buySAFE Inc. and The Hartford Financial Services Group Inc. launched a new service Monday to address online auction risks on eBay. "buySAFE with The Hartford" enables approved eBay sellers to present a credibility seal and financially protect buyers using surety bonds.
buySAFE performs a rigorous qualification check on sellers to reduce problems such as fraud or misrepresentation. The buySAFE Seal informs buyers they are dealing with a reputable, trustworthy merchant. The Hartford, one of the top 10 U.S. surety bond writers, underwrites and issues surety bonds for a qualified seller’s online transactions. The bonds provide that The Hartford will refund the item’s sale price or replace the item in the event the bonded seller does not fulfill the terms of the sale. This protects consumers from certain online transaction risks such as fraud, misrepresentation, refund failure and seller default.
Sellers pay 1% of the selling price to buySAFE, with a minimum charge of $5 per month. Sellers may choose which eBay listings they wish to bond.
