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Online Premiums

This article describes what Online Premiums are, how they are applied at the company level vs. the auction level, and how to override the Online Premium on an invoice. 

This article contains the following sections:

 

About Online Premiums


The Online Premium is automatically applied on invoices for bidders that are flagged as being "Online" during bidder check-in.

  • Bidders that are auto-imported post sale are also automatically marked as being "Online".
  • If bidder/sale data is being manually imported after a sale, the spreadsheet will need to be updated to indicate that the bidder is "Online". For more information, see the 'Formatting a Spreadsheet' section of the Importing Post Sale Data help article.

If the Online Premium needs to be waived for an online bidder, the premium can be edited directly on the bidder's invoice.

OnlineCheckIn.jpg

Please note, once the Online box is checked and saved, it cannot be unchecked. To have the Online box unchecked, please contact Wavebid Support.

 

Company Level vs. Auction Level


Online Premium fees can be applied at the company level or the auction level. The Online Premium selected at the company level will be applied to all auctions, unless a different Online Premium is chosen at the auction level.

Changes made to the Online Premium at the company level will not impact auctions that have already been created. Only new auctions created after the changes have been made will be impacted.

Changes made to the Online Premium at the auction level will not flow back to the company level, meaning they will only impact that specific event. The auction level Online Premium will override company level the Online Premium.

Changes can be made to an active auction, however saved changes will only impact unpaid invoices. Invoices that have full or partial payments applied are locked and will not be impacted by premium changes.

 

Applying an Online Premium at Company Level


Online Premiums can be set to default to a specific amount for every new auction made, saving time from having to set it per auction.

  1. Navigate to My Links > Company > Profile.
  2. Click on the Preferences tab. 
  3. Enter a percentage into the Default Online Premium for new auctions field.
  4. If a cap to the Online Premium is desired, enter that dollar amount into the Default Online Premium Cap field.                  CompanyLevelOnlinePremium.jpg
  5. Click the Disk icon in the top right corner of the page to Save.
    • Changes made to the Online Premium at the company level will only affect auctions created after changes are made.
    • Existing auctions will remain unchanged unless changes are made to the Online Premium at the auction level.

 

Applying an Online Premium at Auction Level


  1. Navigate to the appropriate auction on the dashboard and then select Auction > Edit Settings.
  2. Click on the Accounting tab. 
  3. Enter a percentage into the Online Premium field.
  4. If a cap to the Online Premium is desired, enter that dollar amount into the Online Premium Cap field.
    • For example, if the Online Premium is set to 3% with a $100 cap in place, items selling for $5,000 will be charged $100 even though that is less than 3% of the hammer price.
  5. Click the Disk icon in the top right to Save.
    • Changes made to the Online Premium at the auction level will not flow back to the company level, meaning they will only impact that specific event.

    • The auction level Online Premium will override company level the Online Premium.

    • Changes can be made to an active auction, however saved changes will only impact unpaid invoices. Invoices that have full or partial payments applied are locked and will not be impacted by premium changes.

Editing an Online Premium on an Invoice


Wavebid provides users with the option to override the Online Premium that was applied at the company or auction level. Online Premiums can be altered for a specific lot or the whole invoice. This option is only available for unpaid invoices. Changes cannot be made to the Online Premium after a payment (partial or full) has been applied to an invoice.

  1. Navigate to the applicable auction from the Dashboard, then select Accounting > Invoices.
  2. Click on the applicable invoice to open it.
  3. Click on any of the individual blue premium values to change the Online Premium for that specific lot.
    • To change the Online Premium for every lot on the invoice, click on the word Premium.mceclip2.png
  4. The Confirm Premium Override window appears. Enter a new percentage into the Online Premium Percentage field.
    • The percentage entered will override the previously applied Online premium, regardless of whether it was applied at the auction or company level. 
    • For information on editing the Buyer's Premium Rate, see Buyer's Premiums. EditOnlinePremiumInvoice.jpg
  5. Click the Ok button. The Online Premium will be adjusted on the invoice.
    • Altered Premiums will have an asterisk (*) located to the right of the new fee to indicate that it is a variation from the auction default. This asterisk will be removed if the Online Premium and Buyer's Premium are returned to the default auction rate.
    • To return the Online Premium to the default auction rate, click on the blue Premium amount again, leave the Percentage field blank, and click the Ok button.BuyersPremiumAlteredInvoice.JPG

If the steps above do not alter the Online Premium on the invoice, see Why Can't I Edit the Taxes or Premiums on an Invoice?

 

Taxes


The Online Premium will be taxable if the Buyer's Premium is also set up to be taxable for the auction. There is not a way to make the Online Premium taxable while removing the Buyer's Premium tax. For information on Buyer's Premium tax, see Buyer's Premiums.

 

 

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