# Pricing Policy
You can apply a Pricing Policy to set the starting bid, minimum bid increment and 'buy it now' price for your auction items.
The Pricing Policy is based off the item's value. The minimum starting bid and bid increment is $1.00.
Currently, the item Pricing Policy is applied as a "one-off", meaning it is offered as a single price promotion and will only occur once. The "Pricing Policy" feature set does not establish a default policy to be used when you add new items.
On the Item Dashboard, under its "Actions" sidebar menu, click on Pricing Policy to open the "Item Pricing" page.
Any individual pricing that is changed on individual items after a Pricing Policy is set, will override the policy on that item.
# Pricing Settings
The Item Pricing page lets you set the following as a percentage of the item's value:
- Set the starting bid as a % of the item's value;
- Set the bid increment as a % of the item's value; and,
- Set the buy-it-now price as a % of the item's value.
The calculation used for this will attempt to round the amount to a whole number, with the amount of rounding-up consistent as the value gets bigger.
By default the system will use 'smart rounding' where the amount of rounding applied varies based on the item value. For example, a $100 item should round to different numbers than a $10 item. However, if you want to force rounding to a given multiple then you can enter it here.
The default "smart rounding" rules for the "Starting Bid" are:
- $1 for values < $10
- $2 for values < $20
- $5 for values < $100
- $10 for values $100 and greater
The "Bid Increment" rules are:
- $1 for values < $20
- $2 for values < $100
- $5 for values $100 and greater
For example, if you have an item with a value of $107 and set a starting bid of 10%, then it will be adjusted to $10, not $10.70. The minimum amount used for any calculation is $1.
# Pricing Options
Use the Pricing Options to override the calculations as needed.
Leave this blank to use the "smart rounding" (noted above) which scales with the item's value; or, enter the nearest dollar amount to round calculated values to, for example, round to nearest five dollars would require entering a
- Force buy-it-now as a multiple of the bid increment
If you are setting a bid increment and a buy-it-now price then usually you would want the buy-it-now price to be a fixed number of bid increments over the starting bid. If this checkbox is cleared then the system won't enforce this.
- Overwrite the values on items that already have a value set ...
If an item has a value for a field that is being specified then normally the existing value is left alone. You can use this option to force the newly calculated value to overwrite the existing value. If it is not set, the new value will only be applied when the existing value for that item is blank or 0.
# Choose Items
Use the Choosing Items functionality to select the items.
The default will be all items. Click Apply Pricing to set the Pricing Policy for those items.
You can apply the "policy" as many times as you like although the recommended approach is to add your items and then apply the Pricing Policy towards the end when the items are mostly complete.