Effective date: March 13, 2024
Thank you for choosing Auctio. This Return and Refund Policy describes the terms and conditions for returns, refunds, and penalties applicable to users of our auction application (the "App").
By using the App, you agree to the terms of this Return and Refund Policy.
When a user places a bid on an auction, they are required to pay 3% of the "Buy it now" price as a bid fee. This amount will be deducted from their balance and shown as a part of their wallet balance in the App.
If a buyer bids more money on an auction than they have in their wallet and wins the auction, they will be given an additional 24 hours to provide the remaining amount. If they fail to do so, a penalty of 5% of the auction price will be imposed. However, if the penalty exceeds the initial 10 USD balance, the maximum penalty will be 10 USD.
When registering an auction on the App, the seller must deposit 3% of the "Buy it now" price of the item into their App balance. This balance will be used for penalties, if necessary. After the auction ends, the seller can withdraw the total amount (initial 3% deposit + auction maximum bid amount) to their bank account.
If an item is sold on the App and neither the seller nor the buyer confirms the transaction within one week, penalties will be imposed. The seller will be charged 3% of the "Buy it now" price, and the buyer will also be charged 3% of the "Buy it now" price. However, the bid and confirmation button charges are refundable upon request.
The seller is responsible for ensuring the delivery or pickup of the item within 30 days from the date of the auction.
Payments on the App are processed using Visa and Mastercard through the Rapyd payment gateway.
Bid and confirmation button charges are refundable upon request. However, penalties are non-refundable.
If you have any questions or concerns about our Return and Refund Policy, please contact us at AuctioCorporation@gmail.com.
We may update our Return and Refund Policy from time to time. We will notify you of any changes by posting the new policy on this page.
Thank you for your understanding and cooperation regarding our Return and Refund Policy. We strive to provide a fair and transparent auction platform for all users.