Basic Rules in Online Auction
Online auction provides a convenient and cost effective method of trading for both buyers and sellers.
Buyers can inspect the goods being sold virtually, without leaving their home or office,
or wherever they can access the internet.
Sellers have a large worldwide market where they can sell their wares with lower operating costs.
Internet auction should also be viewed with a little caution.
Some online auction sales can be fraudulent,
with transaction irregularities such as,
shipment delay or no shipment at all, inferior product quality and payment problems.
Online auctions are similar to regular auction
except that online auctionsare performed via the internet,
without the physical presence of buyers and sellers and the goods being auctioned.
Traditional auctions can be quite stressful for the bidder.
Online auctions are more relaxing as you can do it alone and without disturbance.
How can sellers initiate online auction
Both individuals and businesses can take part in online auctions.
To take part the seller must first register at the auction web site.
Once registered a seller will have to pay a listing fee
for each item he wishes to sell.
Just as in traditional auctions, the seller may specify a minimum bid
or price for the auctioned item which he may or may not disclose.
The seller may also have the items auctioned for a limited period only.
When the time for the bidding is up, the bidder who offered the highest price wins the auction.
However, if the bid price is below the minimum bid set by the seller,
then he may choose to close the auction without any winner.
After the auction, the seller and his buyer make arrangements, usually through emails or instant messengers,
as to the manner of shipment and payment of the auctioned goods.
Payment for auctioned items is usually done through credit cards, checks, or by money order.
Auctions sites also avail of payment services through Papal or Direct Wire Transfers.
Other auction sites make use of the escrow system, one of the preferred methods of payment due to its safety features.
Under the escrow system, the buyer deposits the payment to an account or escrow service,
and the payment is only released to the seller when the buyer has received the item and approved it.
Online auction buyers should be careful
when joining an online auction particularly if they are not well versed with the process involved.
To make sure they are not duped, buyers should:
1. Familiarize themselves with two or more auction sites and compare the rules to see which is better and safer.
2. Look for protection offered by auction sites like insurance for undelivered items
or if the items delivered are below the standards promised by the buyer.
3. Make sure they know the items they are buying, its description, present market value and other characteristics.
4. Scrutinize the seller and make sure the seller is legitimate.
Be very wary of sellers who suggest negotiations outside the auction site.
Check the seller's feedback and rating, and if possible, get his contact details.
5. Determine the options you have in the shipment and delivery of the product,
what are the costs of pshipment postage packing, is insurance included.
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