Auto auction websites may request you to send them a confirmation of your payment in order to prevent fraud and speed up your purchases. When you make a payment, the financial institution provides you with a transaction order or confirmation. Lately you can forward a scanned copy of bank receipt, telex or swift copy of your payment to the auction company. With the help of this document the company gets informed that you have made a purchase.
Then, they can mark your purchase as sold, and do not charge you late fees if you made a full payment. As you know, most of the car auction websites have strict terms for settling the full payment that vary from 3 to 5 days. But it is quite normal for banks arranging international wire transfers to take 5-7 days to complete the wire. Thus, when you confirm you payment by submitting a copy of bank receipt, the auto auction company usually agrees to wait for several days and does not apply its delay penalty towards your order. Please note, that auction websites do not take care of your bank charge and they will not be able to start shipping until invoiced amount is completely received. So pay attention to this to minimize your cost and time of the payment.
