Auctioneers and dealers will have to decide whether to absorb the cost of credit card transactions or pass them on to buyers in another form when a ban on all such fees comes into force in January 2018.
In the case of auctioneers, this could mean increasing the buyer’s premium.
As reported by ATG in December, most auction firms currently charge between 1.5% and 3% for credit card purchases but do not charge for debit card payments.