Bringing auction payments into the 21st Century
Instant Payments
Auctionet was founded in 2011 by Niklas Söderholm, formerly CEO and founder of Bukowskis Market, and Tom Österman, formerly of Bukowskis and Åmells. The aim was to create an online marketplace where European auction houses of all sizes could sell their objects to buyers worldwide, giving old objects new homes globally. Today, Auctionet works with 58 auction houses and has sold over 1.8 million items worldwide.
Challenge
For Auctionet, a key priority was finding an affordable and straightforward payment system that worked for their broad and international client base. In particular, costly and unpredictable card fees, especially those associated with traditional card payments for overseas fees, represented a challenge for the online auction marketplace. Additionally, the risk of chargebacks when dealing with card payments was another problem to overcome.
Solution
To tackle these challenges, Auctionet implemented Brite Instant Payments, ensuring hassle-free and seamless payments across all the markets and locations they cover. Best of all, because Brite Instant Payments is powered via open banking technology, it doesn’t rely on card payments, meaning Auctionet no longer deals with the high and unpredictable costs associated with card fees. Furthermore, instant bank payments with Brite have helped to eliminate the risk of chargebacks.
Enabling Brite Instant Payments for our customers allows our guarantee to extend all the way to the payment process, and we’re proud to say we can offer that to our customers.
