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Staceys Auctions and Credit Card

 
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Southend_Loyal



Joined: 04 Aug 2017
Posts: 49

PostPosted: Wed Jan 10, 2018 5:27 pm 
Post subject: Staceys Auctions and Credit Card
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Staceys will no longer accept credit card payment after today (10th Jan) due to the new law that makes it illegal for retailers to charge extra for using them (normally around 2%)

Will be interesting to see what, if any, effect this has as I will no longer bid on any auction that imposes a no credit card rule
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slightfold



Joined: 13 Oct 2009
Posts: 518

PostPosted: Wed Jan 10, 2018 6:05 pm 
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Will this apply to all cards, or are they going to be ok with debit cards?
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Southend_Loyal



Joined: 04 Aug 2017
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PostPosted: Wed Jan 10, 2018 6:22 pm 
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slightfold wrote:
Will this apply to all cards, or are they going to be ok with debit cards?


Fine with debit cards (at the moment). But for when I want to buy a whole collection I have to use a zero percent credit card to spread the cost over a number of months.

Those days are now over
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manchesterunitedman1



Joined: 17 Jan 2010
Posts: 2636
Location: Manchester

PostPosted: Wed Jan 10, 2018 8:11 pm 
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This is from the Stacey flier sent out today:


Please be advised from 11th January 2018 we will no longer accept CREDIT CARDS for any payments

We are able to accept the following forms of payment only: •Cash (up to £7500)
•Debit Card Payments (Visa and Mastercard)
•Bank Transfer
If you have any queries or require further information do not hesitate to contact us on 01268 777122 or email [email protected].


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Dorking



Joined: 05 Feb 2010
Posts: 1691

PostPosted: Wed Jan 10, 2018 8:27 pm 
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I've never used this company but it will be interesting to see if other similar operations follow suit

It would stop me bidding too for the same reasons, I use a credit card for large purchases like this, then transfer the balance onto a 0% one and pay it off gradually. I never minded paying an additional credit card fee as there were so many extra bits and pieces when buying at auction anyway, and if you really want something....!

I take credit card payments over the phone in the job I do, and until the end of the week we charge 1.63% which is the actual extra cost to us (and it never puts anyone off). From next week we are not allowed to charge, so we will absorb the cost ourselves, until 1st April when we will just put our prices up which will cover the additional overhead (about 1 in 4 of our customers use a credit card)

I would suggest that auction companies consider adjusting the other fees they charge to cover the increased cost they would otherwise have to absorb.
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Southend_Loyal



Joined: 04 Aug 2017
Posts: 49

PostPosted: Thu Jan 11, 2018 9:29 am 
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Dorking wrote:
I've never used this company but it will be interesting to see if other similar operations follow suit

It would stop me bidding too for the same reasons, I use a credit card for large purchases like this, then transfer the balance onto a 0% one and pay it off gradually. I never minded paying an additional credit card fee as there were so many extra bits and pieces when buying at auction anyway, and if you really want something....!

I take credit card payments over the phone in the job I do, and until the end of the week we charge 1.63% which is the actual extra cost to us (and it never puts anyone off). From next week we are not allowed to charge, so we will absorb the cost ourselves, until 1st April when we will just put our prices up which will cover the additional overhead (about 1 in 4 of our customers use a credit card)

I would suggest that auction companies consider adjusting the other fees they charge to cover the increased cost they would otherwise have to absorb.


Agree with all of that Dorking. Whilst well meaning, the regulation will almost certainly lead to companies putting prices up to cover the charge. Will will also affect debit card and cash users. Ignoring the side effect of inflation and then increase in base rate, this will damage the consumer far more in the long run

Badly thought out legislation (again)
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Tynie Topics



Joined: 26 Nov 2009
Posts: 3186

PostPosted: Thu Jan 11, 2018 11:15 am 
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What are their commission percentages for vendors and buyers?

They stop a popular method of payment as they're not prepared to swallow a 2% charge, hmmmm.......
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pafcprogs



Joined: 24 Dec 2008
Posts: 709
Location: Westerham Kent

PostPosted: Thu Jan 11, 2018 2:11 pm 
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It also means the protection afforded by credit card purchases will no longer apply so if they lose the item you have no recourse to the card issuer....who of course have recourse to them....

So as previously stated in badly thought out legislation and the law of unintended consequences in the long run the consumer loses a valuable source of protection...
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Dorking



Joined: 05 Feb 2010
Posts: 1691

PostPosted: Thu Jan 11, 2018 9:53 pm 
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Good point that. Boy was I glad I booked my Monarch flights to Spain on a (Tesco) credit card - fully refunded just 10 days after they went bust!
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