K-BID.com Policy Changes for 2024

IMPORTANT:  All auctions posted after 12:01AM on 2/1/2024 will be assigned the new BP type.  

We are continually looking at ways to improve the buyer and affiliate experience at K-BID.com.  After much thought, discussion, and feedback from affiliates, the following policy changes will go into effect on 2/1/2024.  

Bullet Points: 

• Costs are increasing for everyone, and you're getting a raise (15% BP with affiliate retaining 5%) 
• BP Cap raise to $1,500 
• Reserve usage and no-sale rate has increased dramatically ($25 reserve not met fee) 
• Minimum auction BP raised from $50 to $100 

Buyer’s Premium Increase to 15%

Due to rising costs, specifically with credit card processing, the buyer’s premium on K-BID.com will increase to 15% with a cap of $1500. K-BID’s percentage of the split will remain 10%. The affiliate percentage of the split will rise to 5%. 

Examples:

An item sells for $7,000, the total BP will be $1050 with K-BID receiving $700 and the affiliate receiving $350.  

An Item sells for $3,000, the total BP will be $450 with K-BID receiving $300 and the affiliate receiving $150.  

An item sells for $42,000, the total BP will be $1500 with K-BID receiving $1000 and the affiliate receiving $500.  

The maximum payment amount for online credit card payments will remain at $5,000.

Affiliates are required to allow for online payments up to $3,000 (excluding firearms and/or items that go against your merchant services agreement).   

To keep the buyer experience consistent, additional surcharges or convenience fees on credit card payments are not allowed under $5,000. Affiliates who charge surcharges or convenience fees on invoices under $5,000, or who do not allow online payments up to a minimum of $3k, will forego the 5% BP and will be charged the full 15% BP.

$1,500 Cap

As stated, the BP cap will increase to $1,500 from $1,000.  Affiliates will receive 5% of the BP up to $500.  

Reserve Not Met Fees

A $25 fee will be charged for items that do not meet reserve.  

K-BID strongly believes that reserves hinder the auction process and prevent buyers from participating.  However, we understand that affiliates have different business models and reserves have a use in the online auction process. 

Items with reserve and reserves not met (RNM) has greatly increased over the last few years.  Buyers are noticing and making their frustrations known.  We will be instituting a low, $25 fee for items that do not meet reserve, including lots where the reserve is lowered after the high bid was placed, and the winning bidder opted not to purchase.  

The goal of this policy is simple.  To reduce the amount of reserves on K-BID.com and if reserves are to be used, make sure that they are likely to be met.   

Affiliates and their sellers should always do their due diligence to determine if a reserve is appropriate and only take reserves when the price is justifiable in an auction format.   

BP Minimum per Auction

The BP minimum per auction will be increased to $100 from $50.  Meaning that if an auction only reaches $700 bid price, you would be charged the minimum $100 BP on that auction.   

If you have a 3 lot auction with reserves and no items meet the reserve price, you will be billed $100 + $75 in RNM fees for a total of $175.