No-User: 0 Tokens

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The Beginning

Working with reverse auctions is very simple and brings awesome advantages !!.
A Buyer: 1. Get Registered - 2. Acquires Tokens - 3. Opens an Auction - 4. Invites suppliers
A Supplier or Seller: 1. Is invited by a buyer and 2. Participates on Auctions! .......  that easy!!

What is a Reverse Auction? 

In a reverse auction the buyer has the control, which is the opposite to the regular auctions, where the seller asks buyers for higher prices. Let's suppose you want to buy a car using a reverse auction, and you know exactly what you are looking for: Brand, reference, accessories, color, extras, etc... Well, as BUYER you can open a reverse auction at Reverplace and invite whoever you decide (several suppliers), and make them bid for the deal (to sell you a specific car). At the end, you will consider the lowest price. Suppliers will bid down the prices, reducing or underbidding the amount as far as their financial calculations allow it.

How operates a Reverse Auction?

When you enter as user in Reverplace, you can act as a Buyer or as a Seller (Supplier), Buyers need to be sure to have enough credit in order to open new auctions (need to buy Reverplace TOKENS). Buyers will define the specs and terms of the auctions, which corresponds to the definition of precise characteristics of goods and/or services, and will indicate also a time frame for the suppliers to do their bids (initial time/date and final time/date). Once the auction starts, the Suppliers or Sellers invited by the buyer, will do the bids for one item, a group of items or a detailed service. They will be able to see in a table the development of the auction and which is the best current sell price offered (lowest). A countdown clock will show the remaining time for the auction to be closed. Bidders will be able then to reduce the price as many times they require to do it, and at the end, Supplier's offer with the lowest price will be the one considered by the buyer.




When you register at Reverplace auctions, your email will be the ID for Auctions you want to open as a Buyer, or on the other side, it will grant you access as Supplier for those reverse auctions you have been invited to. Reverplace will not collect more data from you as the required one for the regular auctions and invoicing.


I represent a company ..... how do I do register ......

Have in mind following recommendations

  1. Try to use a generic buyer account (not mandatory) for the user who is going to be in charge of opening reverse auctions. For instance This email address is being protected from spambots. You need JavaScript enabled to view it.. In this way, you will not need to do changes if a buyer leaves the company and the user account still has credit for opening new auctions or if you want to keep historic reports in one account only.
  2. For online payments using gateways like ePayco, PayPal and others, the Corporate Credit Card owner (if payer is different to the one who opened the REVERPLACE account), must know account User Credentials in order to buy tokens for him/her and credit them directly.
  3. REVERPLACE doesn't keep any Credit Card data in the Server (all payment data remains by gateway portal only).
  4. Tokens transfer to other buyers: Other buyer(s) of your company can remain totally independent if the payer opens his/her own REVERPLACE account, uses the corporate Credit Card to acquire Tokens, and then transfer these tokens from his/her account to known User(s) IDs via: Menu - Tokens - Tokens Transfer. In this way will be unnecessary for the main payer to know the credentials of the buyer(s). Have one account for each buyer who opens an auction makes them accountable for the auction content, this is an advantage in comparison of having a generic REVERPLACE account.

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