General FAQ
General Questions
1. What is this auction site?
Beed™ looks like a regular auction site, but there are two big differences. First, you get paid four times when you list an item that sells. You get paid when the item sells, and then again up to three more times. You get 5%, 3%, and 1% of the sales price the next three times the item resells.
The second difference is that a blockchain token is automatically generated and assigned to each listing. This token tracks ownership, shows authentications and certifications, and even original purchase receipts. This increases buyer confidence in what they are buying because they can see a history of any item. Because ownership is tracked, we know when an item changes hands. That's how we can pay you multiple times as your item resells in the future.
If the price of an item goes up, you ride up on the gains. Even if the price crashes, you can still make up the fees you pay for listing an item. Either way, you get more money and more confidence buying items on Beed™. Click here to learn more.
2. How do auctions work on this site?
They work the same as on any other auction site, but better. Read the answer above. You get more money selling on Beed™, and more confidence buying items because you can track the item's owners, authentications, and certifications.
3. How do I create an account and what is Beed™ Verified?
Click the 'My Account' dropdown menu in the header of the main homepage to find a link to create an account. Once you have an account, you can apply to become Beed™ Verified. Beed™ verification is only approved for celebrities, athletes, artists, creators, manufacturers, authorized representatives, and certified authenticators/appraisers. When you buy from a Beed™ Verified user, you know the item is legit because it's coming straight from the source. Click here to learn more.
4. Is there a registration fee?
No.
5. Who can participate in auctions?
Anyone.
Bidding & Buying
6. How do I place a bid?
Click the 'Place Bid' button under an item's card or the black 'Place Bid' button on the item's detail page.
7. Can I retract or cancel my bid?
Yes.
8. What happens if I win an auction?
You are notified as the new owner of an item.
9. Is there a "Buy Now" option?
Yes, it's called the "Buy Out" option.
Selling & Listing Items
10. How do I list an item for auction?
Click the "Sell" button located in the header section under the Beed™ logo, or find the listing page here.
11. Are there any listing fees or commissions?
Currently, there are no listing fees. The transaction fee is 12% on each sale on items up to $7,500 in value. For amounts between $7,500 and $20,000, the fee is 3% and anything over $20,000 is 2%.
12. Can I set a reserve price for my auction?
Yes.
13. How long do auctions last?
Up to 1 year, set by the seller.
14. Can I edit or remove a listing after posting?
Yes.
15. How do I handle shipping as a seller?
You set up shipping as you please.
Payments & Fees
16. What payment methods are accepted?
Bank transfers, credit cards, and any other payment methods Stripe accepts.
17. When and how do sellers get paid?
You can request payouts whenever your account has a positive balance.
18. Are there any additional transaction fees?
No.
19. How do refunds and disputes work?
Refunds and disputes are submitted between buyer and seller using the website's messaging system. You can also report users and items using the links provided on the user and listing details pages.
Security & Policies
20. What happens if a bidder doesn't pay?
The bidder loses out on the item and will be warned. Continued failure to pay can lead to account suspensions.
21. How do you prevent fraud and scams?
Beed™'s patented technology automatically attaches a blockchain token to each listing. This token can be used to see the item's origination, past owners, sales, transfers of ownership, and any certifications or authentications. If you suspect frauds or scams, the user and the item can be reported to us.
Using the registration of the blockchain token, we can identify potential bad actors and help to reduce the spread of counterfeit goods or unauthenticated items. Then, we can take action against the user like suspensions or bans. Read here to learn more.
22. What is your return and refund policy?
You will receive an email confirming your purchase of an item. PLEASE MAKE SURE TO CHECK YOUR EMAILS AND SPAM FOLDER FOR THIS CONFIRMATION. Once you receive that item, you have 7 days to check out the item and accept the blockchain token (ownership) affixed to the item. If you accept the blockchain token, you are now the owner and no returns or refunds will be issued. If the item does not meet your needs, you can reject the blockchain token and a refund request will be sent to the seller. If you do not reply to the email as instructed, it will be assumed that you are in possession of the item, the item is usable by you, and the item is in the condition as listed by the seller.
23. How do I report suspicious activity?
Each user and item has a link to report suspicious activity. Under the User's Reputation page, there is a link to "Report User." Under the item's detail page, there is a Report Abuse button between the "Print" button and the "Wishlist" button in the top right corner of the listing.
Account & Support
24. How do I reset my password?
A link to reset your password is under the "My Account" dropdown menu on the right side of the header labeled "Forgot Password," or click here.
25. How do I contact customer support?
To submit a ticket, go to the "My Account" dropdown menu on the right side of the header and click the link to "Support Desk," or click here.
Also, a link to Contact Us is at the footer of every webpage, or click here.
You can file disputes or report abuse using the links under question #23 above.
26. Can I close my account?
Yes, please submit a ticket using the Support Desk as described in question #25 above. Please note that deleting your account will also delete all items in your history. This will cancel any future payments that are owed to you when your items resell in the future.Â
27. What happens if my account is suspended?
You will be notified by email of when your suspension will be lifted.