Hi Everyone!Now that we have our goals set and the strategy to differentiate ourselves set, what comes next? The next step is to look over your bot options. MTGOLibrary offers bots for a monthly, yearly, or lifetime license. There are also options for paying per transaction.
The transaction cost per trade is 2.5%. If you plan to buy and sell cards in bulk this is an excellent option. This model is most effective when you are trying to do business mostly in inexpensive cards. Many bulk bots can be found on Magic Online and this is an excellent strategy because most trades are for a lot of cards for a low dollar amount. What if I want to deal in more expensive cards?
For more expensive cards, I'd recommend buying a license. A monthly or annual license is a good option but over the long term, the best option is a lifetime license if you plan to run an ongoing business. Some good times to use the monthly or annual license is when you have a collection you'd like to sell and don't want to pay 10%+ to ebay to list your collection, also you're likely to get much less per card in this scenario.
How can we calculate what's the best option for you? It's pretty easy. If you're going to be buying and selling over the long term, I certainly recommend a lifetime license because if you buy a card and sell a card you pay a fee on buying and another fee on selling. Take the expected amount of sales you plan to make monthly plus the expected amount of purchases made monthly and add them together (you do have this expected number in your goals you set earlier, right?). If that number is more than the cost of a monthly/yearly license, get the license.
Next time we will talk about obtaining inventory.
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