Commission by Selling Price
- No Commission: If a percentage commission is not being applied.
- Fixed Percent Per Lot: Fixed percentage charged on the hammer price of each lot sold.
- Sliding Scale Per Lot: The commission percentage changes based on the hammer price on the lot. For example, a hammer price of $2,500 will charge a commission of 15%. A scale will need to be created and selected from the drop-down in order to be applied.
- Cumulative Sliding Scale Per Lot: Cumulative Sliding Scale fees work similar to Sliding Scale fees, except that each lot may be charged more than one percentage, depending on the lot's hammer price. For example, using the scale below, a lot with a hammer price of $2,500 will charge a commission of 20% on the first $1,000 (which would be $200) plus 15% for the remaining hammer price (15% of $1,500= $225). This would bring total commission to $425. A scale will need to be created and selected from the drop-down in order to be applied.
- Sliding Scale Seller Auction Total: Functions the same as Sliding Scale Per Lot, except that the commission percentage changes based on the hammer price of all lots sold in the auction. A scale will need to be created and selected from the drop-down in order to be applied.
With a Split Guarantee, the auction company guarantees that they will pay the seller a certain amount (before or after an auction) and anything owed to the seller over that guarantee amount is split between the auction company and the seller. Wavebid provides users with the option to use a commission scale to create a Split Guarantee. However, if the guarantee isn't met, the seller commission will need to be manually adjusted.
Creating and Applying a Split Guarantee
A Split Guarantee is created and applied to sellers the same way as any other commission scale described above.
When entering a Split Guarantee commission scale, the Minimum ($) field should be left blank. An example of a Split Guarantee would be 0% commission up to $100 (guarantee amount), then 50% commission up to $999999999999.
Manually Changing a Split Guarantee
If the Split Guarantee price isn't reached during the sale, the seller's information will need to be manually updated.
- Navigate to the appropriate auction from the Dashboard, then select Accounting > Sellers.
- Click on the applicable seller to open the Seller Settlement.
- Scroll down and click on the Add Credit link to balance out the remaining amount up to the guarantee amount. For additional information on adding credits, see Seller Expenses and Credits.
Multiple Commissions Per Seller
Please note that simply adding multiple Seller Codes to the same seller via the check-in page will not allow for multiple commission rates. One of the methods below must be employed to apply multiple commission rates to the same seller.
Multiple Commissions on a Single Seller Settlement
Wavebid will only allow one commission rate to be applied to each Seller Code. If a seller needs to have multiple commission rates, there are two options:
- The commission can be applied/edited to the lot(s) directly.
- The commission for the impacted lots can be edited directly on the Seller Settlement.
Multiple Commissions Across Multiple Seller Settlements
If multiple Seller Settlements with different commission rates are desired, the seller can be checked-in to the sale more than once. Each time the seller is checked in, they should be assigned a different Seller Code with its own commission rate. The appropriate Seller Codes can then be assigned to lots as needed.
When checking the seller in the second time (and any subsequent times), the seller's name must be entered differently than the first time.
Bob Customer is a seller/consignor. His firearm lots should have a 40% commission rate and his ammunition should have a 20% commission rate. Bob can be checked in to the sale twice, once under the name 'Bob Customer' with a Seller Code 25 and a 40% commission rate, and again under the name 'B. Customer' with Seller Code 26 and a 20% commission rate.
When cataloging, Seller Code 25 should be entered on the firearm lots, while Seller Code 26 should be entered on the ammunitions lots.
At the end of the sale, Bob will receive two Seller Settlements, one for Bob Customer containing all the lots assigned to Seller Code 25 (the firearm lots) and another for B. Customer containing all the lots assigned to Seller Code 26 (the ammunition lots).
Assign Commission to Lots
The commission attribute will first need to be enabled in order to assign commissions at the lot level.
- Navigate to the applicable auction from the Dashboard, then select Auction > Edit Settings.
- Under the Auction Attributes tab (or Adv. Attribute Settings tab), check the Commission box.
- Click the Disk icon in the top right corner of the page to save.
- A Commission % field will now be visible in Lot Builder under the Lot Details tab at the bottom of the page. This field can be used to apply commission to each lot.
- The commission must be entered as a percentage.
- To add commissions to lots in bulk, use the Lot Bulk Actions page.
If the value entered into the Commission % field differs from the rate on the seller's contract, the commission will appear with two asterisks (**) on the Seller Settlement as a way to indicate that it has been altered.
If a commission if not entered into the Commission % field, the lot will use the commission in the assigned seller's contract.
Edit Commissions on the Seller Settlement
Once commissions have been applied, they will appear on the Seller Settlement. There are four columns related to commission that can be added or removed from the Seller Settlement via the Columns button on the left side of the Seller Settlement:
- Comm %: The commission percentage entered on the seller contract. The commission rate would need to be edited under the seller in order to change this value.
- Comm About By %: The value of the commission based on the hammer price of lots sold. The commission rate would need to be edited under the seller in order to change this value.
- Comm Flat: The flat commission rate entered on the seller contract. This value will appear in blue and can be edited directly on the Seller Settlement.
- This value must be a dollar amount, not a percentage.
- Comm Total: The value of the flat rate commission based on the lots that have sold. This value will appear in blue and can be edited directly on the Seller Settlement.
- This value must be a dollar amount.
If a commission has been manually altered it will appear with two asterisks (**) on the Seller Settlement. To revert a commission back to the default, click on the blue value, leave all fields blank, and click the Ok button. For more information, see Seller Settlements.