Silk Road forums
Support => Technical support => Topic started by: le Magnifique on April 13, 2013, 06:04 pm
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Can any1 pls shed a lil light on my problem, i made a private listing for a customer earlier today, the value of the item was $340 but after my customer has made the purchase SR are only showing $263 in my escrow. I have all my listings pegged to the $ and hedged, i thought this would mean that what ever price bitcoins were @ i would still get the correct dollar amount. Where did i go wrong? Sum1 pls help as this makes no sense to me at the moment.
i have only been a vendor for 3 days and this is my first order so i really want to get this right.
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Can any1 pls shed a lil light on my problem, i made a private listing for a customer earlier today, the value of the item was $340 but after my customer has made the purchase SR are only showing $263 in my escrow. I have all my listings pegged to the $ and hedged, i thought this would mean that what ever price bitcoins were @ i would still get the correct dollar amount. Where did i go wrong? Sum1 pls help as this makes no sense to me at the moment.
i have only been a vendor for 3 days and this is my first order so i really want to get this right.
Hi le Magnifique,
What happened with that order is that you chose 'post-commission pricing' rather than 'pre-commission pricing'.
You can read about the differences between the two in my response to another member in another thread; I've quoted it below for your convenience:
Can somebody please elaborate on this..
we have our Listings up we want them to show exactly the price the customer has to pay in the end ALL INCLUSIVE!
When you enter your product prices there should be a 2 more fields which shows how much goes to you in the end after comission ..after hedging.-
for example we trow out sample offers for 70 bucks but in the end they cost 76.xx
this is always a bit confusing...also customers cant see if our pricing is post or pre comission.
or do we just understand this wrong ?
also how long does it take for the pricing changes to appear in listings?
Hi Bungee54,
As I understand it, choosing "post-commission pricing" will allow you to set the price at $70, and that is what your customer will see on the listing. He will pay $70, however, you will receive less than that ($70 - $5.95 (8.5% commission) = $64.05) when the transaction is complete.
If you choose to hedge your order, you will be charged a further 4% ($2.80), so the amount you receive will be $61.25, but the customer will still only see and pay $70.
If you choose "pre-commission pricing" and you set the price at $70, you will receive $70 when the transaction is complete but your customer will see and pay a price of $75.95.
If you choose to hedge your order the amount you receive will still be $70, but the customer will now see a price of $78.99 ($75.95 + $3.04 hedging fee.)
(I'm not entirely sure if the hedging fee is calculated on the full amount including commission or the amount without commission - I'm not a vendor, so perhaps a vendor that uses hedging can clarify that for you.)
The commission rates are as follows:
10% of the first $50
8.5% of $50 - 150
6% of $150 - 300
3% of $300 - 500
2% of $500 - 1000
1.5% for everything over $1000
The above figures are directly quoted from the State of the Road Address by DPR here: http://dkn255hz262ypmii.onion/index.php?topic=8397.0
So your customer will see the all-inclusive price both ways - with the first way you end up with less money at the end of the transaction than the price you set but the price you set is shown on the listing (inclusive of all fees); with the second way, you get fully paid the price you set but your customer sees a higher price on the listing (inclusive of all fees).
The pricing option descriptions are available under "Pricing" in the seller's guide here: http://silkroadvb5piz3r.onion/index.php/silkroad/sellers_guide
It still sounds fairly complicated, but I hope I've been of some help to you.
- grahamgreene
I would also encourage you to read the post in my signature, also quoted below:
Been searching the wiki and the forums and can't seem to see the transaction fee %'s spelled out anywhere.
Anybody know them, or have a link\want to point me in the right direction?
Hi moksha,
The commission scale has been laid out on the forums a number of times but it always disappears in the haze of crazy posts! Here's an example from DPR's State of the Road Address:
http://dkn255hz262ypmii.onion/index.php?topic=8397.0
We also went to the Silk Road independent sellers to see what they thought an appropriate commission schedule would look like. The average response looked like this:
15% of the first $10
11% of $10 - $50
8.14% of $50 - $250
5.6% of $250 - $1000
3.7% of $1000 - $5000
We looked at past sales data and our current and future revenue needs and were able to bring these numbers down even further:
10% of the first $50
8.5% of $50 - 150
6% of $150 - 300
3% of $300 - 500
2% of $500 - 1000
1.5% for everything over $1000
So taking DPR's fee scale, here is how a sale is broken down:
In a $300 sale, for example:
$50 is charged at 10% of the first $50, so $5 fee.
$100 is charged at 8.5% of the next $50 - $100, so $8.50 fee.
$150 is charged at 6% of the final $150 - $300, so $9 fee.
Total: $300.
Total commission: $22.50
Total paid to vendor for item: $277.50
Total paid to vendor for item, if hedging order (@ 4% hedging fee): $266.40
In a $1016 sale, for example:
$50 is charged at 10% from the $0 - $50 point, so $5 fee.
$100 is charged at 8.5% from the $50 - $100 point, so $8.50 fee.
$150 is charged at 6% from the $150 - $300 point, so $9 fee.
$200 is charged at 3% from the $300 - $500 point, so $6 fee.
$500 is charged at 2% from the $500 - $1000 point, so $10 fee.
$16 is charged at 1.5% from the $1000 and up point, so $0.24 fee.
Total: $1016.
Total commission: $38.74
Total paid to vendor for item: $977.26
Total paid to vendor for item, if hedging order (@ 4% hedging fee): $938.17
You may also be interested in the post I wrote in response to a question asked by Bungee54 about pre-commission and post-commission pricing. That post explains how much you get if you choose pre-commission, how much you get if you choose post-commission, how much you get if you decide to hedge, and what the customer will actually see on the listing itself depending on the option you choose.
You can find that post here:
http://dkn255hz262ypmii.onion/index.php?topic=37765.msg429683#msg429683
- grahamgreene
The link at the end of the above quote is the first part of my message above so there's no need to open it.
Please also re-read the Seller's Guide (http://dkn255hz262ypmii.onion/wiki/index.php?title=Seller%27s_Guide) in its entirety as you really need to know everything that's contained within it in order to become a successful vendor and not fall afoul of the rules governing your vendor privileges. The section relating to your current issue is 'Pricing'.
- grahamgreene
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Graham thanks for the reply, but i think the problem is caused by something other than my commission settings as i have my settings on pre commission. What i found was happening was the price of my listing dropped just like when the btc price on a pegged listing moves to reflect the current rate on the dollar, but it wasn't reflecting the price i had set but a much lower one (still confused). Managed to get the transaction sorted tho and still found your post useful as i had no firm idea on the SR commission rates, Cheers.
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Graham thanks for the reply, but i think the problem is caused by something other than my commission settings as i have my settings on pre commission. What i found was happening was the price of my listing dropped just like when the btc price on a pegged listing moves to reflect the current rate on the dollar, but it wasn't reflecting the price i had set but a much lower one (still confused). Managed to get the transaction sorted tho and still found your post useful as i had no firm idea on the SR commission rates, Cheers.
There's a chance that it may have been an error as a result of the recent site upgrades. Perhaps consider reporting it to SR Support along with any pertinent information and see if they can shed any light on it.
Glad you found at least part of it helpful though!
- grahamgreene
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I'm having similar problems. I have a listing for $4100 and in the escrow it's only showing $4026. I use hedging and pre-commission pricing.
There are similar mis-matches with many of my other listings, which means I'm going to be paid out quite a bit less than I should be.
What's going on?
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I think someone is manipulating the BTC to USD price ticker for the site so they can rip off vendors. When i was on the site last's night I noticed that the bitcoins in my account where valued at double of what they should be? This means that when this glitch is in effect the sellers are all losing 50% of their bicoins.
I think this is a massive issue and needs to be fixed yesterday. I am considering removing all my listings until this problem doesn't happen anymore.
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Reporting it up now.
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Around 24 hours ago I had a buyer that was able to place an order for 0.00BTC, while the actual listing was for $70USD.
I saw this error an cancelled the order in time. Very disturbing.
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Around 24 hours ago I had a buyer that was able to place an order for 0.00BTC, while the actual listing was for $70USD.
I saw this error an cancelled the order in time. Very disturbing.
I've have just reported this.