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Created: 9 year(s) ago

What is the eHarex and how does it work?
In this article we would like to show the way of launching a profitable company by using the system of eHarex. We are going to discuss the essential issues one by one and we are going to offer valuable help for the start.

What is the eHarex? The eHarex is an online auction site where everybody may sell their items to those offering the best price. We have given the example prices in USD for the sake of better understanding.

The system resembles the traditional auctions, that is, the bidder with the highest bidding price may purchase the item. When you register into the system, you have to pay a registration fee (payable once, 5 USD), browsing through the site is free of charge.

How does it work? The seller uploads his item with providing the scope of time within which the auction is valid, or open – this is usually 7-21 days. The bidder may place bids as many times as he wishes; at the end of the validity period, the bidder pays the price of the item to the seller and the seller sends the item to the winning bidder.

Each bid is qualified as entering into a contract therefore you can not simply back off from a bidding and if you have won you have to purchase that given item and the seller is obliged to send you the item.

Although the eHarex is sometimes seen as a flea market, most of the items are sold below their market prices and the transactions of larger scales are not typical, it is true that both sellers and buyers can make good business here. Traditional markets operate the same way nowadays: beyond the second-hand sellers there appeared the vendors of new products because everybody wants to go where buyers are.
The auction. The bidder may place his bid using a system called ”Commissioned bidding” the sum of which is higher than the highest bid. Let us see an example of how this works:

Somebody wants to sell his microwave oven for a 1 USD starting price, and assigns 20 cents bids thereto. Buyer ”A” defines his maximum bid in 3 USD – at present, he is offering the largest bid – and thus the largest bid given is 1 USD. Buyer ”B” has given a 2 USD bid price for the microwave oven but as this is not higher than the bid limit of buyer ”A” (that is, 3 USD), it is still ”A” who is winning the bidding, only the momentary price rises to 2 USD, that is, to the bid offered by buyer ”B”. After all this buyer „”B” decides to raise the bid limit to 4 USD. With this he became the bidder offering the highest price, thus the sum of the next bid will be larger than the maximum bid of buyer ”A”. The price of the microwave oven has risen to 3.20 USD.

So if you adjust a 10 USD bidding maximum for an item the starting price of which is 1 USD, only those offering bidding maximums higher than 10 USD may come before you; until then you are the winner with any bids between 1 and 10 USD.
You shall not forget though, that the bidding price does not include prices of shipment, only if that it is especially indicated. The seller provides information on the modes and prices of shipment which of course depend on a number of factors. There are auctions which even specify the countries from which buyers can place bids.

”buy it now” - if a seller wants to sell his item for a set price he is able to provide a ”buy it now”- price too. This make it possible for the buyers to win the auction instantly and purchase the item without placing bids; but this option is withdrawn as soon as a normal bid is offered.
For example if you wish to sell a motorcycle for 60 USD, you may provide this as a ”buy it now”-price. If a higher but normal bid is offered, the price may rise but if somebody clicks on the ”buy it now” link, the motor will be sold at the given price.

If you provide the ”buy it now” option regarding the item and not the price, buyers are not able to place bids and may purchase items only at the given price. You shall take care not to settle an extremely high price in this case.
Reservation (upset) price: Reserrvation price is the price below which no transactions are possible. This price is not seen by buyers, they are only aware of the information that the current price is below the reservation price. If the price remains below the reservation price, the item is not sold – however there is possibility for settling a new limit, though not free of charge.
For example if you wish to sell our amplifier system and you do not want to receive less than 70 USD for it, then you have to set the reservation price to 70 USD. The item will only be sold when the bidding price rises ovet the reservation prive; if not, you may decide to try to sell the amplifier again or not.

Payment. Financial transactions of the eHarex are conducted between the buyer and the seller. As there is a contract entered into by the winning bidder and the seller, the buyer cannot simply decide not to pay for the item. There are a number of modes of payment – bank transfer, vouchers or via an electronic money transfer option – although not all sellers accept all kinds of modes of payment.
The most often used electronic payment option is the so-called PayPal system which, for a given fee, makes possible to send off and receive electronic payments using our debit or credit cards.

An example for the usage of the PayPal system: as buyer you wish to pay 40 USD for an item. You register into the PayPal system and for a fee, place 40 USD from your credit card onto our PayPal account, which is then sent off by the system to the sellers account. After the seller has received the amount of money to his PayPal account he can use it for his own purchases, or can transfer it to his bank account or credit card (but a certain fee is also to be paid here).

Assessment. In order to protect the users from unreliable buyers and sellers, the eHarex has a feedback system which means that following the closing of each transactions, both the buyer and the seller are able to leave a positive, neutral or negative comment regarding the other party. This makes it possible for you to see how many purchases or sellings had been conducted by the given users and you are able to read through the feebacks of other users too. This way you can decide easier if that specific user is reliable or not.

Let us see the following example:
eHarex username: shopboy26 Rating: 1
item identification number: 1234567890 positive – payed in time
item identification number: 1234567891 positive – good to make business with him
item identification number: 1234567892 negative – delayed payment

As your ratings are visible for everybody, you are forced to provide a quick and reliable service both as buyer and seller: the moment as the payment arrives you shall ship the item and pay in time. It is virtually impossible to run an eHarex business with negative ratings as nobody would want to enter into contract with you if you are found unreliable.