BizHub Auctions was created to help people, who are struggling financially due to the recession and the Covid lockdowns, to generate much-needed income, using what they have at hand. If you need cash and you have good quality, used items at home that you can sell and turn into money, listing them for sale in BizHub Auctions is the best and most fun way to do that.
Whether you are an entrepreneur with a physical shop or you work from home and you have new stock on hand that you want to sell, or you have slow-moving stock that you want to monetize so you can buy new merchandise, list your products in our Auction Site, set your reserve price (optional), put in the start and end date & time, the starting bid, bid increments and "Buy Now" price, and watch the bids start rolling in!
We will teach you everything you need to know (see below), and you'll be able to register, login and manage your listings yourself.
Your shop in the BizHub Auction Site is easy to setup and run. You can setup your auctions and be ready for people to start bidding in less than 30 minutes.
You get FREE use of our payment gateway and our merchant account and you pay no monthly rent, only a fixed admin fee per sale that you make, as is standard for all auctioneers, online or offline.
For your peace of mind, all transactions go through our secure escrow service and, when you know a sale has been made (via email/Account notification), you simply parcel up the order and call your favourite courier company to pick it up and deliver it to your buyer. (We will soon have our own, dedicated courier service).
The buyer notifies the escrow service within a set period of time (2-5 days) that they have received the parcel and that they are satisfied with the product, and the funds are immediately released into your private ewallet that we give you, so you maintain control over your funds yourself. If the escrow service does not receive a notification from the buyer within the set time period, they will assume that all is well and they will transfer your funds to you, less their 0.75% fee that each party pays (1.5% in total).
Quick Auction Setup.
These are Items that you are prohibited from selling in Central BizHub Malls Shops and Auction sites. We may add to or remove items from this list as time goes on.
Advanced usage usually means setting up proxy bidding (auto bidding) and reverse auctions (for example, you post a coding project and want to get the lowest possible price for it). If you set a reserve price for a proxy auction, the first proxy bid will be automatically raised to that (reserve price) value.
Quick overview of the auction workflow / process.
You (the seller) set up new auctions which are visible on our website. The User bids on an auction and is either outbid or wins the auction. The User / Customer now needs to pay for the auction won. There is no way to force the User to pay for an auction so you need to take that into consideration. Auctions that are sold (finished but not paid) and failed can be relisted manually. Just login to do this and set new start and end dates and times. You might want to change some prices in case they are responsible for the auction failing, eg: the starting price and the bid increments are too high, or the "Reserve" or "Buy it Now" prices are too high.
An Order is created when the winner clicks the “Pay Now” button. If the User does not click on the “Pay Now” button the Order will not be created. Once the Order is created Users will see it under My Account > Orders.
All winners will also receive an email reminder to pay for the auction they have won. In that “reminder to pay” notification, the winner will receive a “Pay Now” link.
Once your auction is finished with "Sold" or "Failed" status you can relist the auction again. Also if someone does not pay for the auction you have the ability to relist the auction. Auctions with "Paid" status do not have a relist option and you can close those to create new auctions for the same item, if you have more than one of the same to sell.
The "Automatic Relist" feature enables you to automatically relist expired / finished / failed auctions if the user still has not paid for their won auction.
"Auction Closing Soon Email Reminder".
A new feature called "Auction closing soon email reminder" is available In BizHub Auctions. This allows users who placed a bid or added an auction to their wish-list to get email notifications that the auction is closing soon. We have set two timers which send an email reminder when 1hr and when 30 mins are left until the auction closes.