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VP Bid
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VP Bid
A short guide for organizations that run their own sales on VP Bid.
VP Bid is the venue where buyers bid. Your organization is the seller on the sales you run. A sale with no affiliate owner is run by VP Bid.
You get a login after VP approves your application. Until then, sending the form does not create an account.
The Get set up list on your admin home tracks your public profile, contact, payout method, tax info, staff, a review of the fees, and the first sale. Fees are read-only. VP sets them.
Start with My organization: the name buyers see, a short about, and your logo.
Add your city, ZIP, and the pickup instructions buyers will follow.
Open Sale setup and create a sale. Add lots, then add a photo to each lot. When the sale is ready, submit it. VP reviews it before buyers can bid. A new affiliate login cannot publish on its own.
Buyers decide from the photos. Add at least one photo to every lot you want people to bid on. You can replace a photo later from Lots with photos.
Each lot has a closing time. A bid near the end can extend that lot so someone else can answer. When the lot closes, the high bidder wins.
After the sale, winning bidders get an invoice. They can pay online. If you turned on cash at pickup for that sale, you or VP can record cash collected when the buyer picks up.
VP Bid deducts its fees and all sales tax from card payments it collects. You only send money to VP Bid if card payments don't cover them.
Your organization keeps the cash it collects at the sale. When card payments cover the fees and all sales tax, VP Bid pays your organization the balance. When they do not, your organization sends the shortfall.
The settlement for each sale shows cash collected on site, credit card invoices issued (face value), the buyer’s premium, your net proceeds, sales tax, and who owes whom. Face value is the invoice total.
When VP Bid owes your organization, VP Bid pays that amount by check or ACH about 2 weeks after the sale closes.
When your organization owes VP Bid, send that shortfall by check or ACH within 10 business days after the sale closes. Weekends are not counted. US federal holidays are skipped. A Saturday holiday is observed on Friday, and a Sunday holiday is observed on Monday.
A late remittance is subject to a late fee of $125.00.
Repeated late payments may lead to suspension. A late payment does not suspend the organization on its own.
VP sets the commission, the flat fee, the buyer’s premium, your share of that premium, and the late fee in one place. The split on a sale is shown on the Sale setup page. This guide does not list a rate.
Draft — pending a tax professional’s confirmation. This is not a filing instruction.
Draft. VP Bid collects and remits Minnesota sales tax on every sale, whether the buyer pays by card or by cash. Tax on a card invoice is added automatically. VP Bid files and pays that tax to the Minnesota Department of Revenue.
Draft. An affiliate does not file or pay sales tax. Tax collected on a cash sale is its own line on the settlement. The affiliate sends that tax to VP Bid with the rest of the amount owed, and VP Bid files and pays it.
The cash-tax line on the settlement is part of the amount owed. It is not a second bill.
The owner of the affiliate signs a personal guaranty. If the organization collects cash at a sale and does not send VP Bid the amount owed on the settlement, that owner is personally responsible for the shortfall.
You accept this guaranty before you create or submit a sale. VP records who accepted it and when. You accept again only if the guaranty text changes.
Buyers see your public name, your logo when you have added one, the sale description, lot photos, and the pickup instructions. They bid on the lot page and pay from their account.
Email support@vp-bid.com. Use the same contact if a sale needs a change you cannot make yourself.