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Dec.03 2008, 16:07:06
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8 REGISTERED USERS 3 AUCTIONS
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Help - General
Welcome to Free Digital Market, a web site that lets you buy and sell items in auction format.
This Market serves the private exclusive FDU jurisdiction; users may place items up for auction and may bid on other user's items using the Point System.
When selling an item, you may enter a description of the item, upload a photograph, and indicate the minimum bid and a reserve price for the item.
Sellers are notified at their internal Free Digital Market email and public email if so requested, when an auction is concluded.
The winning bidders private e-currency (called Points) are automatically sent to and protected via a process of escrow.
Very simply defined, an escrow is a deposit of funds in an independent stakeholder account by one party for the delivery to another party upon completion of a particular condition(s) or event(s).
The escrow holder has the obligation to safeguard Points while they are in the possession of the escrow holder, and to disburse Points only when all provisions of the escrow have been complied with.
In this manner escrow is the vehicle by which the interests of all parties to the transaction are protected and secured from fraudulent behaviors to the extent possible.
The escrow process consists of five simple steps:
1. The buying party and selling party must both be registered as Members;
2. A transaction agreement is established based on the “registration” terms or options applied to the product or service being purchased, and what the Purchaser agreed to at the time of the sale;
3. The buying party remits the Points to escrow, this is automatically handled by the system;
4. The selling party ships the merchandise to the buying party and registers the expected date of delivery, tracking number, and shipping company at the FDU website by clicking on “Open Escrow” ;
5. After the expected date of delivery has elapsed, or the delivery has been signed for, the buying party is granted a 24-hour inspection period, after which the selling party is released the Points. If the product is not acceptable the buyer can stop the release of escrow by making a “complaint.”
The complaint process will freeze the escrow and the parties are given a opportunity to resolve the issue privately, if they should fail to do so then a process of "dueling e-Affidavits" begins concluding ultimately with a decision by the Members Tribunal; the winner will receive the Points (e-currency) that was frozen in escrow.
Benefits of this system to the BUYER include:
1. The buyer is protected against fraud as they can freeze escrow and have their Points returned.
2. International transactions are paid with a common private currency saving bank costs and time.
3. You have 24-hours to inspect the goods and to return them to the seller when they do not meet the agreement details.
4. When the goods are not delivered or when they do not meet the agreement details, you will be refunded directly from the escrow
account.
Benefits of this system to the SELLER include:
1. The seller is always protected against non-payment, bounced checks, or other payment issues as the Points are collected in advance from the buyer.
2. The seller receives the transaction amount via a common private currency, which is not taxed and easily exchangeable.
3. When the buyer does not accept the goods, the seller is assured that the goods will be shipped back in their original state.
4. The seller has a large truly global marketplace of items to choose from because they system does not charge for item posting.
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Other Help Topics:
Bidding
General
How do I get Points?
Registering
Selling
What is a Point
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