Pay Now and Bid Later

logoblinkAuctioneer implements new promotion for bidders

No, you read it right- Pay Now and then Bid Later.  It is not a typo or a joke. Instead it is a new approach to engage bidders for Mooney’s Auction Service, a collectibles and antique auction house in East Durham, New York. 

The auction house wants you to pay for your anticipated purchases upfront… like weeks or could be months in advance.

I guess it is like buying a gift card, sort of. You pay in full today and then can spend your money (money you have already spent, mind you) as you wish and when you wish. Got it? 

The benefit to you of turning over your hard earned cash in advance is when you do eventually spend “your money,” you won’t be charged their standard 10% buyers premium. 

Oh yeah, I forgot one very important term of their deal – if you do sign up and prepay, they will give you a $7 credit at their snack bar.

How is this being received by bidders?

When asked how many buyers have responded to their new offer, the son of the owner of the company said they have had a few sign up so far, but that they had a few details to work out still.

Then he admitted folks are asking what would happen if the company went out of business before they used up all their money buying items. He said his dad is looking at maybe backing it up with a mortgage on his house, or something.

What I particularly like about it is this- I’ve got to spend money to save money. I admit I’m familiar with spending money to make money, but this is different; in fact, it is called Fuzzy Logic.

I know I’m really not being fair here because there is the $7 credit at the snack bar.

 

Source: Maine Antique Digest, Jan. 2009 by David Hewett.