How Auctions Work
Support Article for Merchants & Consumers · Last Revised Apr 22, 2023
Auctions follow the same principals as usual auctions sites - A seller lists an item up for auction that is greater than $10 USD in value - States how long they are willing to accept bids for and their reserve price(the minimum final amount they are willing to take for the item) and how long delivery will take after the auction is complete. The buyer places a bid in an auction, if above the sellers reserve the buyer will win, at which point payment must be completed to the seller and then the seller will complete the auction. Read below for more in-depth descriptions.
Sellers Auction Process:
1) Determine What Item You Would Like To Auction that is > $10 USD
2) Go to the respective category on MMOSWAP.COM and change from "listings" to "auctions" and click "create an auction".
3) Enter your reserve price(the minimum total bid your willing to accept for the item), the timeframe of the auction, the delivery speed after the auction is complete and fill out all other form information, then click submit.
4) Your auction will go live instantly and will run with a count-down on it for bids, if no bids are received, you can resubmit the same auction with the same settings again, if you receive bids but your reserve is not met, all bids are voided at the end of the auction. If you recieve bids and your reserve is met, at the end of the auction timer you enter a contractual obligation with the top bidder to deliver the auctioned item in its correct condition that you listed it in within the obligated timeframe.
5) If there are any issues with auction transactions, both buyers and sellers can raise a dispute for MMOSWAP staff to then arbitrate.
6) To withdraw proceeds from Auctions, follow the standard withdrawal process. All Auctions incur a flat 5% + $1 fee upon successful completion.
Buyers Auction Process:
1) Identify what auction you would like to bid in, and submit a bid that you feel is reasonable. Note: IF your bid is below a sellers reserve - the seller is not obligated to fulfill delivery and no contractual obligation exists between you and the seller if a reserve is not met.
2) If you win an auction - Contact the seller or await seller contact to fulfil the auctioned good you won - If you are paying the seller through one of their direct payment options please complete payment before contacting the seller so they are able to proceed directly with delivery of your auctioned items.
3) You will pay no fees for participating or bidding in an auction - Ever. Even if you are the winning bidder, all auction fees are placed on the auction seller.
3) Once delivery is complete, mark the auction order as completed and enjoy!
Sellers Auction Process:
1) Determine What Item You Would Like To Auction that is > $10 USD
2) Go to the respective category on MMOSWAP.COM and change from "listings" to "auctions" and click "create an auction".
3) Enter your reserve price(the minimum total bid your willing to accept for the item), the timeframe of the auction, the delivery speed after the auction is complete and fill out all other form information, then click submit.
4) Your auction will go live instantly and will run with a count-down on it for bids, if no bids are received, you can resubmit the same auction with the same settings again, if you receive bids but your reserve is not met, all bids are voided at the end of the auction. If you recieve bids and your reserve is met, at the end of the auction timer you enter a contractual obligation with the top bidder to deliver the auctioned item in its correct condition that you listed it in within the obligated timeframe.
5) If there are any issues with auction transactions, both buyers and sellers can raise a dispute for MMOSWAP staff to then arbitrate.
6) To withdraw proceeds from Auctions, follow the standard withdrawal process. All Auctions incur a flat 5% + $1 fee upon successful completion.
Buyers Auction Process:
1) Identify what auction you would like to bid in, and submit a bid that you feel is reasonable. Note: IF your bid is below a sellers reserve - the seller is not obligated to fulfill delivery and no contractual obligation exists between you and the seller if a reserve is not met.
2) If you win an auction - Contact the seller or await seller contact to fulfil the auctioned good you won - If you are paying the seller through one of their direct payment options please complete payment before contacting the seller so they are able to proceed directly with delivery of your auctioned items.
3) You will pay no fees for participating or bidding in an auction - Ever. Even if you are the winning bidder, all auction fees are placed on the auction seller.
3) Once delivery is complete, mark the auction order as completed and enjoy!
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