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Overstock.com AuctionsSM, Working with buySAFE Inc., Announces the Launch of its Trusted Merchant ProgramSM
SALT LAKE CITY , June 7 — Overstock.com AuctionsSM (Nasdaq: OSTK), working with buySAFE Inc. (http://www.buysafe.com), today announced the launch of its Trusted Merchant ProgramSM. The program integrates buySAFE's e-commerce bonding service with Overstock.com Auctions to promote a safer, more enjoyable shopping experience.
A Trusted MerchantSM is an auction seller who is permitted to display the Overstock.com Auctions Trusted Merchant icon and the buySAFE Seal on its auction listings. These marks signify that the merchant is in good standing on the Overstock.com Auctions site and has passed the buySAFE Business Inspection. Once approved, the merchant becomes a Bonded Seller™ and can guarantee each transaction up to $25,000, using surety bonds.
According to Holly MacDonald-Korth, senior vice president of Auctions at Overstock.com, "The Trusted Merchant Program helps solve the two most pervasive problems with online auctions: sellers misrepresenting the goods they're selling and sellers failing to deliver goods to the buyer. Now, when shoppers see the Trusted Merchant icon and the buySAFE Seal on a listing they will know they can bid and buy with confidence. This is a big step forward in the world of online auctions."
To participate in the Trusted Merchant Program, auction sellers must be approved by Overstock.com and become a Bonded Seller by passing the buySAFE Business Inspection. buySAFE verifies the merchant's identity, financial stability, online sales experience and ability to honor the terms of the sale. After a merchant is approved by buySAFE, it must pass a further inspection by Overstock.com. Only after passing both the buySAFE and Overstock.com background checks, can the seller display the Trusted Merchant icon and buySAFE Seal on its listings and bond transactions.
"By becoming a Trusted Merchant and bonding their transactions with buySAFE, merchants are telling shoppers that they are among the best sellers online and that buyers will get what they pay for," said Jeff Grass, CEO of buySAFE. "This added level of trust should translate into higher average selling prices, better sell-through rates, and more repeat business for Trusted Merchants."
Auction sellers can apply to become a Trusted Merchant bonded with buySAFE through the Overstock.com Auctions website at http://auctions.overstock.com. For sellers that qualify, the companies have created a special promotion that runs until September 1, 2005. After September 1, Trusted Merchants pay 1% of closing fees to participate.
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 http://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 http://www.overstock.com.
about buySAFE
buySAFE, Inc. helps to create 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 http://www.buysafe.com.
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