Unbelievable business model
<p>Their Somerset West auctioneer is very good!, BUT this is where it STOPS. Here is a business that requires a R10 000 deposit before u are allowed to do business with them, yet in this electronic/global business world, they do not accept chip cards because they do not have ANY CARD facilities? And they are quite ARROGANT about cash/cheques (MUCH less secured than EFT transfers or card payments). Surely the owner must be 210 years old (revisited)?</p> <p> </p> <p>They REFUSE to accept an EFT notification SENT by a South African (big 5) bank as they DO NOT TRUST the South African banking system (that is decades ahead of the their business model)!</p> <p> </p> <p>In the past 20 years of doing business i have never come across such an antiquated business model. Surely the owner must be 210 years old or is this the way that a Western Cape company think they can DICTATE business?</p>
I unequivocally withdraw my facetious comment (above) regarding the owner's age. I guess it is the business's prerogative if they want to dictate business terms and do not want to offer debit or credit card facilities, or do not trust payment notifications sent to them by a banking institution.
They are however inadvertently chasing away potential clients of good financial standing as i was not the only "cash" buyer that required card facilities at their auction of 29 November 2016 in Somerset West. The other parties simply left and as someone who do not require bank finance and who use my own money to bid at auctions, i doubt it whether i will make use of the services of Michael James Umgalelo Auctioneers (Pty) Ltd again.
It is a pity for them and the financial institutions that makes use of their services that not all types of buyers (especially the ones that have the means to pay on the spot but do not want the risk of carrying a briefcase full of cash around) are catered for. Surely the more bidders there are the better for all?
There are very few businesses around the world today that do not accept cards, least of all ones that can turn over a couple of million rands in a single day. Why they do not offer card facilities remains a mystery
I unequivocally withdraw my facetious comment (above) regarding the owner's age. I guess it is the business's prerogative if they want to dictate business terms and do not want to offer debit or credit card facilities, or do not trust payment notifications sent to them by a banking institution.
They are however inadvertently chasing away potential clients of good financial standing as i was not the only "cash" buyer that required card facilities at their auction of 29 November 2016 in Somerset West. The other parties simply left and as someone who do not require bank finance and who use my own money to bid at auctions, i doubt it whether i will make use of the services of Michael James Umgalelo Auctioneers (Pty) Ltd again.
It is a pity for them and the financial institutions that makes use of their services that not all types of buyers (especially the ones that have the means to pay on the spot but do not want the risk of carrying a briefcase full of cash around) are catered for. Surely the more bidders there are the better for all?
There are very few businesses around the world today that do not accept cards, least of all ones that can turn over a couple of million rands in a single day. Why they do not offer card facilities remains a mystery