There are several ways in which a transaction can take place at close of auction. Below we describe the transaction and provide you with the pros and cons of each one. We also provide an estimated turnaround time for when seller will have funds in their bank account.

• By Credit Card: Many sellers online have the ability to take a credit card. The way in which they take the credit card number (over phone, via email, or through online form) varies and can put the buyer at risk of having their credit card number stolen.  1-2 days

  Pros		Cons
  It's a quick efficient way to make payment for both buyer and seller.		Credit card fraud can happen online. Buyers must be careful about who they give their credit card information to online.

• By Money Order: The buyer purchases a money order at a bank, post office, or cheque cashing centre. There is a nominal fee involved between $2.50 to $5.00 depending on location.  Immediate - 2 days

  Pros		Cons
  Seller - This is a quick easy way to receive payment. They can cash it at a bank, convenience store, or cheque cashing centre.		Buyer - Besides paying a nominal fee, there's little that can be done to track the money once it is sent. If lost, buyer is out the money and the auction item.

• By Cheque: This is a more efficient way for avid buyers to pay for auctions. However, there is a delay in waiting for seller to receive and deposit cheque, and waiting for funds to clear from one bank to another.  7-10 days

  Pros		Cons
  Buyers - It's a more efficient manner of payment form of payment. If seller deposits into a bank account there's a way to track funds in the event of fraud. Unless buyer pays for cheques there's no nominal fee.		Buyer & Seller both have to wait for cheque to clear. For cheques sent out of province, this waiting period can be longer than 10 days.

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