I assume an equally inevitable auctioneer ‘raise the buyer’s premium’ reaction to cover this cost.
It prompts me to ask, would it not be an equitable action for auctioneers to offer a 2.5% discount to those willing to pay up front by debit card, cheque or cash?
A discount culture on buyer’s premium would be an exciting landmark change for the trade and surely advantageous and fairer to both sides of the transaction.
Buyer’s premium discounts (BPD) could also be used as a marketing tool by auctioneers, as an incentive to speed up payments and encourage high-volume buyers.
And of course, why stick to 2.5%? Auctioneers would surely find themselves offering different percentage discounts, carefully calculated to suit their promotional plan.
BPD could be easily installed in auctioneers’ billing software and would be a refreshing and original British incentive promoting harmony, fairness and productivity in our sector.