Whatnot has become a hot spot for collectors and sellers looking to cash in on their unique items. This live-stream auction platform offers a fun way to buy and sell, but it’s important to know the fees involved.
There’s also a payment processing fee of 2.9% plus 30 cents per transaction. This covers the subtotal, tax, and shipping price paid by buyers. For sellers just starting out, these fees might seem steep. But many find the lively atmosphere and engaged audience make up for the costs.
Whatnot’s fees are pretty straightforward compared to some other platforms. Sellers don’t have to worry about listing fees or monthly subscriptions. It’s all about what actually sells.
Here’s what we’ll cover.
- What Are Whatnot Fees?
- Calculating Whatnot Fees
- Whatnot Fees in Different Sectors
- Managing and Reducing Whatnot Fees
- Frequently Asked Questions
What are Whatnot Fees?
Sellers need to know about the fees they’ll face. These costs can impact profits, so it’s smart to learn the basics.
Sellers on Whatnot pay an 8% commission on most items, with a lower 4% rate for coins and money.
Definition and Overview
Whatnot fees are the costs sellers pay to use the platform. They’re like the price of doing business on the app. These fees help Whatnot run its service and make money.
Fees come out of each sale a seller makes. They’re not paid upfront. Instead, Whatnot takes its cut when an item sells. This setup means sellers don’t have to pay if they don’t make sales.
For most items, the main fee is 8% of the sale price. But some categories have different rates. The app also charges for processing payments.
Types of Whatnot Fees
Whatnot has two main types of fees: commission and payment processing.
-
Commission fees:
- 8% for most items
- 4% for Coins & Money
- 5% for electronics (until October 2024)
-
Payment processing fee:
- 2.9% + $0.30 per transaction
The payment processing fee applies to the whole amount a buyer pays. This includes the item price, tax, and shipping costs.
Here’s a quick example:
- Item sells for $100
- Commission: $8 (8% of $100)
- Processing: $3.20 (2.9% of $100 + $0.30)
- Total fees: $11.20
Sellers should factor these fees into their pricing. It helps ensure they still make a profit on each sale.
Calculating Whatnot Fees
Figuring out Whatnot fees can seem tricky, but it’s actually pretty straightforward once you know the basics. Let’s break down how to crunch those numbers and keep more cash in your pocket.
Standard Calculation Methods
Whatnot takes an 8% cut of your sale price for most items. For coins and money, it’s a lower 4% fee. But that’s not all – there’s also a payment processing fee to factor in. This is typically 2.9% of the total order price plus a $0.30 flat fee.
Here’s a quick example:
- Item sale price: $100
- Whatnot fee: $8 (8% of $100)
- Processing fee: $3.20 (2.9% of $100 + $0.30)
- Total fees: $11.20
So, you’d pocket $88.80 from this sale. It’s smart to use a fee calculator to double-check your math.
SellerAider’s crosslisting app can help track these fees and profit across different platforms.
Discounts and Adjustments
Whatnot sometimes offers lower fees to boost sales. European sellers get a sweet deal with just 6.67% commission (plus VAT). New sellers might snag temporary fee reductions too.
Don’t forget about shipping costs! You can pass these on to buyers or absorb them yourself. If you’re selling pricier items, the fees might sting less percentage-wise.
Pro tip: Bundle items to save on fees. You’ll pay one processing fee instead of multiple.
This strategy works great with SellerAider’s Depop and Poshmark bots for automated listings.
Managing and Reducing Whatnot Fees
Sellers on Whatnot can take steps to lower costs and boost profits. Smart strategies and good relationships with providers can make a big difference.
Cost-Saving Strategies
Selling higher-priced items can help offset fees. Try bundling multiple items together to increase the total sale price. This works well for “buyer’s choice” lots with 5-6 items priced at $10 or more.
Focus on unique or in-demand products that can command better prices. This lets you absorb fees more easily. Consider using tools like Selleraider’s crosslisting app to list on multiple platforms. This can increase sales volume and spread out fee costs.
Be mindful of shipping costs. Offer combined shipping on multiple items when possible. Use flat-rate boxes for heavier items to keep costs predictable.
Negotiation with Providers
While Whatnot’s fees are set, sellers can negotiate with other providers. Shop around for the best shipping rates from different carriers. Some offer discounts for high-volume shippers.
Talk to suppliers about bulk discounts or better wholesale prices. Even small savings add up over time. Building good relationships can lead to better deals down the road.
Consider using Selleraider’s bots to automate tasks on other platforms. This can free up time to focus on negotiations and cost-cutting efforts on Whatnot.
Frequently Asked Questions
Sellers on Whatnot need to know about fees, payments, and shipping. Let’s cover some common questions to help you navigate the platform.
How are fees calculated for sellers on Whatnot?
Whatnot takes an 8% commission on most items sold. They also charge a 2.9% + $0.30 payment processing fee per transaction.
For coins and money, the commission is lower at 4%. High-value items over $1,500 get a break too. Whatnot won’t charge commission on the portion above $1,500.
What are the differences in fees between Whatnot and eBay?
Whatnot’s fees are simpler than eBay’s. You’ll pay less on Whatnot for most items. eBay’s fees can vary a lot by category.
Whatnot charges a flat 8% for most things. eBay’s fees can go up to 15% for some categories. Whatnot might be cheaper if you’re selling collectibles or trading cards.
Are there any fees for buyers using Whatnot?
Buyers don’t pay extra fees on Whatnot. The price you see is what you pay. Sellers cover the fees.
This makes shopping on Whatnot easy. You don’t have to worry about hidden costs at checkout.
How does Whatnot handle shipping costs?
Sellers set their own shipping rates on Whatnot. You can charge a flat rate or use calculated shipping.
Whatnot takes their fees from the total, including shipping. So factor that in when setting your rates.
What is the process for payments to sellers on Whatnot?
Whatnot pays sellers pretty quickly. You’ll get your money 48-72 hours after the buyer gets their item.
The payment goes straight to your linked bank account. No need to request a payout like on some other platforms.
Does Whatnot take a percentage from tips received by sellers?
Whatnot doesn’t take a cut of your tips. If a buyer tips you during a live stream, you get to keep all of it.
Tips are a nice way to boost your earnings. They’re especially common during live sales.