Press Release

PropertyRoom.com, the largest and most popular online auction site for legally recovered property, today announced that it will begin accepting payments for completed auctions on behalf of all merchant sellers listing on the site.

The new payment option, which works like a traditional escrow service, represents a significant step in buyer and seller protection for online auctions. For sellers, PropertyRoom.com will hold payment and verify buyers’ identities and payment method. Buyers, meanwhile, are assured that their payments are not released to merchants until their items arrive as ordered.

The move ensures even greater protection for PropertyRoom’s fraud-free marketplace. In addition, it will help PropertyRoom manage the rapid expansion of its merchant seller program in the coming months by facilitating transactions and easing hassles for merchants.

“Accepting payment for all transactions conducted on PropertyRoom.com is a benefit to both bidders and sellers,” said Tom Lane, founder and chairman of PropertyRoom.com. “Sellers will have full protection against fraudulent credit cards and will no longer have to manage the payment process. Bidders will continue to have complete assurance that they are getting what they pay for and that they will not have their personal and financial information compromised.”

PropertyRoom is so confident about the new payment option and its fraud protection systems, Lane added, that the company will guarantee payment on completed orders for merchants. He also stated that the new system is seamless for merchants and requires little action on their part.

Protection and Ease for Merchants

PropertyRoom began allowing sales from third-party merchants on its site last year. Since then, it has established an ideal environment for sellers to do business by focusing on three areas: price, security and quality.

PropertyRoom does not charge listing fees to merchants. More importantly, it is able to provide a fraud-free environment due to a rigorous evaluation and selection process for merchants (the company’s core business is putting police auctions online; all personal property gathered from law enforcement agencies is collected, inspected and sold through one of the company’s four nationwide processing centers.)

PropertyRoom’s dedication to providing a quality marketplace stems from the fact that it offers a highly active bidding community with items for sale in virtually every category, from consumer electronics and housewares to jewelry, cars and real estate. PropertyRoom performs a critical service for sellers by limiting the number of merchants in each category to protect from seller saturation.

“Dealing with payments was a time-consuming activity for us. Since PropertyRoom began accepting payments for completed auctions, we have enjoyed greater productivity. I no longer have to worry about unpaid orders,” said Allie Gussman, vice president of Rosdebor Jewelry, an authorized PropertyRoom.com seller.

In the coming months PropertyRoom will be rolling out other features for merchants. Among them are advanced shipping integration and the ability for winning bidders to combine multiple orders from individual merchants–an option that PropertyRoom has offered on auctions for police items since its inception.

Posted: 07|31|06 at 5:51 pm. Filed under: US News.