Auctions have become an essential
tool for anyone serious about saving money. Almost any item imaginable
can be purchased on Ebay for a substantial discount below the retail
price of a new item. Many of the items on Ebay are new they are just
being offered by a supplier or vendor who is closing out his stock of
a particular item or a vendor who is in the business of buying new,
but unsold stock from retailers at pennies on the dollar and reselling
below regular retail prices.
Using auctions as a source of income
is great new tool for the thrifty minded as well. Even if you are just
selling one or two items now and again they give you access to buyers
around the country or even the world. Some entrepreneurial souls have
even made a livelihood for themselves with online auctions. Actually,
it is not a bad way to get started in business for yourself. Ebay has
already created a market place that lets you sell worldwide--beats the
heck out of just selling to customers in the town you live in.To have
the ability to sell items world wide you don't need to spend a lot of
money or set up any elaborate infrastructure or high tech logistical
supply chain--Ebay has done all that for you. Simply get registered
in their system (that only takes a few minutes) and you are in business.
Auto Auctions
Auction Tips
For Bidders
* Know the rules of the auction site
you are bidding on--they vary from one site to the next.
* Check the feedback of the seller
from other buyers.
*Save all transaction information.
Print the seller's identification; the item description; and the time,
date and price you bid on the item.
* Establish a limit as to how high
you will bid and stick to it. Emotional bidding will lead to paying
too much for an item. By sticking to a bid limit you can guarantee you
get a good price on the object.
*Search and compare prices at several
of the most popular online auctions with auction software that monitors
several auctions at once. This can help you price an item.
*Open and inspect your item as soon
as it arrives. If there is a problem inform the seller right away.
*Get a credit card that limits your
fraud liability to $50 and use it to pay for auctions.
*For the lowest price, look for auctions
that are closing off-peak. Peak closing hours are weekend evenings around
5-6 pm pacific.
For Sellers
* Make sure you provide an accurate
description of the product.
* If possible show a picture of your
item. This is a big aid in allowing bidders to make up their mind to
bid.
* Specify who pays for shipping.
* State your return policy.
* Contact the "winning"
bidder as soon as possible after the auction closes to confirm the final
cost, shipping charges, and to specify where the buyer should send payment.
* You are required to ship merchandise
within the time frame specified during the auction, or, if a time frame
is not specified, within 30 days. If you can't meet the shipping commitment,
you must give the buyer
an opportunity to cancel the order for a full refund or agree to the
new shipping date. To learn more about shipper responsibilities see
"A Business Guide to the Federal Trade Commission's Mail"
or "Telephone Order Merchandise Rule."
Click above to setup your PayPal
account.
If you are buying or selling in
internet auctions it is essential to have a Paypal account. If you are
a buying or selling over the net in any form you will often need a Paypal
account. With an account you can accept credit card payments without
having to set up a merchant account and can send money to any one with
an email address.
For Buyers & Sellers
* Don't use online payment or escrow
service without checking them out first--call their customer service
number and make sure you feel comfortable with them--if not don't do
business through them.
* If you have a problem with a transaction
try to work it out with the other party first then go to the site operator.
* If that doesn't resolve the issue
and you have been cheated turn to the attorney general's office in your
state.
* You can also turn to your state
consumer protection agency, the Better Business Burea, the FTC. File
a complaint online at www.ftc.gov or call toll-free 1-877-FTC-HELP (1-877-382-4357).
