Getting Started: How to Become a B-Stock Buyer Part 2

Becoming a liquidation buyer on B-Stock

We know that beginning to buy liquidation can come with a lot of new information, but we’re here to help you become a liquidation buyer on B-Stock. And once you go through the process for yourself, you will be bidding and buying bulk lots with confidence in no time! In this blog post Buying Basics: Becoming a B-Stock Buyer Part 2 we will dive a little deeper into condition codes, payment terms, and receiving shipments. If you missed part one of this series, you can catch up by clicking here. In this post, we’ll cover:

• Condition codes
• Payment terms
• Receiving shipments

Knowing Condition Codes:

Products sold on the secondary market can range from brand new in box to light use to salvage condition. Because merchandise is typically sold “as is”, familiarize yourself with each condition category. However, remember that different retailers use different condition codes. See Walmart Liquidation Auctions Conditions vs QVC Liquidation Auctions Conditions. Conditions such as ‘almost first quality,’ ‘carton damage,’ ‘overstock’, or ‘salvage,’ can have different wording and definitions in their descriptions per retailer. Do your homework! Fortunately, each marketplace has a conditions section as well as specific condition code information on the auction lot. As a liquidation buyer, be sure you know as much as possible about the condition of the inventory in the lot before you bid.

Remember, B-Stock doesn’t handle or inspect the merchandise; you are buying directly from the retailer. That said, B-Stock ensures that each marketplace provides buyers with condition codes and descriptions, as well as specific condition information on auction listings. Check the conditions carefully and understand each site’s policies so you know the right bidding strategy for your business and budget.

Understanding Payment Terms:

To be a liquidation buyer on B-Stock, please be aware that we currently only accept wire payments, an instant and secure form of payment, and Paypal if the amount due is under $1000. In general, payment is due within two business days. There are a few exceptions for some marketplaces that requires payment to be made in one business day. Always check the FAQs of a specific marketplace or your bid won email to confirm when payment is due and where to render payment.

A wire payment is the primary method of payment for auctions won through B-Stock. You can find wire information either on the “bid won” email or by logging into your account, clicking “my orders,” selecting the order in question, and clicking “pay.” This will show you the wire information needed to make payment. You may also combine several totals in one single wire payment as long the payments go towards the same bank. Please ask your bank if you have any questions about making a wire payment. Most banks will have a fee associated with making a wire payment; your bank will be able to provide additional details.

When purchasing through our B-Stock Supply marketplace, a standard auctioneering fee (Buyer’s Premium) of 10% of your final bid price will be added to your order total. This fee covers the cost associated with sourcing products, marketing auctions, running the marketplace, and managing services such as payment collection and listing processing.

Receiving Shipments:

You’ve won the auction, arranged for shipping, and you’re excited to accept your first shipment as a liquidation buyer…now what? While each auction has a tab with specific shipping details, we’ve compiled a handy list of tips and best practices from our shipping partners to make sure you receive your inventory as smoothly as possible.

• Do not refuse the shipment.
• Check that the pallet or box count matches your invoice and bill of lading. Take note of all identification numbers.
• Review the delivery receipt, and sign only for services performed such as liftgate, inside delivery, or residential delivery. Keep a copy of your delivery receipt.
• If you have the ability, check the weight of what you received against the weight on the bill of lading. If there is a large discrepancy, count the inventory to confirm.
• Inspect the condition. If there are signs of excessive damage from transport, take pictures while the goods are in the trailer. In addition to taking photos, take detailed notes. Describe the issues, including pallet ID(s), on the delivery receipt or BOL.
• Carefully unload and unpack your order. Be careful not to damage or misplace inventory that has already been received.
• Keeping in mind the original auction lot condition description, if further inspection reveals damage, stop. Document the issues, take pictures, and submit details to customer service or submit them via the “Problem” link on the “My Orders” page. Exclude salvage from this process.
• Keep copies of all forms and pictures for your records in case you need to provide them.

Buying liquidation on B-Stock

Now that you’ve read both parts one and two of becoming a B-Stock buyer, we’d love to have you get your feet wet and test out our network of retail marketplaces! Check out the current live auctions to begin browsing merchandise for your liquidation business. And as always, if you have any questions, please contact B-Stock customer service.

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