StockX revealed a new processing fee to customers today that will be added to the purchase price of an item.
In an email, the company said “buyers on StockX will see a new 3% processing fee.” It will go into effect April 22 and bids placed before the date will not be subject to the fee. The reason the fee was added, the email stated, is so StockX can continue to make investments into the platform, customer service and the verification process.
StockX’s Frequently Asked Questions page further explains the fee, stating the minimum fee charged will be $4.95 and the maximum fee is capped at $29.95. Also, the company explained that the fees may increase or decrease internationally based on local exchange rates.
The email was shared on social media and was criticized by the sneaker community. A competitive platform, eBay, also appeared to troll StockX on Twitter with a tweet stating, “We wanted to take this moment to remind our sneaker community that eBay has ZERO fees for buyers and ZERO fees for sellers $100+. Just sayin’.”
Watch on FN
StockX responded to FN’s request for comment in response to the email backlash.
“At StockX, our objective is to deliver a superior marketplace experience built on our core brand pillars of trust, authenticity and anonymity. As our marketplace continues to grow, so do our investments in the platform and the costs required to improve the level of service to StockX customers worldwide. StockX customers are, and always will be, the heart and soul of our company — this update was put in place to best serve and support the high-touch customer experience we afford our millions of buyers and sellers across 197 countries and territories globally,” the company said in a statement.
CEOs on Coronavirus: Scott Cutler of StockX Believes the Industry Will Recover ‘Faster Than You Expect’
Industry Moves: StockX Adds Chief Technology Officer
Hire Up: Why Joining StockX Was Deena Bahri’s Best Career Decision