Stacks dropped credit card limit to $2500 and raised the BP to 17.5%

seateddime

Stacks now wont take a credit card for a $4900 invoice but wants me to send a check and wait for it to clear.

It was assumed by some that this 17.5% BP was going to offset credit card expenses but over $2500 and they wont take credit cards.

This stuff makes the hobby less fun, who want to wait forever to get their coins?

They just gave back Heritage the advantage they lost in my opinion for the $2500-$5000 buyers. $5000 and under buyers is a lot of people.

NewParadigm

17.5% seems steep. Ouch

SaorAlba

20% isn't too uncommon in London these days. That coupled with the credit card thing makes for a possible opportunity down the road to compete at 15% juice and take credit cards and cut costs elsewhere.

Coinosaurus

And they'll keep raising the rates until they're convinced the business is moving to the bourse floor.

What you need is a few high profile collections trading publicly between dealers and/or collectors. And if there is publicity surrounding the transaction, so much the better.

barrytrot

<< <i>And they'll keep raising the rates until they're convinced the business is moving to the bourse floor.

What you need is a few high profile collections trading publicly between dealers and/or collectors. And if there is publicity surrounding the transaction, so much the better. >>



Won't the collections just move to another auction house first? ha.com is still 15% when I last looked 8 SECONDS AGO.

STONE

Just get over it and wait a few more days to get your auction winnings.

I don't know how you would have survived auctions 20-30 years without the use of credit cards!!!

AnkurJ

A dealer I just purchased a coin from asked how I'd like to pay. To be nice I asked what they prefer. They said a check. I asked if they could ship the coin now and was told the check had to clear first. Ok, then I'll pay by credit card!

PerryHall

<< <i>A dealer I just purchased a coin from asked how I'd like to pay. To be nice I asked what they prefer. They said a check. I asked if they could ship the coin now and was told the check had to clear first. Ok, then I'll pay by credit card! >>



Don't they usually give the buyer a 3% cash discount when they pay with a check?

SlvrandGld

<< <i>A dealer I just purchased a coin from asked how I'd like to pay. To be nice I asked what they prefer. They said a check. I asked if they could ship the coin now and was told the check had to clear first. Ok, then I'll pay by credit card! >>

rays

I am going to think twice before bidding in SB auctions now. 17.5% is high. Especially since auctions of $20, $30 or even $40 million are routine.
I am old enough to remember Heritage signature sales of $3-5Million. And the buyer's fee was 10%.

LindeDad

Pretty thin crowd at that $50K plus per auction group I would think.

jdimmick

This is a lot to consider, i think when the time comes to sell a few pieces, I might rather go a seek some of the better paying national folks/dealers, than to auction they through stacks or
(heritage if they raise the BP) to 17%.. The buyers premium comes out of the sellers pocket in most cases.

BillJones

<< <i>17.5% seems steep. Ouch >>



But that only applies to the first $50,000. Heritage did this too for a short while when they jumped from 10 to 15 percent. If Stack's gets this to stick, Heritage won't be far behind. As an active collector I'm glad that I've acquired some of the really expensive coins I wanted. I know most of us adjust our "hammer bids" for the buyers' fee, but there are a few "Yaa-hoos" out there who view a 17.5% buyers' fee as a "throw away." Gee, I wish I could have had a buch of those guys as customers when I was dealer.

Higher buyers' fee also lower overall hammer prices, despite the "Yaa - hoos." Maybe Stack's will find that their consignments are down as a result of this and come to their senses, but sadly I doubt it.

RichieURich

Thanks for the breaking news! (Thread from March 3, 2012)

You must have been under a rock to not have heard this news already!

ambro51

Pay your invoice with 490,000 pennies (cents) Or ala Seinfeld ten thousand checks for .49 cents each....they wanted a check, right?

Kove

<< <i>Thanks for the breaking news! (Thread from March 3, 2012)

You must have been under a rock to not have heard this news already! >>




The piece that's new, and not in the thread you cite, is the $2500 credit card limit. It had been $5000. Sort of a one-two punch from SB for some folks.

pennyannie

<< <i>Just get over it and wait a few more days to get your auction winnings.

I don't know how you would have survived auctions 20-30 years without the use of credit cards!!! >>



I may have just reached the point of not needing to do business with them. When you pay with check, cash, certified check, money order you do not have much leverage if something goes wrong. I have had a few cash transactions (money order) and then they could not refund the return since they spent the cash. A credit card is a lot easier to fix.

Sent money orders to a well known business and took a beating. Would not have happened if i had used the plastic fantasic.

Plus i want the rewards




It is not always in your best intrest to send cash/check.

dizzyfoxx

Which is why I only go to Heritage.

AnkurJ

<< <i>

<< <i>A dealer I just purchased a coin from asked how I'd like to pay. To be nice I asked what they prefer. They said a check. I asked if they could ship the coin now and was told the check had to clear first. Ok, then I'll pay by credit card! >>



Don't they usually give the buyer a 3% cash discount when they pay with a check? >>



They did not offer any rebate for paying with a check. So why wait? For me it comes out of the same place.

mrpotatoheadd

<< <i>I am going to think twice before bidding in SB auctions now. 17.5% is high. >>

So if you see a coin you'd like to own, you'll consider not bidding because of the increase in fees? Seems like cutting off your nose to spite your face, but that's just me.

Here's an alternate suggestion... lower your bid by 2.5%, and you're back at a 15% BP.

seateddime

<< <i>Thanks for the breaking news! (Thread from March 3, 2012)

You must have been under a rock to not have heard this news already! >>



Rich, of course I knew the BP as going up but not the credit card limit going down. (and I have been under a rock since FUN)

Bayard1908

<< <i>

<< <i>I am going to think twice before bidding in SB auctions now. 17.5% is high. >>

So if you see a coin you'd like to own, you'll consider not bidding because of the increase in fees? Seems like cutting off your nose to spite your face, but that's just me.

Here's an alternate suggestion... lower your bid by 2.5%, and you're back at a 15% BP. >>



Big dealers with $50K invoices can outbid you and end up paying the same or less for the coin, since they'll only pay 15%. This absolutely infuriates me.

StacksBowers uses smaller bid increments than Heritage. 2.5% is equal to or greater than a bid increment in many cases, e.g., at $400 the bid increment is $10.

I don't like this structural disadvantage or being treated like a second class citizen. My level of resentment about this will curtail my bidding at StacksBowers until this ill conceived policy is rescinded. Dealers already get payment terms. They don't need an additional 2.5% advantage on the price itself.