06-10-2007, 01:38 PM
Quote:Dear Overstock.com Auctions User,
In order to help merchants better manage auction listing and closing fees, and to avoid large invoices and listing restrictions, we will be updating the Overstock.com Auctions Billing Agreement and invoicing procedures. These adjustments will be effective beginning July 1st.
Highlights of the upcoming modifications are below:
Expiring credit cards: To prevent your account from going inactive due to an expired credit card, we will send you a reminder to update your billing information if your card on file is soon scheduled to expire.
Weekly invoicing: Rather than only twice per month, you will now receive invoices for selling fees on a weekly basis. This increase in frequency will help to keep your invoice amounts at a more manageable level.
Secondary credit card: Should your primary credit card on file be rejected by our processor, we will attempt to charge the secondary card on file, if one exists. This process will help prevent your account from automatically going inactive after a single unsuccessful charge.
Incremental balance charges: Sellers often request that their balance be broken into smaller portions to avoid exceeding credit limits. Should your credit card on file be rejected by our processor due to unavailable credit, we will attempt to collect the balance in smaller increments.
These adjustments will help ensure that merchants are never unable to list auctions due to an unfortunate invoicing mishap. Please take a moment to review the updated version of the billing agreement:
Overstock.com Auctions bills users on or about the 1st, 8th, 15th and the 22nd of each month for any listing and closing fees. You will be notified of your total invoice amount by email, which will include a link to see the line-item detail of your invoice. You can also find your invoices and details through your homepage by clicking on "My Invoices." On the day following the invoice notification, Overstock.com Auctions will bill the credit/debit card that you have on file. At any time, you may come to the Site and change your credit/debit card. In the event that your credit/debit card is declined, you hereby authorize us to bill any credit/debit card formerly on file and/or bill your current card in lesser increments of your total balance. If all current and/or former credit/debit cards are declined, you will be prevented from posting or bidding on any items and charged a 2% late fee. You will be notified that your credit/debit card has been declined via email. At that time, you will have 48 hours to return to the site and pay your balance or enter a new credit/debit card. Please see the Fees Tables for applicable charges, which are incorporated herein by this reference.
Sincerely,
The Overstock.com Auctions Team
Cash flow problems Patrick?
