If you are processing your own payments for your auction, we recommend following the below timeline. Alternatively, if you would like The Auction Collective to process payments on your behalf we follow a similar payment chasing timeline (see here). 

 

Timeline

Seller Action

Auction Day
  • You send your invoice to the buyer

Day 2
  • Send a 'Polite Payment Reminder' email

Day 4
  • Send an 'Late Payment Reminder' email

Day 6

  • Call the buyer to confirm they have received your emails

  • Check with TAC team for additional contact details of the buyer 

  • The TAC team will also contact the buyer over email with you in copy 

Day 8
  • TAC send a legal 'Overdue Payment' email with a 48 hour deadline to pay 

Day 10
  • If still no payment, TAC ban the user from the platform  
  • You contact the underbidder to make the purchase at their bid value 

 

 

-

For more auction advice and the latest lessons learnt from our sellers running auctions, join our monthly 'Auction Insights' newsletter.