Slow to pay
What is the lead time generally for a payout after you have sold an item on an auction? I have found that small auction houses usually pay within the week, but to wait 45 day and more and then have to ring the auction house and remind them that the payment is overdue it to my mind unacceptable. This was my experience with Stefan Welz. Mine were items of small value but Imagine if the auction gets in a few million rand in sales, the interest for the month is considerable. Auction houses are not banks and therefore they should pay out promptly, and certainly get the accounts department to act more efficiently.
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Replies (1)'s updateReviewer Update
16 Apr 2024, 14:20Just to be clear: I sold my goods and received payment for the goods sold, so Stefan Welz does not owe me any monies. They have also explained that in spite of the fact that the bidders are duty bound to pay and honour their winning bids, they often do not and payment is not made timeously. In order to cover themselves the auctioneer says they have to wait until all the funds are received which is understandable..
's update16 Apr 2024, 14:20
Reviewer Update
Just to be clear: I sold my goods and received payment for the goods sold, so Stefan Welz does not owe me any monies. They have also explained that in spite of the fact that the bidders are duty bound to pay and honour their winning bids, they often do not and payment is not made timeously. In order to cover themselves the auctioneer says they have to wait until all the funds are received which is understandable..