- Joined
- Aug 25, 2005
- Posts
- 1,045
- Reaction score
- 18
Hi Everyone,
By this time tomorrow, our new and improved automated bidding system will be up. The aforementioned changes to minimum commission to reflect the exchange rate between GBP and EUR will be a vital part of this overhaul. Just to recap, those changes are:
50 EUR <---> 35 GBP
100 EUR <---> 70 GBP
150 EUR <---> 105 GBP
Several more changes that will affect all of you who list domains for sale:
1. When buyer submits his initial bid for a domain name, he will be able to choose his preferred currency (USD, EUR or GBP) for that bid regardless in which currency the domain had been listed by the seller. To ensure the buyer clearly understands the exchange rate and value of his bid, the buyer (and seller) will also be provided with a currency conversion on the spot.
2. Sellers can counterbid in their own chosen currency. They are also free to bid in the currency selected by the buyer. Once that option is chosen however, it will not be possible to switch to another currency.
3. Domain payments will now be carried out in your native currency ONLY depending on what country you reside in. For those living in the UK, that will be GBP. For those living in the Eurozone, that will be EUR. And for those in the US, USD. Anyone living outside of these countries will be able to choose their preferred currency.
4. These payments will be calculated using the daily official exchange rate. This will be entered every day around 3pm CET. For deals made before that, the exchange rate will be used from the previous day. Exchange rate conversions will be calculated to the cent, but will show up on an invoice rounded out the the nearest whole currency unit. (Ex: $100.40 will show up as $100, $100.50 will show up as $101.).
So to take an example, say you have listed acorn.co.uk for sale with a minimum bid of 2000 GBP. An American is interested in the domain, and sees that the 2000 GBP minimum bid is equivalent to $3,480. He places this bid, in USD. You can then counter this bid either with a USD amount or continue in GBP. For argument's sake, you counter in USD with $7000 (4023 GBP). After a little back and forth, you both settle on $6000 (3448 GP). The buyer will pay us $6000, and we will (after commission of course!) pay out the remainder in GBP to you using the exchange rate of the day of final agreement.
Although they might sound a bit confusing now, these changes should help make more transparent our bidding system and allow people from countries not too familiar with foreign currency to comfortably bid on domains. I really think that this should result in more Americans bidding on your domains. You should all receive an email from Sedo at some point in the next several days better detailing the changes, but hopefully this will allow you all to prepared for the upcoming changes. It is important to note that these changes will only be applicable for new bids placed after the changes, and will not be retroactively applied to ongoing negotiations. Enjoy!
Ash
By this time tomorrow, our new and improved automated bidding system will be up. The aforementioned changes to minimum commission to reflect the exchange rate between GBP and EUR will be a vital part of this overhaul. Just to recap, those changes are:
50 EUR <---> 35 GBP
100 EUR <---> 70 GBP
150 EUR <---> 105 GBP
Several more changes that will affect all of you who list domains for sale:
1. When buyer submits his initial bid for a domain name, he will be able to choose his preferred currency (USD, EUR or GBP) for that bid regardless in which currency the domain had been listed by the seller. To ensure the buyer clearly understands the exchange rate and value of his bid, the buyer (and seller) will also be provided with a currency conversion on the spot.
2. Sellers can counterbid in their own chosen currency. They are also free to bid in the currency selected by the buyer. Once that option is chosen however, it will not be possible to switch to another currency.
3. Domain payments will now be carried out in your native currency ONLY depending on what country you reside in. For those living in the UK, that will be GBP. For those living in the Eurozone, that will be EUR. And for those in the US, USD. Anyone living outside of these countries will be able to choose their preferred currency.
4. These payments will be calculated using the daily official exchange rate. This will be entered every day around 3pm CET. For deals made before that, the exchange rate will be used from the previous day. Exchange rate conversions will be calculated to the cent, but will show up on an invoice rounded out the the nearest whole currency unit. (Ex: $100.40 will show up as $100, $100.50 will show up as $101.).
So to take an example, say you have listed acorn.co.uk for sale with a minimum bid of 2000 GBP. An American is interested in the domain, and sees that the 2000 GBP minimum bid is equivalent to $3,480. He places this bid, in USD. You can then counter this bid either with a USD amount or continue in GBP. For argument's sake, you counter in USD with $7000 (4023 GBP). After a little back and forth, you both settle on $6000 (3448 GP). The buyer will pay us $6000, and we will (after commission of course!) pay out the remainder in GBP to you using the exchange rate of the day of final agreement.
Although they might sound a bit confusing now, these changes should help make more transparent our bidding system and allow people from countries not too familiar with foreign currency to comfortably bid on domains. I really think that this should result in more Americans bidding on your domains. You should all receive an email from Sedo at some point in the next several days better detailing the changes, but hopefully this will allow you all to prepared for the upcoming changes. It is important to note that these changes will only be applicable for new bids placed after the changes, and will not be retroactively applied to ongoing negotiations. Enjoy!
Ash
