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virtual auction fundraiser

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virtual auction fundraiser

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  1. How Does A Virtual Auction Fundraiser Work While online auction fundraisers have been around for quite some time now, there has been exponential growth over the last couple of years. With physical fundraisers and bidding in crowded auction halls heavily restricted due to the Covid-19 pandemic and social distancing norms in place, fundraising efforts by charities and NGOs have largely taken the online route. A virtual auction fundraiser is now about the only option left to raise money for charitable work.

  2. There is not much difference between a traditional on-premises auction and a virtual auction fundraiser. In both cases, sellers can put up a single item or multiple lots of the same item. There are sellers and bidders, winners and losers, and payment has to be made at the end of the auction before the winning items can be received. But the similarities end here. Here are the differences between a regular auction and a virtual auction fundraiserand how the online scenario works.

  3. Registration Unlike on-premises auctions, you have to register for an online auction before you will be allowed to take part. It is not possible to simply log into a site and start bidding. Since the organizers are not faced with the bidders, registration of the participants helps to monitor the bidding, track the winning bids, and build a database for seller-buyer interaction and feedback. It is advisable to have a separate email account other than the regular account exclusively for a virtual auction fundraiser to avoid spam flooding the inbox.

  4. Winning bids Any site conducting a virtual auction fundraiser has a pre-determined time limit after which any bids will not be allowed. When a successful sale is concluded, the bidder declared the winner has to make payment for the item. The buyer and the seller have to communicate with each other about the payment mode to be followed and taking delivery of the winning item. As in the on-premises auctions, in online auctions too if no bid is received at or above the reserve price, the auction is closed without a winner.

  5. Mode of payment Most online fundraiser sites offer multiple payment options like personal checks, credit and debit cards, money orders, or cash on delivery. However, all platforms do not accept each one of them. The universally accepted mode on virtual auction fundraiser websites is the credit card as it has some unique advantages. Credit cards protects the winning bidders as they might claim a refund after payment if an item is not delivered or different from what was promised and displayed on the site during the auction. Some sites do not accept credit cards and instead prefer cashier’s checks or money orders to confirm receipt of payment.

  6. These are some of the facets of a virtual auction fundraiser, a segment that is growing at a very fast clip in today’s locked-down environment. It is also a boon for charitable institutions.

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