The Buy It Now (BIN) feature allows you to set a fixed price for your auction, giving participants the option to purchase your domain immediately and close the auction. Here’s how it works and what you need to know as a seller:
Why Add a Buy It Now Price?
Adding a BIN price to your auction offers several advantages:
Attract serious buyers: A clear, fixed price encourages quick decisions.
Accelerate sales: Buyers can immediately secure the domain, ending the auction without waiting for bidding to conclude.
Increase visibility: The BIN price is highlighted to all participants, making your auction more appealing.
How It Works
1. Setting the BIN Price
As a seller, you can add a BIN price at any time during the auction or within 5 days of the auction's end date.
The BIN price can only be added under following conditions:
The auction must have a Reserve Price.
The auction must have received at least one bid.
The BIN price cannot be greater than 50% of the highest BIN price received in the auction so far.
2. Notifying Participants
Once you set a BIN price, all current auction participants are notified immediately.
The notification includes the BIN price and informs them that the domain is now available for immediate purchase.
3. Exclusive Access for 24 Hours
For the first 24 hours after you set the BIN price, only auction participants can purchase the domain at the BIN price.
After 24 hours, the BIN price will also be offered to non-participants, expanding the pool of potential buyers.
4. How the Auction Ends
If a buyer selects the BIN price, the auction ends immediately.
The domain is sold to the buyer who purchases it at the BIN price, and no further bids are accepted.
Important Considerations
The BIN price is final: Once a participant or non-participant purchases the domain at the BIN price, the sale is complete.
Reserve price interaction: If the reserve price hasn’t been met, adding a BIN price provides another way to secure a sale without waiting for bids to reach the reserve.
Timing is key: Setting a BIN price early in the auction can attract more interest, especially from buyers who prefer certainty over bidding.
How to Add a BIN Price
Log in to your seller dashboard and go to My Auctions page
Select the auction for which you’d like to set a BIN price.
Enter your desired BIN price in the designated field and save your changes.
Participants will be notified immediately about the new BIN price.