanted to?
Back when buyer's fee where first only 10% I would just bid 90% of FMV as a rule on anything I wanted. On a $100 value coin I would bid $90. And I'd send a check for say $99. I got the coin for it's actual value. I did not bid $100 and pay $110 in total.
Since the house pulls that $9 from my check and keeps it, who really paid for it? I know I didn't. And that's all that matters.
roadrunner >>
So what do you use as your source of FMV?
<< <i>
<< <i>Considering that the seller ultimately pays the buyer's fee, what difference does it make unless you are a consignor? >>
HUH?
Unless I am seriously confused, I pay my buyers fee's as stipulated on MY invoice, not the seller.
>>
I agree.
<< <i>
<< <i>
<< <i>Considering that the seller ultimately pays the buyer's fee, what difference does it make unless you are a consignor? >>
HUH?
Unless I am seriously confused, I pay my buyers fee's as stipulated on MY invoice, not the seller.
Please 'splain your position RoadRunner. >>
His line of reasoning is the old line around here...sometimes true, sometimes not, imho.
Most "knowledgable" buyers will factor any fee into the final bid amount, so, whether or not it is 12% or 15%, that will be factored in. Buyer will still bid only the final amount of the invoice, it is just split between bid/fee in a different percentage.
Example:
1) Coin is worth $100 to the bidder. Buyer's premium is 12%. Bidder bids $88. $12 is to teletrade as a premium.
2) Same coin...worth $100 to bidder. Buyer's premium is now 15%. Bidder bids $85. $15 is to teletrade as premium.
In the above examples, the seller gets $88 in the first one but only $85 in the 2nd one. Bidder would pay the same no matter what. >>
What happens when a buyer steps up and pays 110 for 100 dollar coin?
<< <i>
<< <i>
<< <i>
<< <i>Considering that the seller ultimately pays the buyer's fee, what difference does it make unless you are a consignor? >>
HUH?
Unless I am seriously confused, I pay my buyers fee's as stipulated on MY invoice, not the seller.
Please 'splain your position RoadRunner. >>
His line of reasoning is the old line around here...sometimes true, sometimes not, imho.
Most "knowledgable" buyers will factor any fee into the final bid amount, so, whether or not it is 12% or 15%, that will be factored in. Buyer will still bid only the final amount of the invoice, it is just split between bid/fee in a different percentage.
Example:
1) Coin is worth $100 to the bidder. Buyer's premium is 12%. Bidder bids $88. $12 is to teletrade as a premium.
2) Same coin...worth $100 to bidder. Buyer's premium is now 15%. Bidder bids $85. $15 is to teletrade as premium.
In the above examples, the seller gets $88 in the first one but only $85 in the 2nd one. Bidder would pay the same no matter what. >>
What happens when a buyer steps up and pays 110 for 100 dollar coin? >>
That's precisely why I said "sometimes true, sometimes not"
(though, it is still true but it may be that the other person puts the extra $10 premium on it for their own reason.....they still might have known they were going to max out at $110 and did a workback from there)
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
I sent some coins to them once and actually owed them money when the auction was over.
<< <i>TeleTrash fee'd me right out of their business about 6 or years ago.
I sent some coins to them once and actually owed them money when the auction was over. >>
Flippers Dead? OMG!!
jim
Now, with the same 15% buyers fee as the coin auction houses, I don't see why people continue to consign with Teletrade. Forgot to mention, Teletrade handling of reserves is the worst in the business.
no matter how you look at it they have a minimum bid increment and you are forced to pay 15% on that increment. If you choose not to do the next increment then the seller looses a lot more than the increased 3% or you pay it by increasing the bid.