LiveAuctioneers Seller Success Optimization (LASSO Program)

Best practices and tips for growing your sales online

How a Single Payment Solution Can Drive Auction Sales 

Payments by LiveAuctioneers

More than 70,000 winning bidders on LiveAuctioneers said that they are most satisfied with the payment process when it is “easy and convenient.” In fact, bidders are 98% more likely to be repeat customers of auction houses that make payments easy.

A simple, transparent and secure payment process is essential to creating a smooth, trouble-free buying environment that will help drive auction sales. It also allows you to reduce overhead, improve operational efficiency and gain a competitive edge.

Here’s how you can make it happen:

  • Collect payments faster by making it easy for bidders to pay

    A SurveyMonkey consumer payment study shows that a majority of people prefer to make online purchases with a credit card due to its security and convenience. Consistent with this finding, LiveAuctioneers’ research also found that bidders prefer to give out their credit card information through a trusted site and feel uncomfortable doing so via phone calls or emails.

    Hear it from our bidders:

    “Having to give my credit card information over the phone is time-consuming and irritating. It would be much easier if they had a system whereby you could just click through to a credit card processing option online.”

    Source: SurveyMonkey

    Source: SurveyMonkey

    For the thousands of bidders who already have a credit card on file with LiveAuctioneers, it only takes two clicks for them to complete their transactions through Live.Payments. As a result, auction houses that use Live.Payments have been able to collect more than 50% of all payments within 24 hours of their auctions’ close, and achieve meaningfully higher customer satisfaction and average-order prices.

    Hear it from our bidders:

    “Excellent payment processing. I wish all others would follow this method of payment instead of sending checks or calling in.”

    Here’s how bidders on LiveAuctioneers can easily pay for their items in two clicks using Live.Payments:

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  • Enable foolproof fraud protection by using Live.Payments

    Establishing a fraud prevention strategy is essential to growing your business. Live.Payments meets the strictest levels of PCI compliance to protect you from fraud and reduce chargebacks.

    By simply opting in your next catalog to use Live.Payments, you will receive guaranteed fraud protection enabled by thousands of fraud detection signals and enjoy 100% chargeback coverage on any fraudulent transactions. You will also save the time and effort required to establish your own fraudulent-bidder database and be able to approve bidders instantly and with complete confidence.

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  • Increase bidder satisfaction with timely payment notifications

    Consumer research studies have repeatedly shown that buyers want immediate responses from businesses regarding their purchases, and this is especially true when it comes to the payment process.

    After winning an item, bidders expect to receive their invoices immediately and be given instructions on how to pay. Once payment is completed, a confirmation email will assure bidders of their successful transaction and provide them with a record of their purchase.

    One effective way to deal with the daunting task of managing hundreds of invoices and receipts after an auction is to have all payment notifications sent automatically via Live.Payments. Timely notifications enabled by Live.Payments have helped auctioneers achieve more than 90% higher ratings across 12 key metrics.

    Hear it from our bidders:

    “They were very prompt in sending an invoice for the total including shipping. Also provided a link to facilitate the payment method. I could not be happier with their professionalism.”

  • Reduce overhead and improve operational efficiency through payment system automation

    Whether you want to expand your auction business or reduce costs to achieve higher profit margin, you should consider automating your payment collection. An automated payment system like Live.Payments enables you to significantly reduce the time and effort expended to collect payments. What’s more, with Live.Payments, you can reduce your payment processing fee one of the industry’s lowest fees, regardless of the bidder’s card type and location. Reach out to your Account Manager to learn more about our pricing and available promotions.

    Hear it from our auctioneers:

    “A quick, competitive and convenient payment system that takes the burden off you and your staff in collecting invoice payments.”  – Bruce, Jaremos

    Besides allowing you to collect payments faster and cheaper, Live.Payments is also equipped with integrated reporting and notification features. All payment information can be viewed and managed in the Payments dashboard, allowing auctioneers to keep track of all transactions easily.

    View an example of your Live.Payments dashboard below:

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    Hear it from our auctioneers:

    “One of the best things ever offered by LiveAuctioneers. Simple and efficient payment option for customers. Life is good!” – Guillermo, Miami Auction House

A fast and secure payment system has become a necessity for anyone who does business online. According to Hiscox’s 2016 Online Art Trade Report, online art sales reached $3.27 billion in 2015, up 24% from the previous year, and 92% of online buyers expect to buy more or the same amount of art in the next 12 months.

Hundreds of auctioneers have simplified their payment process and unleashed their business potential by using Live.Payments.

Upgrade your payment collection process.

LiveAuctioneers is the leading live-bidding platform connecting millions of passionate collectors, dealers and buyers to exceptional treasures auctioned from around the globe. To become a LiveAuctioneers partner, contact us at support@liveauctioneers.com

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