A Marketplace Facilitator is a business that contracts with sellers to facilitate the sale of tangible goods and administers all aspects of the transaction. RIAC is a Marketplace Facilitator (as defined in the applicable regulations for each state) for purposes of collecting and submitting sales tax for each applicable state. RIAC has been authorized by the consignor to retain as part of RIAC’s remuneration, the buyer’s premium, which includes the additional 1% of the hammer price if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, payable by the purchaser. The premium, which includes the additional 1% if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, is added to the purchaser’s successful bid and the two together equal the total purchase price.
In addition, if the purchaser utilizes RIAC’s live bidding platform ‘RIAC Live’, there will be an additional 1% of the hammer price added to the buyer’s premium. This is not an aggregate percentage on the total items bid, but rather a per item percentage rate. If the account is settled by credit card, the buyer’s premium then shall be the standard 18.5%. The buyer’s premium shall be reduced to 15% provided the payment is paid by cash or the equivalent of cash (cashier’s check, wire transfer, or approved personal check). All bid prices 'hammer prices' ('hammer prices' mean the price at which a lot is knocked down to the purchaser) will be subject to a buyer’s premium 18.5% payable by the purchaser. Cash Payment Discount: 3.5% Participation Requirements: Valid Credit Card required for bidding approval Payment Options: Visa, MasterCard, Discover, American Express, Check, Money Order, Wire Transfer, and Cash Visa MasterCard Discover American Express Payment Instructions: PROXIBID BUYERS WILL BE CHARGED AN ADDITIONAL 3% ON TOP OF THE ROCK ISLAND AUCTION BUYERS PREMIUM EXPLAINED BELOW.īUYER'S PREMIUM.
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