Posted by Alex Jackson on 10th Nov 2017
So you found Fox Liquidation and you like what you see. Whether you are an experienced retailer or perhaps a novice entrepreneur just looking to get started, we have the goods that you need for your business. But then the big question is, how does this work? We get this all the time and this one question usually leads to these questions, What payment forms do you accept? Should I pay in full or reserve? How do I know the payment was received? Well today just the bare bones basics on payment what you need to know to get that merchandise that you need.
It’s not sold until its paid for- First off no lot is sold until either a deposit is made or full payment is received, meaning the lot can go to another client if payment is not received in a timely manner. So what can you do to avoid this? Well for starters do a reservation this can be done with a credit card or PayPal you would just need to do a 15% deposit. Be 100% sure before you place an order and pay for deposit because if you change your mind this deposit is not refundable.
Now let’s cover payment options:
Bank Deposit- One of the easiest and fastest ways to make a payment is by bank deposit which can be done at any Wells Fargo branch, simply make the deposit into our business account and the funds transfer usually same day and best of all it’s no charge to you.
Bank Wire- Don’t have a Wells Fargo near you? Use your own bank and do a wire transfer. These are inexpensive usually around $20-$30 and normally take about a day to clear. For international wires this can take a bit longer 2 to 3 days, so if possible its best to reserve the lots with a 15% deposit using your PayPal verified account.
Credit Card/PayPal- This is the fastest form of payment, however you do need to be aware of a few restrictions. You can use your credit card or PayPal to do either a reservation or pay for your purchase in full provided that the order is under $2000. While you can reserve any shelf pull or customer return lot with CC or PayPal, in the event the lot is a customer return lot the balance of payment must be made by either wire or deposit. Purchases with a credit card are charged a 3% premium, however, this does not apply to deposits made by a credit card. First time ordering? We will need a credit card authorization form filled out it’s an additional protective step to discourage unauthorized credit card usage.
ACH payments- this payment form is similar to bank wire, its usually a bit cheaper however they can also be a bit slow to process average time is usually about 3 days. If you are selecting to make a payment by ACH, it is advised that you do this in conjunction with a 15% CC PayPal deposit.
Behalf- We accept payments from Behalf which offers short term financing with flexible repayment terms to small and medium sized U.S. based businesses. These payments are usually received within 24 hours similar to a bank wire in most respects.
Now that you paid what’s the next question?
Did you get the payment???- First question that we hear after you sent in a payment, did you get it? and is that lot mine yet? Well you will be alerted by email as soon as the payment is received, what you need to look out for is an email saying your order status is set to awaiting fulfillment. If you feel like it’s taking forever for your order to be updated to awaiting fulfillment do not hesitate to contact us!
Now that you know the ground rules go get shopping and get on the way to selling success!