Posting an Auction
 How Auctions Work
By posting item for auction on MedWOW you receive bids on your item and sell it to the highest bidder. You can also include a "Purchase Now" option in your auction, which allows the buyer to immediately purchase the item at a set price, before the listed closing date of the auction.
 Auction Duration
  • There is no limit on how long an auction can last, however the default is set to two weeks.
  • You also choose the option to have the acution extended to a predetermined date. If you agree to allow extensions, they will take place in the following scenarios:
    1. A bid is made within 24 hours of the original Auction Closing Date – the auction is extended by 1 business day.
    2. The reserve price is not met at the Auction Closing Date – the auction is extended until your preset "Extend Until" date.
    3. An inspection is ordered within 7 days of the closing date - the auction is extended by 7 days.
 Auction Glossary
Starting price
The price at which bidding for an auction starts.
Reserve Price
The minimum value that the highest bid must reach in order for the auction to close successfully. Buyers do not have access to this value.
Bid Increment
The minimum amount by which a successive bid must exceed an existing bid.
Purchase Now Price
The price at which you are ready to sell the item immediately, and end the auction before its listed closing date.
Auction Closing Date
The first possible closing date for the auction.
Extend Until Date
The final closing date for an auction after all extension have been allowed, no extensions are allowed after this date.
For MedWOW's complete auction rules and regulations, please see the Auction Policy.
 Auction Fees
  • Posting items on auction is free of charge!
  • If your auction successfully closes (the highest bid reaches or exceeds the reserve price that you set) you are charged a 4% Auction Transaction Fee on the final value of the high bid. The Auction Transaction Fee is divided of two charges:
    1. Seller Transaction Fee:
    The Seller Auction Transaction Fee is 2% of the final selling value at closing. This fee is only paid if the auction successfully closes (i.e. your Reserve Price is met).
    2. Final Value Price Deduction
    Bidders do not pay a fee for participating in auctions. However, in order to guarantee the winning bidder's intent to purchase the item, they are also charged 2% of the final price as security. You will need to deduct this amount from the final value of the winning bidder's bill
    - keep this in mind when setting your reserve price, you may want to mark it up by 2% to cover the value of the deduction.
For MedWOW's complete auction fees, please see the Fee Schedule.
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