Congrats, you’ve signed up to sell merchandise on B-Stock Supply! So, now what? This article will walk you through some of the basics behind how auctions work, posting your own auctions, how fees work, and some general rules.
If you haven’t already completed an application and wish to start selling, please visit here.
All transactions on B-Stock Supply are in auction format: buyers from our network bid and compete against each other to win your inventory lot (think eBay but for business-to-business transactions). A lot is the inventory that you’re listing in the auction, for example, a pallet of shoes, or a full truckload of washers. The value of each lot should have a recommended minimum listing value of approximately $5 to $8,000 original MSRP.
All auctions on B-Stock Supply start at $300; meaning, a buyer must bid at least $300 to enter the auction. It may sound low, but a low starting bid price actually increases the number of buyers that participate in the auction; the more buyers that participate in the auction, the higher the pricing. If you do require a higher start price, we charge a $20 fee per listing. Read more on what a low start price auction strategy works.
Submitting an auction listing
When you’re ready to start selling overstock merchandise through B-Stock Supply, the first step is to create your own auction listing; this is done via your private online portal (log in via www.bstocksupply.com/admin).Once you submit your auction listing, it will be reviewed by the B-Stock Supply Listings team; if the listings team doesn’t find any issues with your auction, it will be approved and scheduled to go live. Sit back and watch the bids come in!
All auctions on B-Stock Supply run for two business days; we recommend listing during the weekdays with auction open and close times during normal business hours. Initially, Supply sellers are limited to three auctions per week. After you have successfully sold five auctions (and completed the transactions), you can list as many auctions as you like. Keep in mind: to remain in good standing, B-Stock requires a 65% or better conversion rate (sold auctions) and a 5% or lower dispute rate. More on that below.
How Payment + Shipping Works
B-Stock handles payment between the buyer and you, the seller. All transactions are made via wire transfer: the winning buyer wires the money to B-Stock, we then notify you that the buyer paid. Supply sellers are paid the full dollar amount of the winning bid; B-Stock’s share is generated through a 10% Buyer’s Premium.
Here’s a quick breakdown of the process:
- The winning bidder has up to four business days after auction close to send payment to B-Stock (we send payment reminders to the seller up until the fourth day).
- After B-Stock receives payment from the buyer, we send you, the seller, a Purchase Order (PO) email with the buyer’s contact information and shipping address.
- Seller then ships the inventory to the buyer: free for the buyer, fixed, buyer arranges, or binding shipping.
- Once B-Stock is notified by the buyer that the lot was received and approved, we will process payment within four to five days.
For each listing on B-Stock Supply, there is a $50 transaction fee.This transaction fee is covered by the Buyer’s Premium (as described above) unless the lot sells for less than $500. When that happens, it’s the seller’s responsibility to cover the remaining balance. For example, if a lot sells for $400, the remaining balance would be $10.
Rules + Best Practices
Trust between our sellers and buyers is extremely important and we want to ensure the best online marketplace experience possible. Here are a few rules to be aware of before selling on B-Stock Supply. Violating any of these items can result in extra fees or even removal from the site.
After an auction starts, it is highly discouraged to cancel. Doing so will result in a fee of $50. If an order is cancelled by the seller for any reason, then a fee of 20% of the closing price, or $100 minimum, whichever is greater, will be charged. Repeated cancellations may lead to seller removal.
Do not bid on your own lots
Sellers are not allowed to bid on their own auctions, doing so may cause the seller to be removed from the site. B-Stock fosters a community of transparency with our auction platform. If a buyer discovers they are bidding against the owner of the lot, they will lose trust.
Work through B-Stock, not directly with buyers
You aren’t allowed to circumvent a transaction with B-Stock, only to work directly with the buyer.