nearly free Auctions - How it works nearly free holds online auctions in which participants bid for products/services. The conditions of participation are as follows:
1. A Maximum Bid Amount or Max Bid is stipulated for the auction. 2. There is a pre-determined number of Required Bids or Maximum Number of Bids that will be accepted for the auction (or per item in the case of multiple item auctions). 3. Each participant is charged an Administration & Handling Fee (or Admin Fee) per bid. 4. All bids are kept secret whilst the auction is open. 5. At close of auction, the bidder with the highest Unique Bid is eligible to purchase the product/service at their bid amount, on condition that the Bidder has correctly answered all the Qualifying Questions. 6. If multiple items are presented in a single auction, then each bid will be allocated to one of the items and a winner will be selected for each item based on the highest unique bid per item.
An example of how a winner is selected:
In a nearly free Auction with the following settings:
Item: Electronic Calculator Max Bid: R25 Retail Price: R75 Required Bids: 8 Admin Fee: R15 End Date: Day / Date / Time Quantity Available: 1
Then the bidder that submitted Bid 3 would be eligible to purchase the product/service for R24.00 as it is the highest Unique Bid. (Note: an auction may be extended if the End Date of an auction arrives and the Required Bids has not yet been reached).
An Administration & Handling Fee is applied to each auction. This Admin Fee is charged for every bid placed within an auction and may vary between auctions. This fee is non-refundable on condition that a winner is selected.
2. Active Bidding:
This icon indicates that the bidding has commenced but is not yet Hot on this Auction.
3. Bid Reference:
This Reference number is sent to you via a Bid Confirmation Email after you have placed a bid in an auction. You will need to use this Reference number to view the results of an auction and see if you are a winner.
4. Closing Soon:
This icon appears if the number of bids on the auction has exceeded 75% of the Required Bids or Maximum Number of Bids (for each item, in the case of multiple item auctions) and serves as an indication that the auction is nearing closure.
5. End Date:
This is the specified closing date of the auction. If the Required Bids for a specific auction is not met then the End Date of that auction may be extended. (Note: In the case of a Snap auction, the end date can still be extended, but because of the nature of the auction, it’s in the best interest of the site to not extend it).
6. Hot:
This icon appears when the number of bids received on a specific Auction reaches a level of more than 25% of the Required Bids.
7. Item:
One or more identical items may be offered within a single nearly free auction. The number of items available in a specific auction is indicated as Quantity Available.
8. Max Bid:
This term indicates the Maximum Bid Amount set for a nearly free auction. A bidder may not place a bid higher than this amount.
9. Max Bids or Maximum Number of Bids:
This term is specifically related to Snap Auctions (where there is no Required Bids level set). If the specified number of Max Bids or Maximum Number of Bids is not met, the auction will close on the End Date and no extension will be offered. This is applicable for each item in the case of multiple item auctions. For snap auctions, the two conditions that determine a closed auction are as follows:
• End Date Reached • Require number of bids reached
10. Max Bids Per Bidder:
This is the maximum amount of bids which a single bidder is allowed to submit within a specific auction.
11. New / New Item:
This icon indicates that a specific Auction is new or has only recently been opened.
12. Quantity Available:
This indicates the number of items available within a specific auction and therefore the number of winners there will be for this auction. As an example, if an auction has listed the Quantity Available as 4, the bid(s) you place will be allocated to one of these 4 items. If you place all your bids at the same time, they will be allocated to the same item. If the Auction is successful, 4 winners will be selected (i.e. a winner for each of these 4 items).
13. Required Bids:
Each auction has a specified number of Bids that must be placed in order for the auction to close. (In the case of multiple item auctions, the Required Bids is applicable for each item). The auction may be extended if this number is not reached by the End Date of the auction.
14. Retail Price:
This is the estimated market value or Recommended Retail Price of the product. Nearly free offers the chance to win a product at less than 20% of this amount. (Note: Whilst nearly free endeavors to ensure that this information is as accurate as possible we cannot guarantee that the product offered within an auction is not available at a lower price elsewhere)
15. Snap Auction:
This indicates that the auction is generally open for a shorter period of time than other nearly free auctions.
Features: - There is a Maximum Number of Bids, instead of a Required Number of Bids. - The auction End Date can be extended by the site admin if required regardless of the number of bids received. (See point 9) - The auction will close early if the Maximum Number of Bids is reached before the End Date.
16. Unique Bid / Highest Unique Bid:
At the close of an auction, the system reviews all the bids received for a particular item and cancels out all equal bid amounts. Those bids that differ from the rest are then regarded as Unique Bids. A winner is then picked from these Unique Bids. The Highest Unique Bid is deemed to be the winning bid.
In the example below, Bid numbers 5 and 8 are Unique Bids because all other bids appear at least twice. Bid number 5 is regarded as the Highest Unique Bid and therefore the winner.
More information about the product on auction can be view, by clicking the “Find Out” More button
Each item on auction has a detailed description section offering more information on the product. In order to familiarise yourself with the concept of a nearly free auction and the terms and icons used on the site, we recommend that you read through the Help and Frequently Asked Questions prior to placing your first bid.
At present, all our products are listed on the nearly free Homepage
If you are already familiar with the product and its details, you can choose to bid immediately by clicking the Bid Now Icon.
Auctions More information about the product on auction can be view, by clicking the “Find Out” More button
Each item on auction has a detailed description section offering more information on the product. In order to familiarise yourself with the concept of a nearly free auction and the terms and icons used on the site, we recommend that you read through the Help and Frequently Asked Questions prior to placing your first bid.
At present, all our products are listed on the nearly free Homepage
If you are already familiar with the product and its details, you can choose to bid immediately by clicking the Bid Now Icon.
Bidding Process - the Step by Step guide to the nearly free bidding process
Please note: all images used are samples. See also our Winner selection process
Phase 1 : Place Your Bids
View all details about the auction.
Place up to the maximum number of allowed bids for this auction.
Place a bid by entering your bid amount (not to exceed Max. bid amount), then clicking the add bid button.
Once complete, click the “Proceed to Step 2” button.
You can view previous bids you placed on this auction.
Phase 2 : Question and Answers
Select correct answers to the product-related questions. (The necessary information to answer these questions is made available on the main product description page).
Phase 3: Confirmation
Here you will be asked to confirm all details. Check to ensure the details listed are correct and make a note of your total Admin Fee which has been calculated based on the number of bids you have submitted. You are required to pay this amount to complete the bidding process.
You will be given the option to pay by Credit Card or Bank Transfer.
If you choose to pay by Credit Card:
Fill in your Credit Card details in the form provided and proceed to the next step. If you select this option the next step will automatically follow this payment selection.
If you choose not to pay by Credit Card (i.e. by Bank Transfer instead) then proceed to Bid Step 4 and click Bank Transfer. If you wish to view the page displayed if you choose to pay by Bank Transfer, click here
Credit Card Process:
The screen will display a proforma invoice confirming that your bid has been submitted for processing. Check all the details and make a note of the following important information:
Bid Reference Bid Amount Admin Fee Paid
You can also print this page for reference.
This is the final step in the bidding process when you choose Credit Card payment.
The next step goes to the Bank Transfer success page from this guide. Electronic Fund Transfer:
If you choose to pay by Bank Transfer, you will be taken to this page. Check the following details:
Bid Reference Bid Amount Admin Fee Payable Bank Details
