Setting Up Express Banking

To run Ultimate Risk-Free auctions, you must set up express banking for payouts to be sent to your bank account.

Open Bid Beacon and navigate to the Manage Auction screen

  • Navigate to Payment Settings in left side menu
  • Under Connect Express Banking select or enter an email address.
  • Click Connect Express Account

 Fill out a few details so you can start getting paid:

  • Email
  • Mobile Phone number
  • Verification Code that is texted to your phone
  • Country
  • Type of Business:
    • Individual or Sole Proprietorship
    • Company
    • Nonprofit Organization

The process changes slightly depending on what type of business you choose and what country you are in, so the examples that follow may not exactly match your scenario but will give an idea of the types of things you will need to have ready.

Payouts and Reconciliation

As guests try to bid, they will be prompted to enter their Credit Card.  

When they win, the system will automatically charge them for their winnings.

Payments are held in your Stripe Account for 7 days and then paid out directly to your account, daily after the initial hold period. You can view the transactions and history of payouts in two places.

Payouts Screen

  • From the Auction Overview screen
  • Navigate to Payouts in left side menu
  • View the Available Soon, Next Payout and Total Paid to date info for a summary

View Account

  • From the Auction Overview screen
  • Navigate to Payment Settings in left side menu
  • Click View Account
  • Enter the verification code sent to your mobile device.
  • The Express dashboard shares more details about each transaction and expected timelines for your payouts.

Failed Payments

If a Guests credit card fails, they will be notified, and able to pay manually through the app changing their credit card information. Admins will also be given the option to mark them as paid offline in this instance.

In the off chance the guest does not return and pay, you can delete their highest bid and reach out to the second highest bidder who will be able to go in and pay for the item on their results screen.