We currently allow three types of Sales:
Fixed Price Sale
This type of Sale has a fixed price (surprise!) and is valid for periods of either 1 day, 2 days, 3 days, 1 week, 2 weeks, 3 weeks or 1 month.
We accept all major credit and debit cards as payment method.
Proceeds from the sale are paid out directly to the seller net of fees.
This type of Sale is the most widely used form of an action also known as the English Auction. User can place bids in steps of $1 or define a maximum bid up to which they are prepared to pay for the item. Our system then automatically places bids according to the maximum bid defined by the user until the upper limit is reached. At the end of the auction the highest bid wins the Sale.
Bids are free of charge and our system pre-authorizes every bid from the bidder's credit or debit card. Bids below $5 or equivalent carry a transaction fee of $0.50 in case the bidder wins the auction. Pre-authorizations for bids that did not win the auction will be returned to the bidder's debit or credit card immediately.
LUB stands for Lowest Unique Bid and in this type of auction the bid with the lowest unique value wins the auction. Let's illustrate it with an example:
User A bids $0.01
User B bids $0.03
User C bids $0.04
User D bids $0.01
If these are the only bids at the end of the auction then User B wins the auction because his/her bid of $0.03 was the lowest unique bid. User A didn't win the auction because even tho it was the lowest bid it was not unique because User D also bid $0.01.
Now User B will pay the total of $0.03 and receive his/her item.
We also allow sellers to create LUB auctions with with payment in Fanaticos which is our in-app currency. The rules are the same but the final amount is being paid in Fanaticos. This is an excellent tool to create free promotions for your Fans.
Bids for LUB auction are charged, you can find pricing here.