Sav Official Thread

[Nick R]

Hello NamePros community! We are creating a single thread where we can share announcements in, talk about product updates, people can ask questions and host a great discussion on all things domains!

 

[Anton Naydenov]

@Nick R So you basically brought back the old system where you pre-charge every single bid separately? So let’s say I bid $300 on a name - you will pre-charge my card with $300. If another bidder puts $305, I will have to put $310, which will be also pre-charged in addition to the $300. So basically I will have $610 blocked in my card, without any guarantees that I am winning the name. I have watched this film before. How many people do you think can afford bidding this way?

As I already said - I want all my auctions cancelled. And I don’t give a fuck about what stage the auctions are at. I am preparing my list, and I will send it tomorrow.

I will also start contacting financial authorities in the USA to ask them whether such bidding systems are not potentially violating the law. Because what you do is charging your customers multiple times for the same products/services.

 

[Akbar]

@Nick R So you basically brought back the old system where you pre-charge every single bid separately? So let’s say I bid $300 on a name - you will pre-charge my card with $300. If another bidder puts $305, I will have to put $310, which will be also pre-charged in addition to the $300. So basically I will have $610 blocked in my card, without any guarantees that I am winning the name. I have watched this film before. How many people do you think can afford bidding this way?

As I already said - I want all my auctions cancelled. And I don’t give a fuck about what stage the auctions are in. I am preparing my list, and I will send it tomorrow.

I will also start contacting financial authorities in the USA to ask them whether such bidding systems are not potentially violating the law.

What are you talking about? They haven't even announced such things yet are you high or what?

 

[Anton Naydenov]

What are you talking about? They haven't even announced such things yet are you high or what?

Try bidding on a name that is in an active auction. You will see what I am talking about. And no - I am not high, I don’t do drugs.

 

[Akbar]

I am not bidding anymore until I hear from them officially here.. if you are right they might be testing a few things... Nick said they are working on this let's wait and hear from him...

 

[Anton Naydenov]

I am waiting... I suggested they stop all auctions that were obviously corrupted while testing and fixing the problem. They didn’t and completely ignored my suggestion. If they were a responsible company they wouldn’t leave auctions with obviously fake winning bids live. What happens if a real bidder outbids the current winning bid in such an auction? I didn’t hear @Nick R to tell us to abstain from bidding either. Did you? And also what about all the people who don’t follow this thread? How do they know what’s happening?

 

[Nick R]

Hello all and thanks to everyone who shared their feedback on how to best improve Sav.

As an auctions platform, we want to balance making it easy for bidders to place a bid while only allowing users who can pay for their bids to place bids. We have tried a few approaches in the past and are excited to announce the next iteration of bidder verification. Here is how placing bids will now work on Sav:

- All bidders need to have purchased at least 1 item on Sav with the default payment method used to place the bid.

- Any bidder can bid on a maximum of 2 active auctions, up to $1,000 in active bids without their payment method having a pre-authorization placed on it.

- If a bidder wants to bid on more than 2 auctions or, have active bids for more than $1,000 - We sum the total of all of your purchases on Sav (registrations, renewals, etc... ) that are at least 120 days old as a total dollar amount. You can have active bids up to this dollar amount without any authorizations as well. If you have spent $11,500 on Sav that is at least 120 days in the past, you can bid on as many auctions as you want, up to a combined bid total of $11,500

- If you want to place active bids for more than this amount, we will place an authorization on the bidders payment method to ensure they can be charged for the bid should they win. If the bidder raises their bid, we will only make a new authorization if the bid is more than doubled from their previous bid.

To ensure all bidders know about this, we have added a note about these new changes to every bid confirmation screen linking to this FAQ: https://help.sav.com/kb/en/article/auction-bidding-policies-and-pre-authorizations

The integrity of the Sav auctions platforms is one of our top concerns. We think this change strikes a nice balance between knowing that the people you are bidding against will be able to pay, while not making it too difficult to place a bid.

 

[Anton Naydenov]

It’s not gonna work. Again - I want all my auctions canceled and I am not bidding on anything on Sav from now on. Simple as that.

 

[Nick R]

@Anton Naydenov - We ask that you give it time and see how it works. If you have any specific suggestions, feel free to DM them to me and we will take it into consideration.

Once a bid is placed it can not be cancelled. However, there are only two outcomes to an auction - the high bidder is charged they get the domain; everything went as intended. If the high bidder is unable to be charged, a brand new auction is started, everyones bids are reset and, everyone is free to place a new bid on the auction should they still be interested.

 

[Anton Naydenov]

@Nick R Prove to me how everything is okay. I want you to go to this auction:

https://www.sav.com/auctions/details/580196/metapros.io

I want you to keep placing bids until you are winning and I want you to buy the name. Thanks.

 

[Nick R]

@Anton Naydenov No person who works for Sav or is affiliated with Sav is allowed to place any bids on Sav auctions. Regarding metapros.io, only two things can happen: j_x_942e4f (or whoever the high bidder is at the time) will pay for the domain OR the auction will be restarted any everyone can bid again with these new rules in place. This process has been in place for a long time and is fully automated.

 

[Anton Naydenov]

@Nick R ...and the third income is that somebody outbids the artificially high proxy of j_x and wins the name. Then that new bidder will have to pay the high price set up by that troll who never intended to pay it in the first place. Am I not right?

In regards to DM’s I posted about this before here. I don’t want to communicate with anybody from Sav in private. I will prefer if we can keep discussions public.

 

[Akbar]

Hmm... so let's say I have a history of $5000 with Sav and I can bid up to $5000 on two auctions to bid more, you will pre-authorize.... let's say for example there is an auction running and the current bid is $5100.... as I have a history of $5000 I am able to bid $5000 but in order to bid more like $5200.. you will charge me $5200? and let's say someone bids $5300 and if I have to bid $5400...... will I be pre-authorized for $5400 or just $400? as I have a history of $5000...

at some point, I decide not to move forward with the auction and I decide to stop so when will the money charged be refunded?

 

[Nick R]

@Anton Naydenov - Until we attempt to charge the high bidders payment method, we assume they are bidding in good faith and can pay. This has now been amended a bit per the new changes today. Everyone who bids on auctions places bids based on how they value the domain, independent of other bidders. If a bidder can not pay, they will be banned from participating in future auctions.

@Akbarrr If you have a history with Sav of $5,000, you can bid on as many domains as you want, without a pre-auth, until your combined bids on all active auctions becomes greater than $5,000. In your example, if you place a bid for $5,200, (which is above $5,000) you will get a pre-auth for the full amount of the bid - $5,200. You can then increase your bid to $6,000, then $7,000 and even $10,000 without another pre-auth for that auction. You will only get a new pre-auth when you more than double the last pre-auth amount (ie $10,400). All preauthorizations are for the new full bid amount and will be voided once the auction ends.

 

[Anton Naydenov]

@Nick R You are simply missing the point. Or you’re pretending that you don’t understand. Anyway I am done.

 

[Akbar]

@Anton Naydenov - Until we attempt to charge the high bidders payment method, we assume they are bidding in good faith and can pay. This has now been amended a bit per the new changes today. Everyone who bids on auctions places bids based on how they value the domain, independent of other bidders. If a bidder can not pay, they will be banned from participating in future auctions.

@Akbarrr If you have a history with Sav of $5,000, you can bid on as many domains as you want, without a pre-auth, until your combined bids on all active auctions becomes greater than $5,000. In your example, if you place a bid for $5,200, (which is above $5,000) you will get a pre-auth for the full amount of the bid - $5,200. You can then increase your bid to $6,000, then $7,000 and even $10,000 without another pre-auth for that auction. You will only get a new pre-auth when you more than double the last pre-auth amount (ie $10,400). All preauthorizations are for the new full bid amount and will be voided once the auction ends.

Hmm ok, I understood and I am okay with that, and it's fair enough for me... but what's the refund time is it instant or 3-5 business days? Let's say I've bid more than my purchase/sale history on Sav and I also preauthorized for the bid and later I've decided to stop bidding furthermore and someone else wins the auction.. so the amount you charged me as pre-authorized when will it be refunded to me?

 

[Anton Naydenov]

@Akbarrr I have bad experience with their pre-authorizations. They do not release funds instantly once the auction ends. Will take 5-10 days for refunds. Also every pre-authorization will be refunded separately, and in the order they were made. Will take you time to get all your amounts back. Meanwhile you won’t be able to use the funds for anything else.

Also, as I said I don’t think that Sav have any legal grounds to pre-authorize amounts the way they are planning to. I will do some research. I believe it is illegal to charge (or pre-charge) your customers multiple times for the same thing.

 

[Nick R]

The time to process preauth voids depends on your bank. Typically in the US its 1-2 business days but can be longer in other countries. Im fairly sure that with PayPal its almost instant.

 

[Akbar]

@Akbarrr I have bad experience with their pre-authorizations. They do not release funds instantly after the auction ends. Will take 5-10 days for refunds. Also every pre-authorization will be refunded separately, and in the order they were made. Will take you time to get your amounts back. Meanwhile you won’t be able to use the funds for anything else.

Hmm.. I see why you reacted earlier about the preauth thing as you have experienced this before and you are a very old active user... I didn't know they use to do this in past before as well...

If I have to wait like 5 days then it's you know will be hard for at least me I do a lot of buys and selling things in a short period of time.

@Nick R preauthorizing a 10 percent of bid doesn't sound much fair than charging a full bid?

 

[Anton Naydenov]

@Akbarrr Yes, they used to do it. They abolished the practice because it led to lots of complaints. Now they’re partially restoring an abolished practice that proved to be not-working.

First auction I participated in on Sav was for a 4L .com domain name. I lost the auction at around $300 simply because I couldn’t afford placing more bids as I had something like $1500 blocked in my card already. It took Sav almost 10 days to release the funds back after the end of the auction.

That’s why I am now reacting against this madness.

 

[Akbar]

@Akbarrr Yes, they used to do it. They abolished the practice because it led to lots of complaints. Now they’re partially restoring an abolished practice that proved to be not-working.

First auction I participated in on Sav was for a 4L .com domain name. I lost the auction at around $300 simply because I couldn’t afford placing more bids as I had something like $1500 blocked in my card already. It took Sav almost 10 days to release the funds back after the end of the auction.

That’s why I am now reacting against this madness.

oh... I suggest they reconsider their plans and move with a much more affordable solution.