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Heritage
I’d like to set the record straight regarding the settlement period for Heritage. The settlement checks for Heritage consignors mail out 45 days from the close of the auction. That is, and always has been, the term of our consignment agreements.
It sounds great to say people have to pay fast so in turn consignors get paid fast but consignors get a lot for the wait. Giving buyers a longer time to pay, and more options to pay, often encourages them to spend a little more. In addition to standard payment methods, Heritage accepts payments by eCheck, credit cards (up to $2,500) and PayPal (up to $2,500). We also offer extended payment terms for qualified buyers. While the hobby’s widest options for payment do have the effect of a slightly longer settlement period, we have always found that consignors believe the benefits of these terms outweigh the wait. Consignors also have the option to set up a wire transfer directly to their bank account on settlement day. We realize that some smaller auction firms do advertise shorter settlement periods, but we have always considered the financial return of our consignors to be the most important factor to take into consideration. In addition, many of our consignors take solace in the fact that I am told Heritage has never been late on a auction settlement date in our 40+ year history. If anyone has any other questions, please feel free to email me. Peter |
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I don't know, your rules say must pay within 7 days, but checks go out in 45 days. Sure is a long time in between.
I understand the old days when banks paid interest then I could see you guys waiting those 38 days before sending payment, make yourself a nice little chunk of change on the interest, but nowadays........just send it out quicker. You guys have the technology to get it out a little quicker. Just my 2 cents. For the super patient who can wait about 2 months for payment you are not kidding Heritage always gets strong prices. That I would and could not dispute. |
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and...........2 months may not sound like a lot to some, but you need to take in account first the consignor sends their item in 2 months (give or take) before the auction starts, then the auction could run for almost a month. Then another 2 months before paid.
You could be talking almost 1/2 of a year (6 months), the whole process. Thus, the back-end thus needs to be shortened. |
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Not being a frequent big AH buyer, but an occasional buyer, all the payment forms mentioned above typically are clearing funds back to the AH in 2-3 days max.. e-checks, credit cards, ACH, Paypal, regular checks etc. In fact regular checks are typically cleared same day now through the Fed...
AHs giving terms for larger, big spending clients where large purchase are concerned is between AH and buyers and sure if 30 day terms are given with payment via wire can take longer though the wire will clear quickly also once submitted. This coming from someone who sold such services to many merchants for about 20 years... Would be nice customer service if AHs were able to ship smaller items that are under payment limits established above much quicker and then remit payment back to smaller consigners the same... might even get the "little guy" to consign more. |
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__________________
Ebay Store and Weekly Auctions Web Store with better selection and discounts Polite corrections for unidentified and misidentified photos appreciated. Rude corrections also appreciated, but less so. |
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45 days is asinine, when you say pay within 7. Glad you feel sorry for the Heritage rep., Heritage appreciates your sympathy I'm sure. Sure didn't start the thread looking for sympathy, but if you could let us know what threads are ok to give an opinion that will really help us all in the future, don't want you upset. |
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