How to sell on MyBidMonster?

We encourage you to visit the help page, search for whatever information you may need and ask questions if need be.

 

How do I sell my product?

Decide how you'd like to sell your item

What is the reserve price?

What is the Buy Now price?

Category

Duration

Payment Methods

Information section

Return Policy

Public message board

Restrictions

What to do after you have listed your product?

What does it cost?

What are Final value fees, (FVF)?

There was no winning bid, do I pay fees??

Who pays the fees FVF?

How can I manage my bidders and sales?

How do I withdraw my earnings?

Leaving Feedback; Next step after I receive payments.

What is bid snipping?

What can I sell?

What can I not sell?

Tips for a successful sale

 

Introduction:

MyBidmonster offers you the opportunity to earn online by posting your products to be bought outright (buynow) at a fixed price or listing them as auctions where interested members can bid on your listings.
You can also list your products on our online store for free.
This way you can earn by listing used items, new items and lots more. The advantage of selling online include that of not keeping unnecessary inventory, no need for warehousing, profit can be maximized because overhead and other expenses are low compared to a brick and mortar shop.To sell or post your listing for sale, you must first be registered as a member of MybidMonster. Register now to join “Your ideal global market village”.

 

How do I sell my product?

To sell your product, simply click on the sell link and follow the directions, choose the product category and sub category that best fits your product.  You can post a single item or multiple items at once using csv format to upload your files. You can choose from over 4000 categories. Continue to the product description page.
The product description page
Choose your currency, the type of listing

• Immediate Bidding : Listing open for bids immediately
• Scheduled Bidding : Listing to start bidding in the near future
• Lowest Unique Bid: Bidders try to place the lowest unique bid for your item that is unmatched by any other bidder.

 

Decide how you'd like to sell your item:

• Auction: his format permits bidding to take place and/or the ability for buyers to purchase this item instantly from your listing.
• Fixed Price: This format does not allow bidding to take place and allows buyers to purchase multiple item quantity from your listing.
• Classified: This format does not allow bidding or buying to take place and allows buyers to contact you directly for local pick-up.

 

What is the reserve price?

The reserve price of an auction listing is the minimum price that you has the seller of the item is willing to sell the item for. This price should be above the minimum bid price. The auction will begin at the minimum bid price and once the bidding reaches the reserve price then the seller Must sell the item to the highest bidder who wins the auction for the item placed for sale. Reserve prices are only available on single-item auctions. The seller cannot place reserve prices on Multi-item auctions. Auctions with multiple items should have their starting bid set to the minimum amount you are willing to accept.

For example, Mr. Yoruba Zulu Swahili our seller sets the starting bid amount for $ 10 and the reserve price at $ 50 (note that the reserve price is higher than the start bid amount of $ 10). Bidder Ashanti puts a bid of $ 40. He will see a popup window that says reserve price not met. If the reserve price of $ 50 is not met, that is all the bids are less than US$ 50, the product will not be sold. The threshold of the reserve price must be met.  
But if a bidder puts in say $ 51, a pop will come up saying reserve price met. If the auction ends with this bid, then the seller is bound to sell at $ 51 or more depending on the highest bid for the item. Else the item is not sold if the reserve price is not met.

 

NOTE THAT THE RESERVE PRICE IS NOT KNOWN OR VISIBLEL TO THE BIDDERS OR POTENTIAL BUYERS.

 

What is the Buy Now price?

Buy now price is a fixed price for a product, usually higher than the auction and reserve amount.  MyBidMonster offers you two types of buynow options:

• The option that is coupled with your auction listing. This allows you to indicate a buynow price and a starting auction price. If you chose to post an item with the buynow option with an auction, BuyNow will only be available during the opening period before any bidding activity has started. Once a bid is placed for the item, the buynow will be deactivated for this particular item and the item will only be sold through auction.

• The option that appears in the fixed tab link. For this option, the item is sold to be bought outright. Fixed price Buynow items are not listing to be auctioned but to be bought and paid for. In this case no auction is involved.

 

Category

You had chosen your category, here you can edit or change the category, choose from the dropdown menu to provide more information to your buyers.

 

Duration

Decide how long your listing will last, the maximum is 30 days. You can relist the item after it expires

 

Payment Methods:

Choose your desired payment method that you want to be paid with. We strongly advise you to use escrow as this helps to protect you from fraud.

Information section

Here you will be able to give the title of your product and give proper description of what you are selling. No information is too little, in fact the more info provided the better as this improves the changes of selling.
Place key words that will enable buyers searching for your item to easily locate your items.
Enhance your listing: Promotional tools to help buyers find your listings quicker.

• Bold title via search results : helps to set your listing apart  by displaying your items as bold listings.
• Highlight listing via search results : helps to set your item apart by displaying them as highlighted listings
• Featured homepage (21 days): Your items are scrolled and displayed on the homepage and on the scroll top page of the every category.
• Automatic-relist if no bids are received (14 days) : enables you to auto relist your items before they expire.
• Featured in search results: your item is displayed on the top page of every category of listing

Upload Pictures & Attachments, create a slide show and upload Youtube videos.
Provide shipping information, item location and other relevant shipping information. This will help the buyer ascertain the delivery of the product. It is always good to use registered mailing system

NOTE: You can also advertise your products using the Advert system on MyBidMonster. To advertise, you will need to go through the advertise link.

Return Policy:

Describe your return policy for bidders and buyers to review before they purchase.

 

Public message board

If you would like people to ask public questions about this listing please enable public message board

Public message board enabled: Select this option if a message board in your listing will be enabled. You should enable public message board to enable you communicate with potential buys who may have questions.
Public message board disabled: Select this option if a message board in your listing will be disabled

 

Restrictions:

Place restrictions on the kind of person and location of those you want to bid on your product.

You can invite your friends to bid for the item.

Your item can be saved as draft to enable you come back to the listing to edit the auction or you can SAVE to have it posted to the market for auction and buying.

 

SAVED ITEMS ARE ALWAYS AVAILABLE IMMEDIATELY FOR AUCTION. Members and potential members can start to view and bid on the item.

 

What to do after you have listed your product

• Seat back and receive bids
• Communicate and clarify the concerns of potential buyers my using the message board.
• Watch and receive emails about bids being posted for your item.
• Receive notification about the winner of the auction (usually the highest bidder).
• Request for escrow to be funded and receive notification that escrow has been funded before sending the item to the buyer.
• After escrow has been funded, ship the product to the buyer.

 

What does it cost?

The most you can pay is 5% of the final cost of the sale.  The final value fees depends on the cost value of the product. Fees can be as low as 1.5%.

 

What are Final value fees, (FVF)?

They are fees charged for a completed sale. The most that can be paid is 5%. The more the value of the product, the lower the fees.

 

There was no winning bid, do I pay fees?

No, listings that are not bid for or where reserve price is not met will not be charged any fee, the seller can choose to relist the item.

 

Who pays the fees FVF?

The seller of the product.

 

How can I manage my bidders and sales?

Registered members can manage their, bidding, buying and selling activity using the “my account”. From your “my account” tab, > Selling activity; from here you can manage all your selling activity.
Buyer receives the product (s), approves it, releases escrow and you as the seller gets notified that escrow has been released to you.

How do I withdraw my earnings?

• Through your local bank account, mybidmonster will remit into your local bank account.
• Payoneer MasterCard worldwide from ATMs, (you will need to apply for one). We will load your card if you have subscribed for one, you can withdraw from thousands of MasterCard enabled ATMS worldwide.
• Other payment methods include through your local gateways integrated in your country.

For Local transactions between parities in the same country, your payment will be released and transferred into your local bank account within 48 hours.
For international transactions, payment will be made using one of our payment gateways, international bank transfer where feasible and available or using our prepaid MasterCard.

 

Leaving Feedback; Next step after I receive payments.

As the seller, rate your experience with the buyer, you will also be rated by the buyer.
Where do you rate your buyer?
From your “my account”, selling activity.

 

What is bid snipping?

Bid snipping or auction snipping is a term used to refer to a situation where members place bids on an item only some few seconds before the bid ends with the aim of winning the bid. MyBidMonster has an anti-bid snip system in place. Bids will usually end some few seconds or minutes after the stipulated time to prevent bid snipers.

 

What can I sell?

You can sell virtually anything. MyBidMonster market has over 4000 categories under which you can list your product for auction or sale.

 

What can I not sell?

Some items are prohibited for sale on MybidMonster, such items if posted will be immediately taken off by site admin. They include:

Below is a list of prohibited items that cannot be listed on MyBidMonster

Alcohol 
Animals and wildlife products – examples include live animals, mounted specimens, and ivory 
Artifacts, grave-related items, and Native American arts and crafts
Catalytic converters and test pipes
Charity or fundraising listings
Contracts
Counterfeit currency and stamps
Credit cards
Currency selling
Drugs and drug paraphernalia
Drugs, describing drugs or drug-like substances
Event tickets
Firearms, weapons, and knives – examples include pepper spray, replicas, and stun guns (see also military items)
Food and healthcare items
Gift cards
Government documents, IDs, and licenses
Hazardous materials – examples include batteries, fireworks, and Freon
Human parts and remains
Items encouraging illegal activity – examples include an eBook describing how to create methamphetamine
Lottery tickets
Mailing lists and personal information
Manufacturers' coupons
Medical devices – examples include contact lenses, pacemakers, and surgical instruments 
Military related items including firearms, weapons, and knives                          
Multi-level marketing, pyramid, and matrix programs
Offensive material – examples include ethnically or racially offensive material and Nazi memorabilia 
Pesticides
Pirated materials like CDs and DVDs 
Pirated software
Plants and seeds                           
Police-related items
Political memorabilia (reproduction)
Postage meters
Prescription drugs
Prohibited services
Recalled items
Slot machines
Stolen property and property with removed serial numbers
Surveillance equipment
Travel
Weeds (see plants and seeds)
We reserve the right to add to this list at anytime.

 

Tips for a successful sale

• Be honest about your listing and description.
• Be honest in your dealing with potential buyers.
• Communicate, communicate, communicate!
• Respond to messages as soon as possible.
• Where you are not sure about the integrity and honesty of the buyer, use escrow for payment.
• Avoid transacting outside the confines of the site. You do this at your own risk.
• If you need help contact site support.
• Read through the forum and ask questions if need be.
• WE STRONGLY ADVISE THAT YOU SEND PRODUCTS USING A TRACE AND TRACK COURIER COMPANY.
• Use enhanced features listed above to sell your products. They will give you more exposure.

 

For more Questions, clarity and how to go about selling, please Visit the help page, search for  information and ask questions. Members can also discuss on your topic of interest.

 

Happy Selling,

The MyBidMonster Team