Why underwriters look closely at auctions
Large, irregular tickets
A single lot can be many times your usual sale, and volume arrives in bursts around each auction.
Goods you don’t own
Selling on consignment means the item, its condition and its history come from someone else.
Item not as described
Online bidders buy from photos. When an item arrives different from what they expected, they dispute it.
A payment setup that fits
How we usually set up auction houses. Your consultant tailors it to how you actually sell.
- 1
Card on file at registration
Bidders register a card and accept your terms, so winning bids can be charged without a second checkout.
- 2
Deposits and pre-authorizations
Hold a deposit for high-value lots so serious bidders are verified before the sale.
- 3
Consignor payout timing
Pay consignors on high-value lots after the dispute window, not the day after the auction.
What you’ll need to apply
Have these ready and your application moves faster. Your consultant confirms the exact list for the processor you’re matched with.
- Government ID for every owner with 25% or more
- Voided business check or bank letter
- Recent business bank statements
- Recent processing statements, if you have taken cards before
- Articles of incorporation and EIN letter
- A website with clear pricing, refund, cancellation and contact details
- Your terms and conditions of sale, including buyer’s premium
- Auctioneer license, where your state requires one
- A sample consignment agreement
Why applications get declined, and how to avoid it
- No written terms of sale accepted by bidders
- No condition reports or authentication for high-value items
- Paying consignors before buyer disputes can be resolved
We review your website, policies and statements against these before anything is submitted.
Keeping the account healthy after approval
Getting approved is half the job. These habits keep your account in good standing, and our platform tracks the numbers behind them for you.
- Have bidders accept your terms at registration, every time
- Publish condition reports with clear photos
- Charge winning bids promptly with an itemized invoice
- Keep shipping and pickup records for every lot
Auctions: common questions
Can we charge a bidder’s card automatically when they win?
Yes, if the bidder agreed to it when registering. Keep that agreement on file. It’s your best evidence in a dispute.
Can we take deposits before an auction?
Yes. Pre-authorizations or deposits for high-value lots are common and cut down on bidders who never pay.
Are online-only auctions treated differently?
Usually, because every sale is card-not-present. Detailed condition reports and photos matter even more online.
What happens after I’m approved?
We keep working with you. Our platform gives you one view of every account, and we review your chargebacks, approval rate, fraud tools and fees with you so the account stays healthy and gets cheaper over time.