News

Overstock Turns to Bonding for Online Auctions

Sunday 20 March 2005 19:34 CET | News

Overstock.com Auctions and buySAFE are working together to develop a new Trusted Merchant Program for Overstock.com Auction sellers.

The program is expected to launch this spring and will integrate buySAFEs e-commerce bonding service with the Overstock.com Auctions platform. According to a 2004 report by the National Fraud Information Center, 51% of complaints it logged were related to Online Auctions where goods were never delivered or were misrepresented. Given that statistic, Holly MacDonald-Korth, vice president of auctions at Overstock.com, said that sellers participating in the Trusted Merchant Program will have a distinct advantage over other sellers as more shoppers familiarize themselves with the benefits of bonded sellers and seek out Overstock.com Auctions Trusted MerchantsSM. Before an auction seller can participate in the Overstock.com Auctions Trusted Merchant Program, buySAFE will verify the merchants identity, financial stability, online sales experience and confirm that they are committed to providing their buyers with an outstanding shopping experience. Only then does the seller become bonded, giving them the ability to guarantee transactions up to $25,000 and allowing them to display the Trusted Merchant icon and the buySAFE Seal.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce







Industry Events