User feedback leads laboratory equipment auction and advertising website to reduce fees when an Auction Stop price is offered
LabX has decreased the Auction Stop fee from 5% to 3%, as the site continues to accept user feedback to improve its online auction marketplace.
The Auction Stop feature lets sellers sell items at the Auction Stop price prior to the auction closing. This feature is optional for any LabAuction ad type and is not a requirement of running auction ads on LabX.
At any time during the 24 hours before an auction closes, the first bidder who enters the Auction Stop price instantly wins the auction.
The Auction Stop is a feature designed with bidder validation in mind.
To stop an auction, bidders are required to submit electronically a credit card for validation of their identity. LabX charges a 3% transaction fee of the Auction Stop price when a buyer elects to stop the auction.
No fee is due if the auction closes at or above the Auction Stop price at the originally scheduled time.
The company points out that no final value fees or commissions are involved when running regular auction ads; only a single-rate listing fee is required to sell items on LabX. LabX is an online marketplace for scientific equipment and supplies where it is claimed that over $60 million of equipment is traded annually.
Developed in 1995, LabX connects professional buyers and sellers using fixed-price classified ads, online auctions, and free equipment wanted ads.
