super auctions Ontario Ca. Feb. 11 2012

I just got the card in the mail.
After checking out the SA site, I noticed they no longer accept Visa or MC. I guess they got their merchant accounts revoked. You have to be a *REALLY* bad merchant to have Visa and MC close your account.
It's CASH only now.
 
I just got the card in the mail.
After checking out the SA site, I noticed they no longer accept Visa or MC. I guess they got their merchant accounts revoked. You have to be a *REALLY* bad merchant to have Visa and MC close your account.
It's CASH only now.

I don't know for sure, but I don't think they had it revoked. I think they have made the change out of necessity.

They lost the trust of sellers under their old system where they took Visa/MC, because they had to pay sellers a week or more later for their consignments, after the charges were in their bank account. Only they didn't pay their sellers for a period and now no one trusts them.

So in order to earn the trust of sellers back, they had to promise to pay sellers in cash at the end of the night for their consignments. This required them taking in cash only for the equipment, hence the change.

Of course they could float the cash themselves and trust that the charges would pay them back....but I'm not sure at the moment that they have much cash reserve to do such a thing. This also eliminates the possibility of a charge-back from a dissatisfied buyer (which must happen quite a bit I'll bet based on the condition of most equipment brought to these auctions).
 
I dunno. I know the screwed over lots of peeps but per their FAQ:

CASH is the preferred form of payment for our Live Auctions. Additional forms of payment may vary and will be dependent upon the auction that we will be conducting, which may include; American Express, Company or Personal Check with a Current Bank Letter of Guarantee, PayPal, Wire Transfer or Prearranged funding through a Finance Company.

No mention of V or MC.

Either way, I pay with cash or check when I win stuff from them.
 
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