Terms of use
Users of the Platform may have the opportunity to participate in Bid-to-Earn auctions. These are time-limited, open ascending auctions in which participants can earn promotional credits when outbid. From a starting price, participants place bids that must exceed the current standing bid by a minimum increment. The required increment and current bid amount are displayed on the auction page.
To place a bid, you must fund a portion of your bid amount—either through your available balance or a temporary card authorisation. The remaining balance is only due if you win the auction. If another user places a higher bid, your bid is considered outbid: your committed amount is released, and a reward in the form of a non-cash promotional credit is issued to your account. The reward amount is displayed before confirming each bid and is calculated as a percentage of your bid based on a formula published on the bidding page. Rewards are only earned if the reserve price on the lot has been met. If the reserve is not met by the close of the auction, no rewards are payable.
Each auction has a defined duration, which may extend if late bids are placed. The highest bidder at the close of the auction wins the item and is obligated to pay the final bid price, subject to any applicable Platform fees. The seller receives the final bid amount minus the total rewards paid to outbid participants and any Platform fees.
- You authorise a portion of your bid amount at the time of bidding; the full amount is only due if you win. You further authorise the Platform to capture additional amounts from previously authorised payment instruments in order to collect any outstanding amounts owed following an auction win, including during enforcement of payment defaults.
- You will automatically receive a promotional credit and refund if your bid is outbid and the reserve price has been met
- Promotional credits are not legal tender and may not be used outside the Platform
- Promotional credits may be withdrawn in cash once eligible for withdrawal, subject to platform rules and any applicable conditions
- As a seller, you are responsible for covering the total rewards paid to other bidders and any applicable Platform fees
- All bids are final and cannot be withdrawn or cancelled
- All sales are binding; items are sold “as is” without right to return or refund
- Each bid constitutes a legal offer to purchase; if you win, you are legally obligated to pay. Failure to make full payment within the required time period may result in (i) account suspension; (ii) legal action; and (iii) the Platform attempting to capture any remaining authorised funds to satisfy the outstanding amount. If the total amount captured remains insufficient to fully settle the purchase price, the Platform is authorised to retain any partially captured funds, together with previously locked funds, as liquidated damages and compensation for the bidder’s breach of payment obligation. The lot may then be marked as defaulted and offered for resale or handled at the seller’s discretion
- In the event that a winning bidder fails to complete full payment, any funds previously captured, including any portions of the bid amount that were locked or subsequently captured, may be retained by the Platform or the seller as liquidated damages to cover fees, administrative costs, and losses associated with the default. The winning bidder expressly agrees that such amounts are reasonable and proportionate compensation for the disruption caused to the auction process.
- The Platform does not hold general-purpose funds or offer stored-value accounts. All authorised funds are tied to specific bids or transactions.
You may view and withdraw your available balance—comprising eligible rewards and any excess card-authorised funds—at any time. Withdrawals are processed in two steps:
(1) Instant refund to your card (where supported), and
(2) Remaining funds sent by bank transfer where available. International withdrawals may be limited or subject to additional fees depending on the destination.