What is Escrow, and How Does It Work?
Definition:
Escrow is a secure transaction method where GlassPass holds the payment until all conditions of the sale are met. This ensures both the buyer and seller are protected during the transaction.
GlassPass Escrow Process:
- Initiate Purchase: When a buyer makes a purchase or wins an auction, the payment is placed in escrow.
- Hold Funds: The funds remain in escrow until the buyer marks the item as arrived as described, or 24 hours after delivery.
- Release Funds: Once the buyer confirms satisfaction with the purchase, the funds are released to the seller.
- Dispute Resolution: If there are any issues, the buyer can open a dispute within the 24 hour window after delivery, and our team will assist in resolving it.
What are Binding Offers and Bids?
Binding Offers:
- When you make an offer on an item listed for negotiation, it is considered binding once the seller accepts it. Both parties are then committed to completing the transaction at the agreed price.
Binding Bids:
- When you place a bid on an auction, you are committing to buy the item at that price if you win. Bids cannot be retracted once placed, and the highest bidder at the end of the auction is obligated to complete the purchase. If you win an auction, your chosen payment method will be automatically charged.
Types of For Sale Listings
- Buy It Now (BIN):
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- Items listed with a fixed price that you can purchase immediately. Simply click the “Buy It Now” button to complete the purchase at the listed price.
- Offers:
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- Items listed for negotiation. Buyers can submit offers to the seller. Who can accept, decline, or counter the offer. This allows for flexibility in pricing and negotiations.
- Auctions:
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- Items listed with a starting price and an end time. Buyers place bids, and the highest bid at the end of the auction wins. Remember, all bids are binding, and your payment method will automatically be charged if you win.
- Every auction automatically features an Anti-Snipe feature.
- If a bid is made in the last 3 minutes of an auction, the auction timer is extended by 3 minutes. Maximum extension of 24 hours.
- Not For Sale:
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- Items that are displayed but not currently available for purchase. Sellers use this listing type to showcase their collection, or items that might be available in the future.