Slow payments/nonpayment

[Rhotchkiss]

Originally Posted by D. Bergin

Sounds reasonable. Surprised they weren’t already doing that. Still cheaper then most credit cards nowadays.

+1. All businesses give a window to pay and then charge late fees; 1% per month is a pretty cheap late fee.

If you win something big and have to move money around etc, just call the AH. I am sure they will work with you and waive the late fee if you communicate and follow through with whatever the parties agree to

[Exhibitman]

My experience with heritage has been that they pay consignors on day 45 exactly. If they want payment net 14 I guess they plan on taking a thirty day loan interest free from consignors. Plop that into a HYSA and the rake must be sizable.

Totally agree with you guys on not buying what you can’t afford. Like the song says, don’t do the crime if you can’t do the time.

[Mark17]

Originally Posted by Exhibitman

My experience with heritage has been that they pay consignors on day 45 exactly. If they want payment net 14 I guess they plan on taking a thirty day loan interest free from consignors.

Heritage, and all auction houses, need some time between receiving payment and then paying the consigners, to make sure there isn't a problem with the item itself. For instance, if a jersey is sold as an all original 1955 Cardinals home flannel, but the buyer, when he receives it, notices the zipper hasp is plastic rather than metal and insists on a return, a reputable AH will allow that (and apologize sincerely for the mistake.)

As far as Heritage, twice they've shipped my winnings to me before receiving my payment, which I thought was pretty nice. I'm not a big spender but I participate and bid regularly with them.

[Aquarian Sports Cards]

Originally Posted by Rhotchkiss

+1. All businesses give a window to pay and then charge late fees; 1% per month is a pretty cheap late fee.

If you win something big and have to move money around etc, just call the AH. I am sure they will work with you and waive the late fee if you communicate and follow through with whatever the parties agree to

Communication is EVERYTHING. We don't enforce any of our "punitive" policies with simple communication.