First, a few simple ground rules you need to know about….
- Registering requires no credit card.
- Registering allows you to 1) List items for sale, and 2) ask questions of Sellers on the Site Communication System.
- Make sure to allow emails from firstname.lastname@example.org. All communications (confirmations, notices, invoices, etc.) from the site will come to you via email.
- Listing items is totally Free!
- Buyers must have a credit card registered on the site in order to bid or buy.
- Buyers: On your first bid only, you will be prompted to agree to the Terms & Conditions.
- Buyers: Your bid is a contract between you and the listing creator (The Seller) should you win an item for sale, and NarrowWebExchange.com for the 5% Buyer's fee. If you have the highest bid or choose to buy an item you will automatically and immediately enter into a legally binding contract with the Seller and NarrowWebExchange.com.
Here’s how it works…
The money that changes hands between Buyer and Seller in a transaction for any item sold on our site is done between the Buyer and Seller offline. The only money changing hands (securely via our credit card processing provider, Authorize.NET) on the website is a 5% Buyer’s fee charged to the Buyer’s registered credit card within 24 hours of winning an Auction or buying a Fixed Price listing (Buyer’s must have a registered credit card to bid or buy). The amount charged to the card will not exceed $1,000. If the 5% Buyer’s fee is above $1,000, the balance will be invoiced to the Buyer and payment for the balance is payable via check or wire transfer.
A printing press sells for $100,000
Buyer’s fee is $5000 (5% of $100,000)
So total amount owed by buyer is:
- 5% Buyer’s fee owed to NarrowWebExchange.com = $5,000
- Selling price of the item owed to Seller = $100,000
- Total = $105,000
Buyer is charged $1,000 on their credit card registered with the site within 24 hours of winning an Auction or buying a Fixed Price Listing.
Buyer is then sent an invoice indicating the $5,000 fee, the (-$1,000) credit, and $4,000 balance.
Ok, so how does the Seller get paid?
First, while listing an item, a Seller must choose the method of payment he/she will accept from a Buyer. The Seller can choose only one, several, or all of the options given.
Options for payment are as follows: Certified Check, Cashiers Check, Money Order, Company Check, or Wire Transfer.
When an auction or fixed price listing ends successfully with a buyer:
- Immediately upon the item being won, the Seller receives an email with instructions and a link to contact the Buyer directly. The Seller is instructed to send the Buyer the information needed to complete the sale. For instance if the Seller accepts a check, they need to send “Make Payable To”, and address instructions.
- Also immediately upon the item being won, the Buyer receives an email with instructions and a link to contact the Seller. The Buyer is instructed to send the seller a request for any documentation (Bill of Sale, Invoice, etc.) of the sale they will require.
At this point Buyer and Seller are fully communicating to complete the sale and arrange for pick up.
Buyers are safe because: They can fully communicate with Sellers with our on-site communication system during the listing time, asking questions, requesting information, request video, etc.. If they have any hesitation for any reason it is up to them to ask the questions, get the information they need, or not buy the item.
Sellers are safe because: They have their equipment until they receive the payment from the Buyer.
All items listed and sold by Sellers on NarrowWebExchange.com are sold “As-IS, Where-IS”. No exceptions. Therefore the pick up and delivery of the machine/item is the sole responsibility of the Buyer.
The Authorize.Net Payment Gateway manages the complex routing of sensitive customer information through the electronic check and credit card processing networks. See an online payments diagram to see how it works.
The company adheres to strict industry standards for payment processing, including:
- 128-bit Secure Sockets Layer (SSL) technology for secure Internet Protocol (IP) transactions.
- Industry leading encryption hardware and software methods and security protocols to protect customer information.
- Compliance with the Payment Card Industry Data Security Standard (PCI DSS).
NarrowWebExchange.com is registered with the Authorize.Net Verified Merchant Seal program.