eBay’s new sweeping “Luxury” team has been busy at work making the world’s most popular wrist watch retail platform an even better place. That is true for both buyers and sellers no matter how novice or professional you are. Recently, eBay just introduced a host of tools making it safer and even more reliable to purchase mainstream or even very high-value wrist watches on eBay platform. This includes the introduction of a new Escrow feature (powered by the most trusted name in internet-facilitated escrow services) for watches purchased at $10,000 and up.
In September eBay announced a new Authenticity Guaranteed which is a key element of their new suite of services for watch transactions on the platform. The service stipulates that all watches with a price of $2,000 and up will be physically checked by a third-party authenticator. eBay is adding another element for watches that sell for $10,000 or more by incorporating an escrow service to ensure a secure transaction for both the buyer and seller. The larger goal for eBay is to keep up with the needs and expectations of high-value wrist watch transactions – which today are increasingly happening online.
A core component of payment using escrow is a seven day inspection period providing the buyer has ample time to verify the condition of the watch. During this period, the funds to purchase the watch are safely held in an escrow account. Only after the buyer has accepted, or the seven day period has lapsed, will the funds be transmitted to the seller. eBay’s goal to offer safe-guards is layered throughout the transaction, reminding watch buyers and sellers that eBay is a top choice for where to either list or purchase a timepiece (at all price levels).
eBay.com is already the world’s largest platform to sell timepieces, which includes eBay-facilitated online auctions as well as storefronts for regular retailers. These new tools for eBay’s users offer impressive opportunities to safely and reliably trade in luxury timepieces without risk. By combining physical inspections and payment using escrow for a large majority of its higher-end luxury watch sales, eBay continues to deepen their relationship with the online watch collector community – and sellers of all kinds.
When purchasing a wrist watch that is $10,000 and above, eBay users will be prompted to create an escrow account. Payment by escrow is launching for purchases within the United States first, but is expanding internationally by the end of 2020. With eBay’s new suite of protection tools such as Authenticity Guarantee and payment by escrow, the risk of buying even the most luxurious timepiece online have markedly decreased. Learn more about eBay’s new luxury watch Escrow buying tool here.
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