To receive an account:
I-deal Overstock only uses closed auctions, because reliability is an important aspect. Therefore, buyers have to be invited by the manufacturer to be able to participate in an auction. Manufacturers only have access to their own auctions.
Manufacturers and buyers can register via the Internet site of I-deal Overstock or via direct contact with I-deal Overstock by telephone or e-mail. After a personal meeting an account will be created.
The auctioning process:
A manufacturer uploads all the information concerning the overstock on the Internet site (quantity, price, pictures, logistic data, conditions etc.). The manufacturer selects the buyers who will be invited for the auction.
The selected buyers receive an invitation for the auction by email and are able to login on the Internet site to enter the auction.
Buyers can place a bid during the bidding period. To place a bid it is necessary to accept the terms that apply to the auction.
After the auction has ended, the highest bid will automatically be accepted if the demand price is met. If the demand price is not met, the manufacturer will decide if he accepts the highest bid.
A Purchasing Agreement with all the relevant information will be sent to the buyer and manufacturer when a bid is accepted. The delivery and payment process is described below.
The delivery and payment process:
The delivery takes place directly between manufacturer and buyer. The payment method is "Directly to manufacturer" or "Payment Services". The payment method is shown in the auction details on the site.
"Directly to manufacturer":
After the Purchasing Agreement is sent, the buyer contacts the manufacturer to place the order and arrange the delivery and payment as specified in the Purchasing Agreement.
This service is specially developed to assure correct delivery and payment for both manufacturer and buyer. Payment will take place via Foundation Payment Services ("Foundation"). The process consists of the following steps:
- After the Purchasing Agreement is sent to the manufacturer and buyer, the Foundation will invoice the buyer for the selling price of the goods.
- The buyer will pay the invoice to the Foundation before the order is placed.
- The manufacturer will deliver the goods directly to the buyer after the Foundation has received the payment. The Foundation will confirm the payment to the manufacturer with a bank receipt of the payment.
- The manufacturer will invoice I-deal Overstock for the goods. The fee is already deducted from the invoice.
- The buyer will sign off the delivery document if the goods are received as specified in the Purchasing Agreement. The Foundation will then pay the invoice of the manufacturer via I-deal Overstock. If delivery is not according to specification, manufacturer and buyer need to solve the differences before the Foundation will pay the invoice to the manufacturer.