Ultimate WooCommerce Auction pro plugin provides Buyer's Premium Addon.
What is buyer's premium
The buyers premium refers to a percentage or flat rate additional charge on the hammer price (winning bid at auction).Buyer's premium must be paid by the winning bidder.The winning bidder is required to pay both the total bid amount and percentage or flat rate of that price called buyer's premium.It is charged by the auctioneer to cover administrative expenses.
How to setup buyer's premium
In Ultimate WooCommerce Auction pro plugin buyer's premium addon work same like this.Addon has option for add buyer's premium charge as a percentage or flat rate. If admin selects percentage then the buyer's premium will be added according to percentage of total amount.If admin selects flat rate then the buyer's premium will be added according to the value of the flat rate.
Please review the below YouTube video. We have created the video for Buyer's Premium Addon. This video will cover how to apply the buyer's premium fee to the auction product.
Addon has functionality for send buyer's premium to Admin or Auction Seller as per select option in settings.
1) Admin creates auction product on site.
2) Go to Auctions -> License & Addon and activate Buyer's Premium Addon.
3) Buyer's premium addon has not required special payment method or extra plugin for payment.It allow all type of payment methods.Admin just need to enable it from WooCommerce -> Settings -> Payments.