debate Flippa new verification process?

[James Rodman]

a friend of mine just told me flippa has a new verification process for bids over $5,000. I havent seen it yet as i havent bid that much on a domain and i think this is a new thing. I was also told you have to pay $500 by credit card and they hold the money for 1 week. What are your guys' opinion on this?I know its for security purposes but to me $500 is maybe a little too much. thats $500 i can't reinvest during the week.

Do you think this will turn off some people?

Hope to hear what other people have to say. thank you.

 

[silentg]

You fill out a form and send a copy of government issued ID.

http://www.namejet.com/Pages/VerifiedBidding.aspx

 

[James Rodman]

You fill out a form and send a copy of government issued ID.

http://www.namejet.com/Pages/VerifiedBidding.aspx

do you think namejet is more for avid domainers or do endusers go on there as well?

 

[Archangel]

It may hurt, but I couldn't fathom the damage being much. I understand the vacillation aspect, but we're talking about a $5k- bid. The amount of ppl with a swayed opinion likely would be too small to even worry about. Most ppl watch with little/no intention on bidding, anyway. Or bidding gets to $500 or so & ppl say "Eh I lost interest." I think you're looking a little too much into this.

 

[Electric-Shadow]

You fill out a form and send a copy of government issued ID.

http://www.namejet.com/Pages/VerifiedBidding.aspx

I find these verification method's very inconvenient as a UK resident. Since gov ID's are not mandatory in the UK & cost money to apply for. The only alternative is a drivers license, which leaves people without one (like me) screwed.

 

[James Rodman]

It may hurt, but I couldn't fathom the damage being much. I understand the vacillation aspect, but we're talking about a $5k- bid. The amount of ppl with a swayed opinion likely would be too small to even worry about. Most ppl watch with little/no intention on bidding, anyway. Or bidding gets to $500 or so & ppl say "Eh I lost interest." I think you're looking a little too much into this.

good point.

 

[domainerfella]

This should turn off those people who are:
Shill bidding

Determined network of shill bidders will still continue to do the same. You think $500 will deter them?

 

[eyedomainous]

High end art auction houses simply require Proof of Assets or Proof of Funds (like a letter from a respected bank -with two verified bank official contacts -that can be called).

"We confirm, that _____________________ has available the sum of _________________ USD in our bank as of this date. We confirm that these funds are fully free of any liens, debts and/or encumbrances and are clean, clear and non-criminal origin and are available in the form of ____________________."
​

Once verified, the buyer, or their agent:D, can bid on any, or all, lots. If they had to put-up $500 dollars per bid, per item, some would 'throw their nose in the air and' walk; the rest would likely make fewer bids... especially since many art auction bids come over the phone.

Also, if they do put-up $500, per lot bid, and lose the auction... you better give them their money back at the close of the auction, as sending them home without a win / the art... or their (bid) money will make that 'agony of defeat' taste all the more bitter.

 

[Ali]

Do you think this will turn off some people?

Yes. Shill bidders and people who don't pay up.

 

[James Rodman]

Yes. Shill bidders and people who don't pay up.

never had unpaid listing so far but im sure it has happened to you lol

 

[Archangel]

I've had winners get suspended the day they win. In fact, I'm dealing with such a bidder now. I've contacted Flippa and told them I won't honor the sale, as the buyer did something bad before my auction ended. Flippa does cancel out auctions at times.

never had unpaid listing so far but im sure it has happened to you lol

 

[Sukhvir-Singh]

Its great thing to protect seller but $500 is little more to apply this kind of verification!

 

[James Rodman]

I've had winners get suspended the day they win. In fact, I'm dealing with such a bidder now. I've contacted Flippa and told them I won't honor the sale, as the buyer did something bad before my auction ended. Flippa does cancel out auctions at times.

Yea im sure its not a fun experience.

 

[Enfant]

"Certain" changes - $500 being held for one week?
A "little" bit too much - $500 paid to someone to profit on it even without selling your asset yet?
When I say Filippa, I am not being personal. And my questions to you are rythorical already... Because 20 clients multiplied by $500 = $10000 means at least $300 for you at Forex in one week

 

[Archangel]

Quick question: how many of you had ever made a $5k bid there?

 

[osamson]

Well verification is important to avoid wasting everybody's time. Since it is for 5k upwards, I see no big deal!

 

[alexlunnon]

It's great to see the discussion taking place here about our recent change to buyer certification at Flippa to maintain a safe and trusted marketplace. - here’s the communication that was sent out.

I thought it would be good opportunity to clarify how buyer certification works on Flippa and why we've added this additional layer in the marketplace.

How it works

• This additional level of premium certification is now required on a buyer’s next bid over $5,000. We’ve always had this process in place for any bid over $200 albeit with a lower preauthorization amount of $5.

• This new level requires a $500 preauthorization to be granted on your card
  
  
• Once you have accepted the preauthorization you are immediately redirected to finalize your bid or offer

• This is a one time requirement (we only ask you to do this once)

• While funds are held, they remain with your financial institution, not Flippa, and don't leave your account (see Authorization Hold)

• A premium certification authorization typically lasts 7 days with funds being marked as available at the end

• Flippa reserves the right to capture funds in the event a buyer violates the buyer certification terms by abandoning a purchase.

Why

We want to provide all buyers and sellers with a safe platform to transact on. These steps are important in realising this goal and ensuring we provide protection across all price ranges.

We will continue to monitor buyer certification and amend it where necessary to ensure it meets our goals and allows buyers and sellers to be even more successful on Flippa!

 

[Enfant]

Wow "it's great to see the discussion taking place here" how aloof and pathetic, Flippa is trying to use this forum for free advertising.

Open your eyes, please. Go to other forums and you will see how Flippa is known for mysterious bidders. On dark market people are selling Filippa's bids for few bucks. Out of all domain market places Filippa is known to be the shady one.

Any serious domainer knows that there is no guarantee, only solely verbal reputation, who is bidding on other end. Is it a real bidder or company's "representative".

Who are you, after all, to CAPTURE my funds? By "abandoning purchase" term you can mean anything you like.

 

[silentg]

@alexlunnon will the seller get share of the captured funds if buyer backs out of a sale?


@Enfant can you post proofs of this so called practices.

 

[Archangel]

1.) What's pathetic about being polite? Not everyone is a tool like you.

2.) EVERY DOMAINER ON THIS FORUM is trying to use it for free advertising. And your point is?

3.) eBay is known for mysterious bidders. And BIDO and Afternic etc. You are obviously wrong in your "Out of all domain market places Filippa is known to be the shady one." claim. I've just proven it.

4.) READ:

• While funds are held, they remain with your financial institution, not Flippa, and don't leave your account

Man, you are wrong on so many embarrassing levels.

Wow "it's great to see the discussion taking place here" how aloof and pathetic, Flippa is trying to use this forum for free advertising.

Open your eyes, please. Go to other forums and you will see how Flippa is known for mysterious bidders. On dark market people are selling Filippa's bids for few bucks. Out of all domain market places Filippa is known to be the shady one.

Any serious domainer knows that there is no guarantee, only solely verbal reputation, who is bidding on other end. Is it a real bidder or company's "representative".

Who are you, after all, to CAPTURE my funds? By "abandoning purchase" term you can mean anything you like.

 

[aditya11117]

It's great to see the discussion taking place here about our recent change to buyer certification at Flippa to maintain a safe and trusted marketplace. - here’s the communication that was sent out.

I thought it would be good opportunity to clarify how buyer certification works on Flippa and why we've added this additional layer in the marketplace.

How it works

• This additional level of premium certification is now required on a buyer’s next bid over $5,000. We’ve always had this process in place for any bid over $200 albeit with a lower preauthorization amount of $5.

• This new level requires a $500 preauthorization to be granted on your card
  
  
• Once you have accepted the preauthorization you are immediately redirected to finalize your bid or offer

• This is a one time requirement (we only ask you to do this once)

• While funds are held, they remain with your financial institution, not Flippa, and don't leave your account (see Authorization Hold)

• A premium certification authorization typically lasts 7 days with funds being marked as available at the end

• Flippa reserves the right to capture funds in the event a buyer violates the buyer certification terms by abandoning a purchase.

Why

We want to provide all buyers and sellers with a safe platform to transact on. These steps are important in realising this goal and ensuring we provide protection across all price ranges.

We will continue to monitor buyer certification and amend it where necessary to ensure it meets our goals and allows buyers and sellers to be even more successful on Flippa!

Hello ! Thanks for replying here May i know what if someone doesn't have a Credit Card ?
Are u guys planning to Add Paypal as Option too ?