PropertyRoom.com, the online auction site for legally recovered property in which some 700 municipal law enforcement departments participate, is extending its security umbrella to third-party online sellers as well. After opening its platform beyond police departments to other third-party merchants last year, it will now accept payments for completed auctions on behalf of all merchant sellers listing on the site.
The new payment option resembles a traditional escrow service. For sellers, PropertyRoom.com will hold payments and verify buyers’ identities and payment method. Buyers, meanwhile, are assured that payments are not released to merchants until their items arrive as ordered. PropertyRoom.com built the tools and technology supporting the system itself, using encryption from VeriSign.
The company is guaranteeing payment on completed orders for merchants using the new system and expects it to help facilitate growth in its third-party seller program. “Accepting payment for all transactions conducted on PropertyRoom.com is a benefit to both bidders and sellers,” says Tom Lane, founder and chairman. “Sellers will have full protection against fraudulent credit cards and will no longer have to manage the payment process. Bidders will continue to have complete assurance that they are getting what they pay for and that they will not have their personal information compromised.”
PropertyRoom.com, actively growing its third-party merchant base, says it will roll out other features for merchants in the next few months. They include advanced shipping integration and the ability for winning bidders to combine orders from individual merchants. PropertyRoom.com is No. 279 in the Internet Retailer Top 500 Guide to Retail Web Sites.
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