Major auction houses require winning online bidders to settle payment immediately via online checkout. This can prove to be a problem when payments providers have a cap on their client’s daily spend.
Final prices on some commodities can sometimes be difficult to predict. In this case study, our client requested that her Relationship Manager (RM) be with her on the phone during the entire course of the bidding process so that that adjustment on her account’s cap, and flow of payment, can be managed and executed instantaneously.
Our client, a high-net-worth individual based in the Baltics, had used PayAlly for several years to manage her business’s international payment needs. She has a long-standing rapport with the same dedicated RM over these years.
Entering the world of auction houses is an exciting yet stressful period for clients looking to invest. At this particular instance, she attended an auction at one of the major auction houses, with an eye on a particular commodity.
Auction houses and dealers are expected to carry out customer due diligence. Our client was required to create an account and provide the requested information in order to bid on the auction. The auction house requested financial references, guarantees, deposits and other security documents. Additionally, the auction house required the client’s application to be received at least three business days before the commencement of the auction.
Some auctions require immediate payment in the currency of the relevant sale upon the conclusion of the auction. Typically, partial payment or payment across multiple credit cards for a single lot is not permitted. Furthermore, many specialist payment providers have a payment cap for clients, which is often difficult or time-consuming to adjust due to automated processes.
How PayAlly Helped with Immediate Auction Payment
Our client was able to contact her RM on short notice to inform us of the auction. PayAlly increased her online cap nearly instantly, helping the client from the beginning to the end, ensuring documentation and payment went smoothly.
Our team of experts supported the client, ensuring she got a competitive exchange rate and that the transaction was completed quickly and securely. Knowing that payments are double-checked by our team of experts gave the client extra peace of mind, helping her achieve her goal.
By partnering with PayAlly, the client could attend the auction with confidence, knowing that her dedicated Relationship Manager was on-call to manage caps on payment transfers after winning. Our teams assisted with documentation requested by the auction house, reducing the client’s payment risk throughout the journey. Finally, we ensured the payment to the auction house was made quickly, so the client was fully covered from start to finish.