Overstock to Add Checkout System Integrated with AuctionCheckout.com

[bargainbloodhound]

Posted: Mon Jan 09, 2006 2:55 pm    Post subject: "Mark As Paid" 

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The "Mark As Paid" feature will be rolled out this afternoon. The information below is from our related FAQ page. It also mentions the O-Auctions Checkout payment service. In order to offer an online payment system, Overstock.com Auctions is integrating with www.auctioncheckout.com to provide this service. Please note, for now O-Auctions Checkout is only in the beta testing phase. Overstock.com Auctions has chosen 50 sellers for testing of the service over the next 30 days, after which it will be made available to all sellers, pending success of the testing.

Q: What is the "Mark as Paid" feature?

A: After a buyer has sent payment for an auction or a seller has received it, they have the option to manually mark the item as paid. The buyer can do this by selecting "Mark as Paid" from the Item Action column for that item on his or her "Items I've Won" page, and the seller can do this by selecting "Mark as Paid" from the Item Action column for that item on his or her "Items I've Sold" page.

…full details:

http://auctions.overstock.com/cgi-bin/au...i?PAGE=FAQ&MODE=ANSW&FQCID=2&FAQID=31104

[rossellini]

They finally added a useful feature.  This could reduce the number of non payers who don't pay because they're confused about where to send payment.

I smell problems with the mark as paid feature.

[bargainbloodhound]

I like that O choose a checkout solutions that involves credit cards and not PayPal, but (on a selfish note  ) I'd like to know if they're planning on intruducing a checkout redirect for sellers who use auction management services (which the majority of items on O were listed with).  It could hurt sellers who use a different checkout system if only sellers using O's system will have the little checkout icon appear next to their names in searches/category listings.

Q: What is O-Auctions CheckoutSM?
 
A:  In order to offer an online payment system, Overstock.com Auctions has integrated with Auction Checkout to provide a feature called O-Auctions Checkout.

What are the advantages of O-Auctions Checkout?
O-Auctions Checkout allows sellers to accept credit cards for all their auction sales at low rates. There is no registration process or account creation necessary for buyers. When the auction is over, winning bidders simply click on a pay now button to complete the payment process in seconds. Funds are automatically deposited into the seller's checking account with 2-3 days. O-Auctions Checkout can also offer sellers protection against chargebacks.

How Do I Identify an O-Auctions Checkout Auction?

O-Auctions Checkout sellers' accounts display the following icons.

[icon omitted]
Appears:

next to O-Auctions Checkout sellers' usernames.
next to the MIM button for O-Auctions Checkout sellers' MIM auctions.
in O-Auctions Checkout auction listings in the search results on the Overstock.com shopping site.

[icon omitted]
Appears in the Item Information section of the Item Detail page for O-Auctions Checkout sellers' auctions.

[icon omitted]
Appears in the Bid Now section of the Item Detail page for O-Auctions Checkout sellers' auctions.

[icon omitted]
Appears next to O-Auctions Checkout sellers' listings in auction search results.

What happens if the seller uses "See Item Description" for tax or shipping in an O-Auctions Checkout auction?

If the seller used "See item description" for tax, Auction Checkout will automatically calculate the tax based on the buyer's and seller's shipping addresses.

If the seller uses "See item description" for shipping, the seller will receive a reminder email to enter this amount as soon as the auction closes (unless the seller has turned off this option in his or her preferences). If the seller does not enter the amount before the buyer visits the checkout page, the buyer will be allowed to enter this amount, but the buyer will be asked to obtain the correct amount by contacting the seller. If the buyer enters the wrong amount, Auction Checkout provides a method for the seller to bill the buyer for the difference.

The full FAQ page on O-Auctions checkout is here:

http://auctions.overstock.com/cgi-bin/au...i?PAGE=FAQ&MODE=ANSW&FQCID=2&FAQID=30103

[amy]

Not a single post on the O boards commenting about the new checkout feature  :blinkie:

[rossellini]

[quote author=amy link=topic=2096.msg7583#msg7583 date=1137125103]
Not a single post on the O boards commenting about the new checkout feature  :blinkie:
[/quote]

No small sellers left to post.  Everyone is a Trusted Merchant.

Cameras 9,900 items 9,200 by Trusted Merchants, 0 using O-checkout
Clothing & Shoes 28,800 items, 15,000 by TM, 8 O-checkout
DVD 29,500, 28,200 by TM, 0 O-checkout

[bargainbloodhound]

No small sellers left to post.

I guess I haven't looked at the listing numbers there in a while.  In our main category 253 (250 of which are ours) of the 625 are trusted merchant items. 

Posterboy A.H. (yes, the same one as the "why is he still on eBay" thread)  is now marked 'inactive' and has 0 items.  During the summer he had 85,000 items listed at one point.

I'm wondering whether O will even bother to offer reduced fees to non-TM sellers if/when eBay raises its rates like they did last year, or whether they'll just concentrate on getting larger sellers.

I'd like to see them concentrate on fixing the main store search.  Its been very slow over there the past month.  :'(

[amy]

Checkout/payment system integrated using AuctionCheckout allows buyers to pay sellers with their credit cards.  Rates are $24 monthly and 2.19% + $0.24 per transaction.

Overstock.com Auctions now offers a simple, safe, and affordable payment option for all your auction transactions. Take control of your money with this smart payment service. Now you can use O-Auctions Checkout for all your Overstock.com Auctions payment needs!

Simple
Accepting credit card payments for online sales has never been easier! O-Auctions Checkout is simple and convenient for both sellers and buyers. After a brief registration process, and upon approval, sellers are only a click away from including the payment option in all their item listings. Once an auction has ended with a winning bidder, buyers simply click on the O-Auctions Checkout button and complete the payment process in only a matter of seconds - with no buyer registration required!

Safe
O-Auctions Checkout is completely safe. AuctionCheckout uses 128-bit encryption for all communications. Whether you're a buyer or seller using O-Auctions Checkout, you can be assured that your transaction is 100% secure. Your payment information will never be compromised!
Click here for more detailed security information

Recognizable
By signing up for O-Auctions Checkout, you will be immediately recognized by Overstock.com customers as a seller that offers a fast, safe, and simple payment option. Furthermore, all of your listings will be stamped with special O-Auctions Checkout logos!

O-Auctions Checkout is affordable for everyone. The service is absolutely free for buyers and rates are low for sellers. In fact, O-Auctions Checkout is less expensive than using the same service provider on eBay!

full details/signup: http://auctions.overstock.com/cgi-bin/au...AGE=static&pagenum=1172&caller=m

[bargainbloodhound]

O Auctions Checkout is affordable for everyone.

That depends, if it can be used anywhere like the regular AuctionCheckout service it might be affordable.  If it can only be used on Overstock then A. the the vast majority of sellers who can afford it are already using a 3rd party auction management service to manage multiple venues and won't be switching to O-Checkout, and B. very few of the non-auction management service users sell enough on Overstock to justify an extra $24 monthly for an O-only checkout.

[Kristijntje]

Overstock press release issued yesterday:

Overstock.com Auctions(SM) (Nasdaq: OSTK) today announced it has fully integrated AuctionCheckout.com's online payment service, which provides buyers and sellers with a fast, easy, secure method for processing credit card transactions online at the close of bidding.

"We added this payment service to benefit both our buyers and sellers," said J.T. Stephens, assistant vice president of auctions at Overstock.com. "The result will be to increase sales for sellers and to reassure shoppers with the same fraud protection services provided by their banks and credit card companies. At the point of purchase, the experience is similar to the secure checkout for popular shopping sites, including our own."

After a seller enrolls in and is approved for AuctionCheckout.com, all of that seller's listings will display the secure payment link "O-Auctions Checkout(SM)", which speeds winning bidders through a simple checkout with no fees or registration requirements. After completing the transaction, sellers automatically receive funds into their checking account, usually within 2-3 days.

"Overstock.com Auctions clearly stands out in its commitment to offer a simple and secure payment environment," said Robert Hanczor, AuctionCheckout.com president. "Together, we have developed a payment service that benefits the entire O-Auctions community."

As Overstock.com Auctions' Preferred Payment Services Provider, AuctionCheckout.com offers discounted rates on its payment service to all Overstock.com Auctions' sellers, including those who already have Internet merchant processing accounts. In addition, sellers can add the advanced authentication services of Verified by Visa and MasterCard SecureCode to their existing accounts.

http://investors.overstock.com/phoenix.zhtml?c=131091&p=irol-newsArticle&ID=863359&highlight=