press releases
Overstock.com AuctionsSM, Working with buySAFE Inc., Announces the Launch of its Trusted Merchant ProgramSM
P.E.S.A. SUMMIT, ATLANTA ( March 18, 2005 ) — Overstock.com AuctionsSM (NASDAQ: OSTK) and buySAFE Inc. today announced that they are working together to develop a new Trusted Merchant ProgramSM for Overstock.com Auction sellers. The program is expected to launch this spring and will integrate buySAFE's e-commerce bonding service with the Overstock.com Auctions platform.
According to a 2004 report by the National Fraud Information Center, 51% of complaints it logged were related to Online Auctions where goods were never delivered or were misrepresented. Given that statistic, Holly MacDonald-Korth, vice president of auctions at Overstock.com, said that sellers participating in the Trusted Merchant Program will have a distinct advantage over other sellers as more shoppers familiarize themselves with the benefits of bonded sellers and seek out Overstock.com Auctions' Trusted MerchantsSM.
"We chose to partner with buySAFE because buyers on the Internet trust sellers displaying the buySAFE Seal," said MacDonald-Korth, "Shoppers will be able to check a box on the search page to search for items offered by Trusted Merchants only, guaranteeing them a positive buying experience."
Before an auction seller can participate in the Overstock.com Auctions Trusted Merchant Program, buySAFE will verify the merchant's identity, financial stability, online sales experience and confirm that they are committed to providing their buyers with an outstanding shopping experience. Only then does the seller become bonded, giving them the ability to guarantee transactions up to $25,000 and allowing them to display the Trusted Merchant icon and the buySAFE Seal.
Jeff Grass, CEO of buySAFE, said, "When buyers see the buySAFE Seal in an item listing, they know that seller is trustworthy and reputable, one of the best merchants anywhere. They can bid or buy with confidence knowing they will get what they paid for. This confidence translates directly into a seller's bottom line, in the form of higher average sale prices, better sell-through rates, and more repeat business. We are thrilled to integrate buySAFE into Overstock.com Auctions, as it will make it even easier for shoppers to find items from Bonded Sellers and enable Overstock.com Auctions' Trusted Merchants to boost their sales."
For more information, visit the Overstock Lounge at the Professional eBay Sellers Alliance Summit in Atlanta, GA., this weekend.
about Overstock.com Auctions
Overstock.com Auctions is an online community of auction buyers and sellers connected through their personal and business networks. It offers 30% lower fees, volume discounts and a simple listing process for sellers; for buyers, it provides a trusted community of auction users. Overstock.com Auctions can be found at auctions.overstock.com.
about Overstock.com, Inc.
Overstock.com, Inc. is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ National Market System and can be found online at www.overstock.com.
about buySAFE
buySAFE, Inc. creates a safe and stress-free online shopping environment through bonded shopping - the only program that uses surety bonds to provide protection for individual buyers from online transaction risks. buySAFE reduces risks for buyers and increases profit opportunities for sellers by comprehensively qualifying online sellers and providing the buySAFE Seal to approved sellers for display on their item listings. Online transactions are further protected with surety bonds issued by buySAFE's trusted financial institution partners. buySAFE is headquartered in Arlington, Virginia and can be found online at www.buysafe.com.
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Overstock.com is a registered service mark, and Overstock.com Auctions, Trusted Merchant Program and Trusted Merchant are service marks of Overstock.com, Inc. All other trademarks are the property of their respective companies.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding the timing of the launch of the Trusted Merchant Program, the integration of buySAFE into Overstock.com Auctions, the benefits and features of the program, and such other risks as identified in our Form 10-K for the year ended December 31, 2003, and all our subsequent filings with the Securities and Exchange Commission, which contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.
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