Q Must I be registered before placing a bid on Bid2gro?
A Yes both sellers and buyers need to register before participating in a auction.
Q Are there any costs involved in registering?
A No, any legitimate person or entity can register absolutely free of charge.
Q What is the auctioneering costs, and who pays for it?
A The auctioneers commission is 6.5% of the selling price and this is paid by the seller. Sellers need to take this into account when setting the reserve price for the auction.
Q Why is Tradesafe the only payment gateway used on the Bid2gro website?
A The keyword is Safe Trading. All participants on our site are “vetted” and screened before being verified as legitimate entities fit to participate in any transaction on our site. The fact that Tradesafe is a registered escrow, doubles up the security of Bid2gro trading.
Q What is a escrow?
A A escrow is a safe or trust fund in which the buyers payment is deposited after winning a auction, for safe keeping. These funds are only released once the buyer is satisfied that the auction item purchased is legitimate as advertised. The escrow thus serves as protection for both buyer and seller.
Q Can I, as a buyer cancel a transaction if I’m not satisfied with the goods?
A Yes you can. You will be refunded by the escrow before completion of the transaction.
Q What are the transaction costs with Tradesafe and who pays for it?
A The buyer pays for the Tradesafe transaction costs of R20 (base fee) + 3% of the transaction value. This needs to be taken into consideration before placing a bid on an auction.