The Proof is in the Marketplace
Proxibid has been recognized by The Better Business Bureau with an “A” rating and our Marketplace has an industry-low, non-pay rate of 0.15 percent. But we aren’t stopping there. We are constantly innovating and improving our risk management system. Proxibid is committed to providing a trusted community where buyers and sellers can connect.
Our risk management system is a sophisticated hybrid of proprietary technology and third-party partnerships managed by an in-house team of experts. The system is built around two simple ideas:
- Ensure buyers and sellers are who they say they are
- Ensure buyers and sellers do what they say they are going to do
When you sell on Proxibid, rest assured our best-in-class risk management system is behind every sale, whether that be at auction or a more traditional buy now or make offer transaction.
Keeping Fraud Out of the Marketplace
Proxibid diligently monitors the Marketplace 24×7 for fraudulent behavior that could compromise our sellers. These automated safeguards include:
- Adhering to all requirements for merchant processing to ensure all buyer credit card information is safe
- Monitoring for previously banned buyer profiles
- Verifying unusual account activity by location
- Monitoring changes in account behavior and profile information
- Tracking abnormal retracted bids
- Cataloging all bids with detailed information
- Using external sources to validate buyer information on file
- Cross-checking buyer information against the Office of Foreign Asset Control’s (OFAC) Specially Designated Nationals lists which documents individuals who are prohibited from transacting with U.S. persons
Security in the Marketplace
A number of tools in our risk management system are geared specifically to support the seller:
All sales events on Proxibid are monitored by MarketGuard®, our proprietary, bank-quality risk assessment software. Before any user can complete a buying action in a particular sale, that buyer’s information is run through a series of algorithms and must pass various checkpoints. Marketguard® uses the data entered in the buyer’s account and other third-party information to determine if the buyer will be a reliable customer. Buyers can only participate in a sale if they pass the MarketGuard® test. And if a certain sales event warrants it, sellers can require additional information to ensure buyers are vetted more aggressively. It all happens instantly, behind-the-scenes, giving buyers a hassle-free shopping experience.
Proxibid provides dispute resolution services in those situations when buyers and sellers do come to an impasse regarding a transaction. Proxibid will mitigate the dispute acting as an impartial party representing the Marketplace to ensure both parties live up to their commitments. This is a unique service not seen on any other live selling platform and is highly coveted amongst our sellers.
International Buyer Vetting
Proxibid is a global Marketplace with active buyers from more than 190 countries. It is critical users logging on from outside of the U.S. are vetted as reliable, credible buyers. Proxibid uses state-of-the art, phone-based authentication technology to verify all international buyers’ identities.
Our new Buyer Rating program will be introduced in the near term. The ratings system will focus on two key components: speed-of-payment and reasonable expectations. This program will help us protect the integrity of the Marketplace and will become a component of MarketGuard®.
APN Payment Network
APN payment network is the premier online payment processing solution developed specifically for Proxibid sellers, and is designed to streamline payment processing and reporting. With APN you can quickly and securely invoice and reconcile your sales; consolidate credit cards from phone bidders, swiped on-site, hand keyed or via Proxibid into a single system.
And you can stop chasing down buyers for payment. APN is a seller-initiated engine, which means the payment information is already securely stored and sellers are authorized to charge a buyer’s card immediately following a sale.
Sellers who use APN can rest assured transactions are secure and bidders’ personal information is safe. All of APN’s products and services are PCI-compliant meaning they meet the payment card industry’s stringent security requirements. APN was built on a secure network which protects cardholder data and encrypts this data when transmitted across the network. APN maintains a vulnerability management program, implements strong access control measures, regularly monitors and tests networks and maintains an information security policy to ensure a secure environment for all cardholder data.