Bid4Assets recently launched a new seller tool to quickly process commission-fee credit requests when a seller experiences a non-performing bidder (NPB). Bid4Assets requires bidders to register on the site and put a credit card on file prior to placing a bid on an auction. However, if a seller's auction results in a non-performing bidder, or if the seller provides a jewelry refund, the "Credit Request Center" allows the seller to process the commission-fee credit requests immediately. This new center simplifies transaction requests and significantly decreases processing time typically required with manual commission-fee credit requests.
Bid4Assets' policy equates to a "one strike, you're out" for non-performing bidders. Once a seller completes the information required in the Credit Request Center, the NPB's account is immediately placed on hold and an email is sent to the NPB. This gives the NPB an opportunity to consummate the transaction. If the NPB does not respond within three business days, the NPB account will remain on hold or be suspended. The hold on the NPB's account oftentimes causes the non-performing bidder to make payment and reconcile their accounts for re-instatement. If there is no reply from the NPB within the three business days, the seller's commission fee credit will be processed and the NPB's account will be suspended.
The new feature can be found in the "Credit Request Center" of the seller's "My Bid4Assets" account.
