Frequently Asked Questions
What aspects of our event(s) can Thompson Auctions improve or help with?
Our modules cover many common aspects of fundraising events, including but not limited to:
ONLINE - Ticketing, Item Management, Online Auctions/Pre-bidding, Sponsor recognition
IN-PERSON - Guest check-in, Mobile bidding, Leaderboards, Guest checkout
SUPPORT - Payment processing, Tax receipts, Financial reporting, Event reporting
How does Thompson Auctions help us raise more money in our silent auction?
The primary drivers of revenue improvement are an extended bidding window, increased bidder activity, and maximum bids. As a result of these features, Thompson Auctions' and 501 Auctions' average impact in taking a client from paper and pen to an online format is a 33% revenue improvement.
Here's a brief summary of the factors that lead to this impact:
Extended bidding window: by opening up bidding to donors prior to the event, our clients are able to establish higher starting bids. This increases the "floor" for any bids made the evening of the event. Earlier bidding also engages more donors, which means more bids per item (and higher end-prices). In addition to opening up bidding early, the service offers clients the ability to sell any unsold items in an online auction after the event has ended.
Increased bidder activity: in addition to engaging more bidders earlier by marketing donated items online, the service also increases bidder activity through outbid notifications which significantly spur bidding. When a donor is outbid, for example, they will be able to see that they are losing on flat screen leader boards. Outbid notifications are also sent via text message.
Maximum bids: The services' maximum bid feature allows donors to set the maximum they're willing to pay for an item. This means that a bidder can set his or her price once and still particpate throughout the evening. As other donors bid against the same item, the system will continually bid in the minimum increments required to keep the donor as the top bidder up to the maximum bid amount he or she has set. This prevents last minute "item poaching" and ensures the cause is capturing the maximum possible revenue for a given item.
How does credit card processing work?
Thompson Auctions and 501 Auctions use a secure credit card payment processing solution called Stripe. Stripe connects to any checking account associated with your organization. Setup takes about five minutes. Once this is completed your organization is ready to solicit one off donations and sell items online. For large organizations that prefer to use their own merchant account, we integrate to existing Authorize.net gateways.
Is credit card processing secure?
Yes, Stripe has been audited by a PCI-certified auditor, and is certified to PCI Service Provider Level 1. This is the most stringent level of certification available. All card numbers are encrypted using AES-256, which is military grade encryption.
How much does credit card processing cost?
Thompson Auctions and 501 Auctions have negotiated a competitive blended rate. The fee charged does not vary based on credit card type or method of charge. There are no monthly fees or setup charges.
Does Thompson Auctions or 501 Auctions store credit card information?
No, Thompson Auctions and 501 Auctions immediately encrypt and send credit card info so it is never stored on our database. We are not able to view any card numbers within our platform.
When will my organization get paid?
Stripe holds your funds in escrow for seven (7) days after the time of processing before depositing directly into your account. Funds are transferred as a lump sum and not individual transactions.
What technical requirements exist for running an auction?
The only infrastructure requirements for using Thompson Auctions are having a cell signal with the major carriers or a WiFi signal.
How can we get started?
Please contact us at info@Thompson-Auctions.com or (504) 261-9944 to tell us more about your event. Or complete the form on our Contact page and we will be back in touch with you shortly. We look forward to helping you make this year's fundraiser your best ever!
What fees does Thompson Auctions charge us?
Thompson Auctions' fees vary based on the number of guests, night-of revenues, and needs of your event. This will be discussed in our first fact finding meeting. You can contact us for a specific quote on your event.