Auctionbytes-NewsFlash, Number 977 - March 18, 2005 - ISSN 1539-5065
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Overstock Auctions and buySAFE Develop Trusted Merchant Program
By Company-Issued Press Release AuctionBytes.com March 18, 2005
Overstock.com Auctions and buySAFE Inc. today announced that they are working together to develop a new Trusted Merchant Program for Overstock.com Auction sellers. The program is expected to launch this spring and will integrate buySAFE's e-commerce bonding service with the Overstock.com Auctions platform.
According to a 2004 report by the National Fraud Information Center, 51% of complaints it logged were related to Online Auctions where goods were never delivered or were misrepresented. Given that statistic, Holly MacDonald-Korth, vice president of auctions at Overstock.com, said that sellers participating in the Trusted Merchant Program will have a distinct advantage over other sellers as more shoppers familiarize themselves with the benefits of bonded sellers and seek out Overstock.com Auctions' Trusted MerchantsSM.
"We chose to partner with buySAFE because buyers on the Internet trust sellers displaying the buySAFE Seal," said MacDonald-Korth, "Shoppers will be able to check a box on the search page to search for items offered by Trusted Merchants only, guaranteeing them a positive buying experience."
Before an auction seller can participate in the Overstock.com Auctions Trusted Merchant Program, buySAFE will verify the merchant's identity, financial stability, online sales experience and confirm that they are committed to providing their buyers with an outstanding shopping experience. Only then does the seller become bonded, giving them the ability to guarantee transactions up to $25,000 and allowing them to display the Trusted Merchant icon and the buySAFE Seal.
Jeff Grass, CEO of buySAFE, said, "When buyers see the buySAFE Seal in an item listing, they know that seller is trustworthy and reputable, one of the best merchants anywhere. They can bid or buy with confidence knowing they will get what they paid for. This confidence translates directly into a seller's bottom line, in the form of higher average sale prices, better sell-through rates, and more repeat business. We are thrilled to integrate buySAFE into Overstock.com Auctions, as it will make it even easier for shoppers to find items from Bonded Sellers and enable Overstock.com Auctions' Trusted Merchants to boost their sales."
