Are you getting the most out of your eBay account
Are you getting the most out of your eBay account
Internet auctions started as a hobby for a few computer people in the San Francisco area to have a "virtual swap meet" and get rid of some unwanted things they had, and find some things they wanted. In little over ten years, this fun little idea became a multi-billion-dollar enterprise and a global phenomenon, and amazingly, presents one of the best low-risk opportunities in history to start or grow a business! The potential is limitless and is still growing. Online auctions can generate very high revenues for sellers and often, good deals for buyers, and the transaction costs are usually very reasonable (I can show you how to keep them down). The best part about this is that the marketplace is open to everyone. You can read my report today and be selling your old junk on eBay for profit tonightbut selling your old junk is only the beginning.
Recently, online auctions have been in the news for less optimistic reasons like scams and fraud. For the same reasons eBay enables speed, anonymity and a global marketplace to honest buyers and sellers, it also provides opportunities for the less honest members of the community, in particular, credit card scams in certain Third World locations. However, there are millions of auctions every day, and like the majority of any community, the vast majority of these auctions are run fairly and more importantly, they are making the sellers vast amounts of money. Where there is opportunity there is risk. In my report I'll help you understand both, to maximize one and avoid the other..
How do online auctions work?
An online auction is just like any traditional auction, fundamentally. Someone (a "seller") offers something either at a set price, a minimum price, or on open bidding. Others ("bidders") make offers on the item by stating what they are willing to pay. Upon successful completion there will generally be a "highest bidder," who has now become the "buyer."
There is one main difference between eBay and a traditional auction like you might have seen at Christie's or Sotheby's: eBay facilitates the auction but never takes possession of the goods, and makes no specific warranties about the item's quality, the seller or buyer's honesty, nor does it play any direct role in payments relating to buyer's and seller's, but rather, takes fees from buyers whether items are sold, paid for, delivered, or not, and essentially operates as a very complex bulletin board, not a true auction house in most cases. It is the responsibility of the person hosting the auction to deliver the item to the successful winning bidder, while the winning bidder needs to ensure he makes the payment and receives the shipment on time and in the expected condition.
Payment is paid through a variety of possible methods including checks, money orders, electronic transfer systems, credit cards, wires, and more. Generally the seller in an auction will state what kind of payment they will accept, and the potential buyer can decide whether to bid with that, and sometimes other, restrictions in mind.
To make it more likely that buyers and sellers will provide quality service to each other and honest goods, a fundamental aspect of eBay and most of its copycat sites is called "feedback." Feedback is basically a rating system that allows buyers and sellers to see what other buyers and sellers thought about doing business with a particular person/entity in the community.
What's for sale? Pretty much everything except those categories eBay chooses to limit or ban (such as firearms, certain adult materials, and so on). Auctions are of many types and styles, ranging from items literally priced at 1 cent, to items worth millions of dollars, which will usually involve escrow payments and other special terms. In my report we'll look more closely at the kinds of auctions there are today.
What are the methods of payment?
You can generally pay for an auction the same way you would pay for anything at a local business cash, check, credit cards depending on the preferences of the business (in this case the seller). For many years before the broad-based establishment of online payment systems, money orders were the most popular form of payment on eBay because they are easier to get than a certified bank check -- they are also usually cheaper -- and they represent "guaranteed" money, which a personal or business check does not. There is a bias among sellers for fast and guaranteed payment. There is a bias among buyers for payment that can be traced back or investigated in the event of a problem with delivery. The evolution of online payment services like PayPal (which eBay now owns) answered both parties needs and is rapidly becoming the most popular method for auctions of typical values say a few dollars up to a few thousand dollars. Beyond that it will be COD, cashier's/bank checks or escrow services.
What are online Payment Services?
Online payment services started as a "virtual" cash transaction system using "fake" digital money about 19 years ago. This quickly evolved into using real money, which was generally tied to a credit card transaction not very different than what you do for mail order. Stores and catalog retailers generally have "merchant accounts" with credit card processors. The online payment services enable anyone to "take" credit cards, for fees like most small business merchant account rates, around 1 to 4%. Online payment services have gotten more diverse as technology has evolved you can now link multiple bank accounts as well as multiple credit cards to, for example, a PayPal account. Today, the online payment services function like banks, which some of them actually are.
When you sell something on eBay, and you receive payment via PayPal, the buyer may have paid by cash or credit card, and the net amount, minus fees, is deposited into your PayPal account. From there you can pay for something yourself directly, withdraw the money on an ATM or credit card, transfer the money into another account, or have a check sent each month. Most online payment services are very much like PayPal, with a fee structure aimed at the recipient of the money, but there are exceptions. BidPay, which is owned by Western Union, is a form of virtual money order and is also popular on eBay. Unlike PayPal and most other services which charge the receiver of the payment, BidPay, like its parent, charges the sender of the money.
Looking to get your share on the billions of dollars being passed around on eBay? Grab your copy of my report "Mining Gold from eBay" and I'll share all my secrets for getting you started selling today.
Give Me 30 Minutes And I'll Have You Ready To Start Your Own eBay Empire, Sell Dozens Of Items Each Day And Claim "Superseller" Status!
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Property Auction- Free Interesting Guide For Auction Things to Consider when Selling on eBay How to be Successful on eBay Bidding and Buying on eBay: Overview What You'll Find on eBay Why You Should Buy on eBay Checking Feedback on eBay Effectively Sell your Items on eBay Completed Auction Searches are a Valuable Tool When to Open an eBay Store Penny Auctions" Facts & Fictions It's Easy to Make Money on eBay! Tried And Tested Ebay Arbitrage Strategies For You To Try