CAN A CREDIT AUCTION CAN BE SUCCESSFUL?

Daud Jan: CAN A CREDIT AUCTION CAN BE SUCCESSFUL?
Do you think a new “BUY NOW PAYS LATER” online auction can be success?
Hi guys.
Please share your advice today to us. We love to hear your advice based on new Online Auction site which will start soon, but before we start we like to hear from you. Please see more details below, before you write your advice to us.
We are planning to start a new online auction site, exactly same as eBay but will be much better and easy than eBay. The reason we like to start this auction to help people who have got difficulty with their finance.
Our mission is to add a new feature in our online auction which is “BUY NOW PAY LATER” where those who have got difficulty with finance will be able to buy any things they like and pay later by add some interest.
For example, if a seller want to sell his phone for £50,
The seller can get his money straight away after the buyer receives the phone and happy.
We pay to sellers the total amount which is £50, if buyer credit check is met the credit requirement and choose “BUY NOW PAY LATER” option.

Buyer bought the phone, and he chose the “BUY NOW PAY LATER” feature which its mean he wants pay later for the item in 3 months instalment. See below
See how its work.
• 1 months instalment which is weekly £15, total £60 (for above example customer chose this option)
• 3 months instalment which is monthly £21.70 total £65
• 6 months instalment which is monthly £11.70 total £70
• 9 months instalment which is monthly £8.34 total £75
• 12 months instalment which is monthly 6.70 total £80

NOW CAN YOU TELL US WHETHER THIS NEW AUCTION CAN BE SUCCESSFUL AT THIS BAD TIME WHERE EVERY ONE HAS DIFFIFIUTLY WITH MONEY? WE LOVE TO HEAR FROM YOU.
Three options available on NEW AUCTION SITE WHICH IS “BID NOW, BUY NOW, BUY NOW PAY LATER, REMEMBER THE TWO OPTION WHICH IS BID NOW AND BUY NOW are to pay straight away to seller,
Each buyer based on Credit check before they choose “BUY NOW PAY LATER” option for an item.
NOW WE NEED YOUR ADVICE. PLEASE HELPL…………………!!
2 months ago
Additional Details
thx to all of you, who share their advice with us, but many ASKER said that there would be more fraud, because lots of people would be using others people credits or debit cards, but there not only be checking “CREDIT SCORE” or credit check but also, before the buyer want to choose buy now pay later, their details will be take series for example, CREDIT CARD DETAILS, HOUSE PHONE NUMBER, HOUSE UTILITIES BILL and as well as buyer passport or driving licence which showing picture.

WHAT DO YOU THINK ABOUT THIS? WOULD IT STOP FRAUDER TO USE THE SITE IN WRONG WAY?

PLESE SHARE YOUR ADVICE.

Answers and Views:

Answer by Bob
YES YES YES