How Auctionet is bringing payments into the 21st Century
Auctionet is modernising online auctions and delivering operational savings via instant account-to-account payments.
Benefits
Efficient onboarding and integration to quickly onboard new auction houses.
20% of payments for onboarded auction houses are now done via Brite.
Integrating a scalable, cost-effective payment solution is helping Auctionet to grow.
Eliminating chargebacks is increasing customer payment satisfaction.
Background
Auction houses and auctions are undergoing a significant technological transformation. In Europe, Auctionet is at the forefront of this, providing a platform that streamlines auction processes and connects local auction houses with demanding global consumers.
Founded in 2011 by Niklas Söderholm, formerly CEO and founder of Bukowskis Market, and Tom Österman, formerly of Bukowskis and Åmells, Auctionet is one of Europe’s most trusted online marketplaces.
Today, it caters to a wide range of items, including furniture, art, and collectables. With over 2.8 million items sold, nearly 30 million bids received, and over 70 connected auction houses, Auctionet has an international reputation for expertise and reliability.
Challenge
Auctionet’s mission is to modernise the entire auction process while supporting a network of over 70 auction houses across Europe. One of the primary issues was the high and unpredictable costs associated with traditional card payments, particularly for international buyers.
Another challenge was managing the risk of chargebacks, which are common with card payments. Chargebacks led to resource-intensive disputes and undermined the seamless experience Auctionet aimed to deliver for its users, particularly buyers committing to high-value purchases.
Additionally, Auctionet’s model required the onboarding of new auction houses individually. Many of these partners lacked the resources to implement advanced financial systems, making integration and payment reliability a top priority. The fragmented nature of the auction industry meant that Auctionet needed a payment partner capable of adapting to varied and complex requirements across multiple regions.
Finally, Auctionet needed to easily address compliance and security issues. As auctions often involve high-value items, ensuring secure transactions and meeting anti-money laundering regulations is critical to maintaining the trust of both buyers and sellers. Auctionet sought a payment provider to meet these demands while simplifying its operational processes.
Cooperation with the customer support at Brite is very smooth. We can onboard new customers fairly quickly now, which has been an issue with other card or payment providers in the past.
Solution
Brite’s instant account-to-account (A2A) payment solution offers Auctionet a reliable, transparent, and cost-effective alternative to traditional card payments, and they are tailored specifically to the needs of the auction industry.
Brite’s Instant Payments significantly reduced the unpredictability of cross-border transactions and corporate card fees. This transparency allowed Auctionet to better control operational costs while eliminating chargebacks, which previously posed financial and reputational risks.
The partnership has also streamlined Auctionet’s onboarding process for its growing network of auction houses. Brite’s efficient integration helps Auctionet onboard partners quickly and scale its operations seamlessly. This capability has proven especially valuable as Auctionet expands into the European market, where onboarding new auction houses is critical to its growth strategy.
Today, approximately 20% of Auctionet’s payments for onboarded auction houses are processed through Brite, delivering measurable cost savings and operational efficiencies. Auctionet is now even better positioned to lead the technological evolution of the auction industry, ensuring a modern, reliable payment experience while advancing its role in the circular economy.
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Results
Operational Savings:
By integrating Brite Payments, Auctionet has achieved cost reductions. Approximately 20% of payments for onboarded auction houses are now processed via Brite, eliminating the high and unpredictable fees associated with traditional card payments.
Improved Compliance:
Brite’s adherence to strict regulatory standards aligns seamlessly with Auctionet’s commitment to anti-money laundering compliance. This ensures a secure environment for high-value transactions, enhancing trust and operational integrity across international markets.
Streamlined Operations:
Brite’s efficient onboarding and reliable integration processes have enabled Auctionet to quickly onboard new auction houses. This has improved operational efficiency, allowing Auctionet to scale while maintaining seamless payment processes.
Growth and Expansion:
Integrating a scalable, cost-effective payment solution has given Auctionet the tools to strengthen its presence in existing markets and seize new opportunities in the circular economy. Eliminating chargebacks has helped to increase payment satisfaction.
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.
