This article describes how to bidders can register for, and participate in, auction events that have a Fund Verification requirement.
This article contains the following sections:
- What is Fund Verification?
- Registering for an Event Requiring Fund Verification
- When and why would I be charged for verified funds?
- How can I be reimbursed for collected verified funds?
What is Fund Verification?
When an auction house utilizes the Fund Verification (also known as a 'Hold') feature, they want to ensure their bidders are truly invested and have interest in their event(s). Not all events will require Fund Verification in order to participate.
When registering for an event using Fund Verification, Proxibid will run a credit card validation for a specified dollar amount, to ensure the aforementioned bidder investment.
The funds are held temporarily and are then immediately released. The verified funds will only be charged (collected) at the end of an event if the winning bidder does not pay for their winning item(s) and the auction house takes steps to charge the funds.
Bidders who participate in an event and do not win item(s), will not be charged the Fund Verification amount.
Registering for an Event Requiring Fund Verification
If an auction event has a Fund Verification requirement, a banner will display at the top of the page containing the dollar amount that must be verified in order to participate in the event.
- If a bidder clicks the Click Here to Apply link or attempts to place a bid, a pop-up window will appear prompting them to select a card to use for the Fund Verification.
- Click the Select Card button to select which credit card to use for the verification, or to enter a new credit card.
- If the bidder already has a default credit card saved on their account, they can click the Use Card Ending in (last 4 digits) button to charge that card.
- Clicking the Select Card button will open a new window containing all of the credit cards on file for the bidder.
- To enter a new credit card, click the Add Card button.
- A pop-up window will open where credit card details can be entered.
- Once entered, the new card can then be selected.
- Click the Select this Card button below the desired credit card.
- A confirmation message will appear.
- Click the Save Changes button.
- If the verification was successful, a new pop-up window will appear indicating that the bidder can now participate in the event. Click the Okay button to continue.
If the Fund Verification is unsuccessful, a Fund Verification Failed message will appear giving the bidder an option to select another card.
Fund verification can fail for multiple reasons, including typos in the bidder's card details or address, or the bank flagging the transaction as potentially fraudulent. If a bidder has entered their card details correctly and has the funds available, they should contact their bank to ensure they are not preventing the fund verification.
There is no limit to the number of attempts the bidder can make to verify their funds, however they are limited to making 3 attempts every 15 minutes.
When and why would I be charged for verified funds?
If a bidder fails to pay their invoice for items won in an event and the auction house is unable to collect payment via a credit card on file, then the auction house may charge the bidder for the amount that was verified during event registration.
The full amount of the verified funds will be charged and collected via the credit card that was used during registration, even if that amount is more than the amount owed on the bidder's invoice. Any processing fees and taxes will also be applied to the verified funds.
The bidder's invoice is still considered 'unpaid' even if verified funds are collected. If a bidder would like to pay their invoice, they should login to their MyProxibid account to pay the invoice and then contact the auction house directly to request a refund of the verified funds.
How can I be reimbursed for collected verified funds?
If a bidder has paid their invoice in full and needs to have their verified funds refunded to them, they should contact the auction house directly to request that refund. Refunds generally take 3-5 business days to process.