This article illustrates the disbursement schedule and summarizes how to request and process bidder refunds for events utilizing atgPay.
This article contains the following sections:
- Disbursements
- ACH Disbursements
- Bidder Refunds
- Refunding Credit Card and ACH Processing Fees
- Sales Tax Refunds
Disbursements
Initial Disbursement
Please note that all first withdrawals are subject to a 5 business day payout delay. This is a one-time security hold- all future withdrawals will then follow the below outlined Disbursement Schedule.
To determine when this hold will be lifted, navigate to the Payment Processing Portal and click on the Admin menu on the left side of the page and then select Withdrawals. The date of the first withdrawal will appear under the "Withdrawal History" section. The hold will be lifted 5 business days after that date. The funds should then appear in your account within 1-2 business days, depending on your bank.
Disbursement Schedule
Funds will be disbursed to the primary bank account within the payment processing portal that you should have entered when registering for atgPay.
Funds will be disbursed daily when meeting the following criteria:
- Begins after the initial 5 business day payout delay.
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Balances of $200 or greater.
- Reach out to payments@proxibid.com to request a one time disbursement for balances less than $200.
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Maximum transfer amount is $100,000
- For balances greater than $100,000, any remaining balance will be transfer the next business day.
- No disbursement schedule on weekends or holidays.
| Payments Collected Before | Payout Processed | Received by Seller Bank |
| Monday 9pm EST | Monday 9pm EST | Tuesday 10:30am EST |
| Tuesday 9pm EST | Tuesday 9pm EST | Wednesday 10:30am EST |
| Wednesday 9pm EST | Wednesday 9pm EST | Thursday 10:30am EST |
| Thursday 9pm EST | Thursday 9pm EST | Friday 10:30am EST |
| Friday 9pm EST | Friday 9pm EST | Monday 10:30am EST |
Once onboarded, Proxibid will enable email notifications for when a disbursement has been sent out. Those email alerts and the recipient email addresses can be edited directly via atgPay Payment Processing Portal. For more information, see atgPay: Processor Email Alerts.
How to Reconcile a Disbursement
Utilizing the atgPay tool allows you to reconcile your withdrawals/disbursements right from the payment processing portal. Step-by-step instructions on how to reconcile using the atgPay/payment processing portal:
Updating a banking account
If you need to change your bank account on file, please send an email to payments@proxibid.com. Please do not include your specific account details. The Payment Ops team will reach out to you directly to obtain those details.
atgPay Fees
Fees associated with using atgPay will be automatically deducted from an auction house's disbursements before they are disbursed. As such, auction houses will not receive a separate bill for atgPay or see charges for atgPay on their Proxibid bill. Auction houses can view reports in the Payment Processing Portal to see which fees have been withheld.
ACH Disbursements
While the Bank Transfer is processing, the transaction status will be displayed as "Pending" in the Payments tab within the atgPay Payment Processing Portal. We do not recommend releasing items to customers while transactions are still in "Pending" status.
Due to the nature of the transaction, Bank Transfers can take up to 5-7 business days to clear. Once cleared, disbursements of ACH payments are handled in the same fashion as credit card payments. There is no delay on disbursements once payment has transferred successfully.
Bank Transfer failures
Bank failures (ACH transactions) can fail when there are insufficient funds, or if the account number is not accurate. Depending on the type of failure, it can take up to 5 business days for the failure status to be reported in the Payment Processing Portal.
Bidder Refunds
Auctioneers can request to process a refund by filling out and submitting this refund request form or by contacting our Payments Operations team via payments@proxibid.com. The request should include the following pieces of information:
- Invoice Number
- Bidder's username
- Auction Title
- Auction Date
- Lot(s) to be refunded
- Amount to be refunded
- Reason of the refund
Once settled, refunds of credit card payments should be available in the bidder's account within 3 to 7 business days; although timing could vary depending on the bidder/cardholder's bank.
If the initial payment was sent via bank transfer (ACH), refunds may take longer to process as it is ideal to wait until the initial payment has fully processed prior to initiating a refund.
If additional updates need to be made to the invoice once the refund has been processed, log into AuctionBuilder and uncheck the "Invoice Paid" box in the lower right corner of the invoice. This will return the invoice to an "unpaid" status to allow for updates.
Refunding Credit Card and ACH Processing Fees
Credit card and ACH processing fees are non-refundable. If an auction house passes these processing fees on to the bidder, the fees will be refunded to the bidder, but not to the auction house. This is true for full refunds only. If the bidder is receiving a partial refund, then the processing fees will not be refunded to the auction house or the bidder.
For more information relating to passing fees on to the bidder, see atgPay: Invoicing.
Sales Tax Refunds
Refunds of sales tax are issued in the form of a credit which can be used toward a future Proxibid bill. Sales tax refunds will be issued to the auction house's Payrix account by the 15th day of the month following the return. The auction house will be notified via email once the refund has been processed.