What are the fees associated with using Rankbid?
When you create an auction on Rankbid, whether through the dashboard or our API, transaction fees will apply if the auction is successful. A successful auction is defined as one where at least one bid leads to a completed payment at the end of the bidding period. We implement transaction fees because they align our interests with yours. Rankbid enhances your revenue compared to traditional fixed pricing. By taking a percentage of your auction's success. This approach ensures that Rankbid benefits only when you do, fostering a partnership where your success is our priority.
Here is as breakdown of the fees for each plan:
Free plan
Under the Free plan, you pay no subscription fees to use Rankbid services.
Rankbid transaction fee
If your auction is successful, a 7.9% transaction fee is applied to the winning bid. For example, if the highest bid is $100, Rankbid will charge a $7.90 transaction fee.
Business plan
The Business plan offers reduced transaction fees and access to advanced features like webhook notifications, API access, and unlimited auction creation, in exchange for a monthly subscription.
Rankbid transaction fee
With the Business plan, the transaction fee is reduced to 3.9% of the winning bid. For instance, if the highest bid is $100, Rankbid will charge a $3.90 transaction fee.
Enterprise plan
The Enterprise plan unlocks all of Rankbid’s features, including custom integrations and additional payment options. Transaction fees for this plan are customized based on expected volumes and your business's specific needs, which will be discussed with our sales team.
Fees applied to all plans
Payment processing fees
To securely process payments, Rankbid partners with Stripe, one of the world’s largest digital payment providers. Processing transactions incurs fees that involve multiple parties, including banks (interchange fees), credit card networks (network fees), and Stripe (payment processor fees).
Credit cards are the default payment method on Rankbid, but other payment methods are available under the Enterprise plan. When Rankbid charges the winning bidder, you are responsible for the payment processing fee in addition to the Rankbid transaction fee. These fees vary depending on the payment method used by the bidder.
For a detailed breakdown of payment processing fees, please refer to Stripe's payment fees page.