Nothing here on the scale of the recent introduction of automated bidding! We keep a very close eye on how we can further improve bidding on the marketplace to further enhance the experience for both website buyers and sellers, and have identified two small changes that will have a big effect on our users’ experience of Flippa.
The first change reduces the baseline for buyer qualification, and the second relates to BIN bids.
Buyer Certification now required on bids over $200
Nothing is more important to a seller than to know that the person bidding on their website for sale is serious about following through on the sale. We introduced premium buyer certification about a year go to assist with this.
This requires bidders to pre-authorize their credit card for $5. The funds are only checked – no actual transaction takes place and nothing appears on the bidders statement. Furthermore, once the bidder is certified, we keep the certification on file for six months so you don’t need to re-certify on each bid.
The baseline for certification was originally $6,000 and was later reduced to $2,000. As more sellers requested that buyer certification be applied to more bidders, the baseline has been further reduced to
$200 to cover a greater proportion of the market activity.
BIN bids now rejected after 3 days
Way back when Flippa was but a small section of SitePoint (well, just over three years ago) Buy It Now bids were introduced as a quick way to end an auction. At this time, sellers didn’t need to approve each bid or bidder, but they did have three days to reject a pending Buy It Now offer if they wished. After three days, the BIN bid was automatically accepted .
Later on, we introduced a three-day window to accept any bid — only this time, bids were automatically rejected after three days.
See a bit of a discrepancy there?
We did as well. That’s why we’ve changing the way Buy It Now offers are handled. As of today, all bid applications, including for a Buy It Now, will now be rejected after 72 hours unless the seller approves them.
Note that Sellers should always be attentive to their listing, but this system ensures that sellers won’t automatically accept a bidder because they were away from the computer.
Have questions on how Buy It Now bids work? How about buyer certification? Let us know in the comments!