New to Online Auctions FAQ

Welcome to buynsellit.com and the exciting world of online auctions. We will attempt to answer some of the more common questions pertaining to online auctions in this document. If you need additional assistance, our customer service team will be more than happy to assist you.

What is an online auction?

An online auction is a place where people sell items in an auction atmosphere. Online auctions contain the same components (items, seller, bidder, price, quantity) that their live auction counterparts have. Only online auctions are done via the computer.

In an online auction, sellers list an item for sale and include a ending time (time after which no more bids are accepted), starting bid, description of the item and often times include a picture. Bidders view the item online (on the computer over the Internet) and place bids on the item. Once the auction ends, the seller is notified of the winning bid.

How do I bid?

To bid, you must first register with buynsellit.com Once you are registered bidding is easy. Visit an item page and when asked enter your user name, password and the amount you are willing to bid on this item. Click the submit bid button and your bid is entered.

Remember - Bidding on an item is a contract. Once you place a bid you have told the seller, "YES SELL IT TO ME". If you value your reputation at online auctions, it is best to not back out of bids you placed.

How do I sell items?

To sell an item you must register as a seller. To register as a seller requires you to have a valid credit card number. One you are registered as a seller, login to our members area and visit the sell an item page.

We will ask you some basic information about the item you are selling including a name for the item, a description of the item, the price you want to start bidding at and the length of time you want the auction to run for.

If you have problems listing items, visit our customer service center.

Some Auction Terms

Bid increment - The amount by which a bid must increase. Example a $1 bid increment means Mary may bid $1 but John Then must bid $2 ($1 bid increment).

Bidder - The person who places a bid on an item.

Bulk Listing - Listing many items (usually 100 or more) at a single time. We have tools available to help you do this. Contact our customer service center for more information.

Commission Fee - A fee charged to the seller of an item. The fee is based on the final sale price.

Dutch Auction - Similar to English auctions in that the highest bid wins. However for multiple quantity items, all winners will pay the amount of the lowest winning bid.

English Auction - The typical highest-bid-wins auction. If multiple quantities are auctioned, the bidders pay the amount of their winning bid.

End Time - The date and time of day (Central Standard Time) that an auction ends.

Escrow - Escrow offers advantages to both the seller and the bidder. For example, a bidder can inspect merchandise (by using escrow) before the seller is paid. The seller is protected against credit card fraud, non-sufficient funds and credit card chargebacks. Escrow is a process by which the bidder presents payment to a third party, the seller sends the merchandise to the bidder and when all parties are satisifed the seller receives payment.

Featured/Hot Item - A special item that is displayed above all other items.

Feedback - Your online reputation. When you make transactions, people leave comments about you. These comments may be favorable, neutral or distressing. The goal here is to please the person you are dealing with online so they leave you favorable feedback.

Fix Sale - An item for sale at a fixed price (similar to a grocery store ... buy a loaf of bread at $1.19)

Handle - The user name of a seller or bidder. This is a way to identify you to others on the website.

High Bidder - The winning bidder. The person who offers the most cash to win an item.

Keystone Seller - A seller that lists lots of items on buynsellit.com

Listing Fee - A fee charged to a the seller when they list an item. buynsellit.com does not charge listing fees.

Reserve - The price at which a seller will sell an item at. This is always more than the starting bid. If a reserve price is not met, the seller does not have to sell the item. We generally discourage the use of reserve prices and encourage our sellers to use higher starting bids.

Seller - The person selling an item

Start Time - The date and time of day (Central Standard Time) that an auction starts.

Starting Bid - The price at which bidding on an item begins.

Storefront - A central location where all of a sellers items are showcased.

How do I know If I won?