Online Auctions-How do they work?

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Online Auctions offer buyers and sellers of varied goods and services a conducive trading environment.  

In order to auction online, one will be required to register first before being able to buy and sell.  This registration is essential for tracking the items one bids, keeping up with the bids, determining the winner and building both the seller and bidder’s database. ‘

 To win, each auction’s bidding closes at the scheduled time.

In the event there are multiple bidders, the highest bidder is always be obliged to buy the item. 

In the event no bid is above the reserve price, the auction is always closed without a winner.  

Communication to the buyer, either about the end of the auction or arranging for both paying and delivering goods is always done via email. 

Finally, looking at mode of payment, buyers always have several payment options depending on the auction platform.  These options include personal check, escrow services, and cash on delivery, debit card, money order and cashier’s check.  

Most buyers prefer credit cards since it offers the consumer protections.

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