This article addresses the recent changes to bidding on Listia.
On Wednesday, April 5th, Listia is introducing some changes to how bidding on and paying for listings work.
An overview of the changes:
Bidding will no longer be limited by your available credit balance
Today, you can only bid with credits that you have in your account. This limitation is being removed, and you will soon be able to bid any amount.
High bids will no longer tie up your credits
Currently when you have a high bid, we place a hold on those credits in your account and you are unable to spend those credits. Soon, high bids will no longer affect your credits.
Paying for items you win will become a separate step
After you win an item, visit the auction to provide payment to the seller. When your credit balance does not cover the high bid amount, you can purchase credits on the spot to cover the difference.
Paying for Items You've Won
Today, when you win an item, we immediately deduct credits from your account. Starting on April 5th, there will be a separate checkout process for paying the seller.
Checking out is easy. Simply visit the listing after you've won and provide payment. If you have enough credits, it's a simple one-click process. Otherwise, you can buy the exact amount of credits needed to complete the purchase right from the auction page.
Paying as soon as the listing ends is recommended to get your items as soon as possible. If payment is not provided within 3 days, your transaction will be considered past due and the seller will be able to cancel the transaction. Listia members who fail to pay for items they’ve won will face bidding restrictions and possible account suspension.
Changes for Sellers
With easier, more flexible bidding, we hope that sellers on Listia will see more bidders on their listings, hopefully resulting in higher final bids. As a seller, when your auctions end with a high bidder, you will start off by waiting for their payment. As mentioned above, buyers are urged to pay promptly and have 3 days to provide payment. Once payment is made, your listings will proceed just as they do today.
If 3 days have passed and payment has not been received, you have the option of reaching out to the buyer and giving them more time, or canceling the transaction altogether. If you decide to cancel a transaction, you will be able to re-list the item. Unlike today however, there will be no credits received (because they haven't paid yet).
We will be looking at non-payment very closely to make sure it happens as infrequently as possible. When these changes are released, we will also have checks in place to limit and monitor the bidding activity of newer members. As members prove to be serious bidders/buyers, their limitations will be lifted.
Frequently Asked Questions
Q: Can I really bid ANY amount?
A: Bidding is no longer limited by your credit balance, but in some cases bidders may experience limits when misuse or suspicious bidding activity is detected.
Q: As a winner, if I have enough credits when the listing ends, do I automatically pay?
A: No, even if you have enough credits to pay for the listing you've just won, you will need to visit the auction and provide payment to the seller.
Q: When these changes happen, what happens to my existing high bids?
A: For items you're already the high bidder on, they will behave based on the previous rules (they will tie up your credits and you will automatically pay for that listing when it ends). But if you increase your bid on that same listing, and for all other auctions you newly bid on, the new rules will apply.
Q: What's in it for me?
A: By making bidding a simpler process, we hope to see listings get a boost in bidding activity and interest. Buyers who might not have been able to bid on your listings in the past (because of a low credit balance or because they were already bidding on many other items) are now able to participate.
Q: What if my winner doesn't pay, or doesn't have enough credits to pay?
A: Your winner has 3 days to provide payment before you are able to cancel the transaction and re-list the item. You may also reach out to them to better understand the reason for the delay, but it is your choice to cancel or work with them.
Q: As a seller how do I protect myself from bidders who aren't going to pay?
A: While bidders aren't limited by their credit balance anymore, there will be restrictions based on how long they've been a member and how much experience they have. Brand new users, for example, will have to earn the ability to bid very high or bid on many items at the same time. As they pay for items that they've bid on, their limits will be gradually lifted.
Q: I'm an experienced seller with auto transferring, when do I receive my credits?
A: Sellers with automatic transferring of credits will continue to receive credits based on their transferring limits when payment is made (as opposed to when the listing ends).
Q: When these changes happen, what happens to my live listings?
A: It depends on the winning bid. If your auction ends with a bid that was placed prior to April 5th, payment will be automatic. For bids placed Wednesday and beyond, the first step after your listing ends will be to await payment.