martfames

Benefits of Auction Listings on MartFame

MartFame Auction supports all common auction types:

• Traditional Bids
• Reserve Price
• "Buy It Now" features
• Automatic Bidding
• Public and Private Auctions
• You can easily renew a listing or remove a listing
• Flexible and editable price increment for automatic bidding.
• Contact seller
• Bidding history
• Listing Watch
• Featured Listings
• Reserve Price
• Fixed Price Listing

www.martfame.com and www.martfame.ng will act as a facilitator between merchants/vendors and consumers seeking for value bargains online. MartFame will help companies/vendors and private sellers reach a broader consumer base across the country beyond their traditional audience and channels. MartFame’s robust self-aware intelligent platform, offers bargain merchandise in categories that include fashion, electronics, household items, automobiles and real estate, using promotions, vouchers, coupons and auctioning as tool to organize their products and reach buyers faster than ever. MartFame’s platform beats any current eCommerce marketplace around the world.

MartFame makes Auction pricing to be very flexible for sellers. With our flexible intelligence pricing system, vendors/sellers auctioning price can start at zero but an auction will only close at a price vendors/sellers prefer

Some auctions are Absolute while others are Reserved auction.

MartFame’s Vendor Payment & Commission Explained (This is for illustration purposes)

(Vendor Product Price)                                 (Shipping Price)                   (Secure Payment Checkout Fee (added to the product price to be paid by Customer))

             ₦150                              ₦10                                                         ₦10

Total Product Price at Checkout: ₦150 + ₦10 + ₦10 = ₦170(Paid by Customer)

Flutterwave (Payment Processor) charges 1.4% of the total checkout value: ₦170 – 1.4% = ₦167.62

Total Charged by Flutterwave = ₦2.38

₦167.62 –₦10 (Secure Payment Checkout Fee (added to the product price to be paid by Customer)) = ₦157.62

₦157.62 – 2.1% (MartFame’s Commission) = ₦154.31

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Summary

Customer Pays: ₦160 + ₦10 = ₦170

1.4% Flutterwave Payment Processing Commission = ₦2.38

2.1% MartFame’s Commission = ₦3.31002

Flat Rate Secure Payment Checkout Fee = ₦10

Vendor/Seller Receives = ₦154.31

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Selling through Auctions

When you list an item for sale on MartFame Auction, you choose a starting price, and interested buyers place bids. When the auction ends, you sell to the highest bidder.

Are you a buyer looking for information on making bids? Read our article on making a bid on an item -->

Setting up your auction-style listing

You can choose whether your auction should run for 1, 3, 5, 7 or 10 days. A 1-day auction is designed for items that need to be sold quickly because they're time–sensitive, such as event tickets. Unsold auctions may be automatically relisted.

Set a starting price in the Choose a format and price section of the quick listing form. If you use the business tool, you'll enter the starting price in the Selling details section

Pricing tips:

    A low starting price can help attract bidders
    You can add a Buy It Now price to an auction listing, and it will be shown until the first bid is placed. The Buy It Now price has to be at least 30% higher than the auction starting price.
    If you're selling a vehicle, you can add a reserve price to make sure you get the price you want for your item

Fees for auction-style listings

    You may be charged an insertion fee to list your item. You will receive one insertion fee credit for each auction-style listing if that listed item sells. (Exclusions apply.)
    If you're a non-business seller, automatic relists are free
    You'll be charged a final value fee after the sale.
    There are also fees for optional advanced listing upgrades and services.

For more details, see our articles on Selling fees or Store selling fees.