Seller can choose to join Serious Bid Guarantee. If the seller joins and pays a $5 serious bid guarantee deposit, then all buyers who want to bid for the item are required to pay a $5 deposit. If the seller does not pay for a $5 deposit, buyers are not required to pay the $5 deposit either.
If a deposit is not paid on a listing, when cancelling situation occurs, the cancelling party will face the possibility of being blocked from using 5miles Bid. (If a user cancels 3 orders in a row, he/she won’t be able to use 5miles Bid for 7 days. If an order is cancelled due to the overdue of action of the user i.e. the buyer fails to pay within 24 hours after winning a bid, this will be regarded that the user has cancelled.)
If a deposit is paid on a listing, both parties’ deposits will be put on hold and released in accordance with the following deposit instructions:
- If the seller cancels the order > the seller guarantee deposit will be paid to the buyer as compensation as the buyer’s balance.
- If the buyer cancels the order > the buyer guarantee deposit will be paid to the seller as compensation as the seller’s balance.
- If the listing fails to be approved or get deleted/unlisted during display> both parties’ deposits will be released to the original payment cards.
- If no one wins the bid, both parties’ deposits will be released to the original payment cards when the auction ends.
- When an order is successfully completed, both parties’ deposits will be released to the original payment cards when the seller when the seller confirms delivery of the item.