glossary

glossary of auction terms

ID Verified

A feature on eBay that indicates eBay has verified a user’s address and contact information. Helps to provide trust for buyers and sellers dealing with that user.

Insertion Fee

The fee charged by an auction website to list an auction. Usually depends upon the starting bid and any optional listing features that are included.

Internet Merchant Account

A credit card account that allows sellers to accept credit cards as payment for their auctions. A merchant account is only available to businesses, not individuals.

ISP

Internet Service Provider – companies that provide connection services to the internet. For example, AOL is an ISP.

Listing Fee

The fee charged by an auction website to list an auction. Usually depends upon the starting bid and any optional listing features that are included.

Live Auctions

Can refer to either of two things:

a)     A traditional auction where items are auctioned off using an auctioneer and bidder attend in person.

b)     Real-time auctions held online, in which an item is up for bid for a short timeframe and all bids are made in real-time, as opposed to over the course of a few days.

Maximum Bid

The highest bid amount offered by a bidder. Most auction websites offer proxy bidding, in which the site will automatically increase a user’s bid, as other bids are made, up to the maximum bid amount offered.

Member Profile

Most auction websites allow users to create a profile (the About Me page on eBay) which tells more about them.

Merge

A feature on eBay where two users IDs can be combined into one.

MIB

An abbreviation meaning “mint in box”

MIBP

An abbreviation meaning “mint in blister pack”

MIMB

An abbreviation meaning “mint in mint box”

MIMP

An abbreviation meaning “mint in mint package”

Minimum Bid

The minimum bid is the starting bid for an auction. Once bids have been placed, the minimum bid will depend on the bid increment for the auction.

Mint

A term describing the condition of an item, generally taken to mean no blemishes or damage to the item – item is still like new.

MIOP

An abbreviation meaning “mint in open package”

MIP

An abbreviation meaning “mint in package”

MNB

An abbreviation meaning “mint – no box”

MOC

An abbreviation meaning “mint on card”

MOMC

An abbreviation meaning “mint on mint card”

MONMC

An abbreviation meaning “mint on near mint card”

MWBMT

An abbreviation meaning “mint with both mint tags”

MWBT

An abbreviation meaning “mint with both tags”

MWBTM

An abbreviation meaning “mint with both tags mint”

MWMT

An abbreviation meaning “mint with mint tag”

MWT

An abbreviation meaning “mint with tag”

My eBay

Each user on eBay has a page called “My eBay” which is a sort of home page that lists all auctions you’re bidding on, you’ve won or lost, you’re selling, all your favorites and other personalized information.

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Insurance

Insurance is usually a good idea but in general, it should be an optional feature, with the decision left to the buyer. Remember two important things about insurance. First, insurance is VERY inexpensive. Therefore, in your description, you should state how much insurance would cost and recommend it. Second, you should also state in the description that if insurance is not purchased, you are not responsible for lost or damaged items.

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