Why is my invoice higher than my bid amount? (Buyer's Premium)
Buyer's premium (BP) is a percentage that is added on top of the final bid price. BP will be collected on every item sold on Equip-Bid. The terms of each auction will notify you what BP percentage will be charged; all auctions on Equip-Bid will charge a 15% BP. Sales tax will be calculated based on the entire price of the item (bid price + BP).
Example:
| |
Auction Amount |
|
| Final Bid Price |
$10.00 |
|
| Buyers Premium |
$ 1.50 |
|
| Total before Sales Tax |
$11.50 |
|
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