A buyers guide to completing auction transactions successfully.
This guide is aimed at helping buyers understand why certain terms & procedures exist in auctions, and better explains the main points and benefits of; Communication, Terms, Conditions, Asking Questions and Payment Methods.
Communication plays a large part in a successful transaction, communication both on the part of the Buyer and Seller ensures that both parties are kept aware of the progress of payment, shipping, and other important information.
When buying an item ensure that you’ve asked the seller any questions regarding concerns or expectations you have of the product in auction. When proceeding to pay for the item after purchasing, let the seller know that you’ve paid for the item and let them know the details of your payment, eg; which bank it was made from, if made over the counter at a bank, or the reference that was used in an Internet Funds Transfer, by doing this you provide the seller with good communication on a buyers part and provide the seller with the necessary information to quickly process your payment and fulfil your purchase transaction.
Terms & Conditions
Terms & Conditions in auctions are usually there to streamline a transaction, to ensure a purchased item can be sent off to a buyer as quickly and hassle-free as possible. One thing to remember is that Terms & Conditions in eBay auctions are ‘Legally Binding’ under Australian Law, this means that once you have purchased the item you are bound by the ‘Auction Contract’ which contained the Terms & Conditions listed in the auction.
Corporate & Business sellers will almost always have Terms & Conditions set in their auctions which work with their own accounting system and stock set-up, enabling the seller to streamline each sale to a buyer and expedite dispatch of the purchased goods to a buyer. When a buyer doesn’t follow payment terms however it can cause problems for the seller in identifying payments and in shipping delays.
Terms may include such things as; Pickups & Postage, Product specific statements, When a payment is to be received by, Accepted Payment Methods, and more.
It’s important to make sure you read and understand all Terms & Conditions prior to purchasing a product in auction, and if unsure of anything at all contact the seller to clarify any uncertainties before purchasing.
Never feel silly or ashamed of asking a question regarding a product in auction, no matter what your question may be, most sellers are only too happy to answer any queries you may have.
Asking questions regarding your expectations of a product or of any subject at all before you purchase a product in auction is the very best way to make sure you’re both buying the right product for you, and from the right seller for you.
Payment is an important part of an auction, not just so that the seller receives your payment and sends the item, but also mainly that the payment is made in the manner specified in the Terms of the auction.
Not all payment methods will be the same, so it’s most important to make sure you read and understand the written payment instructions in each auction you purchase from.
In most auctions the very best reference to use in deposits is your Full Name, or even your eBay Username, as these references will be unique to your purchase in the seller’s accounting, but other sellers auctions will vary and have different terms regarding payment also.
Some Handy Hints to remember:
When paying over the counter at a bank, let the seller know the BSB number of the bank you paid at, this will allow the seller to check their account for a deposit which has that BSB as a reference.
When paying via Direct Deposit over the Internet, let the seller know when you’ve made a payment and provide the seller with an emailed receipt of all the deposit details, this gives the seller all the details they should need to quickly locate your payment in their account (once your payment clears) and to have the item sent off to you in a timely manner.
Buying in Auctions can be a lot of fun, and you can get some great bargains, the information guide we've provided above should help buyers understand why certain components of an auction are present, and why it's necessary for terms in auctions to exist. We hope that you may find the information useful, and that all your auction purchases be positive ones.