Venmore Auction December Catalogue 25 (1) - Flipbook - Page 27
Please see two example payment registrations below:
Scenario 1:
Tom has a credit card with an overall limit of £15,000, and a current available balance of £14,500
Tom registers to bid on an online auction lot which has a 8Holding Fee9 of £7,000 applicable
Tom registers his credit card – a hold on funds is placed on the card to the value of £7,000
The available balance to spend on the card is now £7,500
Tom goes out shopping and buys a new laptop for £1,500
The available balance on Tom9s card is now only £6,000
Tom bids on the online auction but is unsuccessful and doesn9t win. The auction closes and
the system automatically instructs SagePay to release the hold on funds from Tom9s card
The available balance on Tom9s card will revert to £13,000 once the 8release9 has taken place
Scenario 2:
Jane has a debit card for a bank account with a current balance of £7,750
Jane registers to bid on an online auction lot which has a 8Holding Fee9 of £7,000 applicable
Jane registers her debit card – a hold on funds is placed on Jane9s bank account, to the value
of £7,000
The available balance in Jane9s bank account is now only £750
Jane goes shopping and buys a new mobile phone for £800, pushing her £50 into an overdraft
Jane bids on the online auction and wins the auction. The auction closes and £7,000 is
immediately taken from her bank account
Jane remains £50 overdrawn
