An electronic silent auction is an online event that involves bidding for items without the need to speak. It’s a great way to bid on items and be able to do it from anywhere, anytime. Electronic silent auctions are becoming more popular because they’re so convenient and easy to use! But before you dive into one, there are three main points about electronic silent auctions that you should know:
The first thing you should know is that electronic auctions have a set time frame.
The second thing you should know is that electronic silent auction sites typically charge fees for using their platform.
Last but not least, electronic silent auctions are safe places to buy and sell items online. In fact, they offer better protection than traditional bidding! This includes payment safety as well as identity security with things like encryption technology and secure socket layer certificates protecting the information being transferred between parties on both ends of the transaction.
How do they work?
This electronic auction works by the seller uploading a product catalog, and then buyers bid on products. Once the bidding is done, both parties are notified of their final price (a proxy for value), which sets up terms that ensure fairness between buyer and seller; this process can be automated if you wish to sell your items quickly or simply want very little interaction with users during an electronic silent auction.
What fees will I pay?
Typically electronic auctions charge sellers either a percentage fee based upon the final price they set for each item sold, or they take a flat rate fee from transactions without considering how much money was actually exchanged. Of course, there may also be other costs as well such as shipping charges associated with sending your goods to customers who won them in an electronic silent auction.
What happens if the item I sold doesn’t arrive?
Typically electronic auctions do not hold sellers responsible for items that are damaged or lost in transit to buyers, and they also don’t usually refund users who win an electronic silent auction but then realize after buying it that they can’t afford to pay for it. Again this is up to each individual electronic auction site so please be aware of their policies before you sell anything on one of these online platforms.
Do I need a business license?
If you plan on selling more than 50 items per month through your company’s website (or any other electronic medium such as eBay) with less than 100 transactions total; typically no licenses will be required.
You may want to check with your city/county, though! Governing electronic silent auction can be quite confusing and if you are not sure of any changes in the laws or where certain types of electronic auctions fall under – it’s always best to ask somebody who knows more about this stuff than yourself…it will save a lot of headaches later on down the road.
For more information, check online.
