Overstock Turns to Bonding for Online Auctions

Sunday 20 March 2005 19:34 CET | News Auctions and buySAFE are working together to develop a new Trusted Merchant Program for Auction sellers.

The program is expected to launch this spring and will integrate buySAFEs e-commerce bonding service with the 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, 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 Auctions Trusted MerchantsSM. Before an auction seller can participate in the 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.

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Categories: Payments & Commerce | Payments General
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