Dropped.pl auctions - the basics
Dropped.pl domain auctions differ in several ways from other Internet auctions popular on the Web. It is because our main priority is transaction security. With the auction functionality, we tried to reconcile interests of both buyers and sellers, in order to create a transparent and fair auction system. This document describes main differences and reasons why they have been introduced.
No bid cancelling
One of leading rules at Dropped.pl auctions is their transparency. Theefore, actions disturbing such transparency and arousing suspicions about auction honesty are forbidden, namely:
- Withdrawal of bids in auctions
- Withdrawal of auctions
Additional security mechanisms (such as security deposits required for bidding) make bid withdrawal of bids not necessary. Also, within one hour before the auction is listed on the website, it may be cancelled if a seller realizes that auction data (such as starting price) is incorrect. After auction listing, it is impossible to resign from selling the domain to the highest bidder.
No reserve prices
To ensure the buyers that they will be able to purchase the domain after they place their bid, there is no possibility to set a reserve price on auctions. Therefore, auctions with bids always end with a sale. This fact should be taken into consideration when setting the auction starting price.
Deposits required for bidding
In order to secure interests of sellers, it may be required to place a security deposit for bidding in an auction. Amount of the required deposit depends on bid amount and earlier bidding history of the user.
In case of not paying for the domain, the submitted deposit is forfeited. When paying for the domain, it is possible to withdraw deposit and use it to cover the domain paice, or reserver it for future bids.
Only domains managed by Dropped.pl
To ensure auction safety and security of transaction, only listing domains registered at Dropped.pl can guarantee that the seller is indeed the domain owner, and the buyer will receive the domain after payment.
That means, that only domains registered at Dropped.pl or transferred there may be listed on auctions. Listing of other domain is possible only after transferring them to Dropped.pl, according to description.
Automatical domain transfer
After the auction end, as soon as the buyer pays the final price, funds are automatically transferred to seller's account and the domain is transferred to the buyer. Because of this automatization, successful transaction finalization is ensured directly by the system; in particular, the buyer may be sure of getting the domain after payment.
With the automatical domain transfer, Dropped.pl auction system ensures the functionality of an escrow agent, securing both sides of transaction.