Online Auctions

Online Auctions

When you are shopping online and​ you have crawled through various classifieds and​ visiting endless sales or​ you are just eager to​ get rid of​ some, then online auction might be the​ thing you are looking for. it​ is​ primarily aimed at​ individuals and​ also provides a​ virtual marketplace for​ both the​ buyers and​ the​ sellers.

Since it​ involves low fees and​ also an​ opportunity to​ reach the​ huge potential customer, it​ is​ really an​ economical way to​ sell for​ buyers and​ for​ buyers to​ choose from a​ wide list of​ items at​ bargain prices. for​ making a​ purchase, you need to​ nominate a​ price that you would prefer to​ pay as​ against other interested competitors.

You can bid only on the​ items you want to​ have and​ therefore an​ auction is​ a​ binding contract. Although most of​ the​ auction sites function in​ the​ similar way, you should always read the​ instructions and​ the​ fees and​ charges before you start trading. You can easily get more out of​ the​ auction if​ you take the​ time to​ read for​ any special services being offered. Some of​ the​ businesses use the​ auction websites to​ sell old, surplus or​ other stock with a​ view to​ check the​ popularity of​ upcoming products.

Commonly used terms for​ online auctions
1. Bid Increment is​ the​ smallest amount with the​ help of​ which you can increase a​ bid.
2. Escrow service is​ the​ third party organization that holds your money in​ trust until the​ merchandise is​ delivered.
3. Paymate is​ a​ third party payment system that makes it​ possible for​ the​ sellers to​ accept credit card and​ also direct all the​ debit payments.
4. Proxy bid is​ the​ maximum amount you shall pay for​ any particular item. Any website shall automatically bid for​ you until your nominated price is​ reached.
5. Reserve price is​ the​ lowest price that you are willing to​ sell to​ the​ buyer.

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