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FAQs PressRelease
 

REGISTRATION

  • How do I register?

    Simply click here , fill in the form and send us the required KYC (Know Your Customer) documentation, and we’ll email you with a user id and temporary password.
  • What do I need to register?

    MatextNet follows a strict KYC (Know Your Customer) policy. To register on the site, we need self-attested copies of the following:

    In case of an individual:

    1. Photo-ID Proof (Either a valid passport, Driver’s License, Voter’s ID card, PAN card)
    2. Proof of address (Either a latest Telephone bill, Electricity bill, Gas cylinder receipt),
    3. One stamp size photograph

In case of a company:

  1. Permanent Account Number (PAN) card
  2. Tax Identification Number (TIN)
  3. Address proof in the form of the current telephone bill held in the company’s name
  4. Stamp size photo of the authorized person
  • Do I have to register on matextnet.com to take part in an auction on the site?

Yes. Register free on the site. To take part in the auctions other terms and conditions including remittance of prescribed EMD will apply.

  • Can I change my user id?

    No.

  • How often should I change my password?

    You will receive an automated prompt to change your password every 25 days. However, it is advisable to change your password frequently for security purposes.

THE AUCTION PROCESS

  • How does the auction process work?

MatexNet prides itself on conducting every auction in an easy and completely transparent way. The entire process is completed in a few steps:

  1. A Mandate Letter is first given by the auctioneer to MatexNet, along with information about the items to be auctioned and the reserve prices
  2. MatexNet creates a comprehensive auction catalogue, informing its members of the upcoming auction as well as the inspection date and venue
  3. Interested buyers hand over the Earnest Money Deposit (EMD) to MatexNet
  4. On the specified auction date, members login, bid and buy.
  • How can I buy and sell items on Matexnet.com?

    To place bids on items, or put items up for sale, you need to register and obtain a “user id” and password.
  • Is there anyway I can get information in advance about the products that are being put up for auction?

Yes. Visit Upcoming Auctions to find out about the auctions over the next couple of days or signup for a premium membership, and we’ll send you detailed auction catalogues over email, SMS or by courier.

  • Can I authorize someone else to bid on my behalf?

No, we don’t recommend sharing these details for security purposes.

  • Can I inspect the items/lot before the auction?

Yes. Check the auction catalogue to find out the inspection date, time and venue, as fixed by the seller.

  • How can I cancel a bid?

Once a bid is placed, the bidder/s cannot modify or cancel the bid.

  • How will I know if I won the auction?

Once the auction closes, the auctioneer will analyze the report sent by MatexNet. You will then be contacted by a MatexNet representative or the auctioneer directly about your bid status.

  • Do I have to pay anything to participate in an auction?

In certain cases, buyers are required to pay a fee to participate in a particular auction. This will be detailed in the auction catalogue.

  • What happens if I lose Internet connectivity or electricity while placing a bid? How will I know if the bid has been accepted?

While placing a bid, you will be asked to confirm the bid amount. Once you confirm your bid, it appears on the right hand side of the auction screen. This indicates that your bid has been accepted in the particular auction.

  • Will I be logged off automatically from a bidding room if I remain idle?

If you have entered the bidding room with a valid user id, password and authorization to bid, you may stay in the bidding room until the auction ends or you log off.

  • How do I buy a product on the site?

Bidding for a product on matexnet.com is as easy as 1, 2 & 3.

  1. Login with your valid user id and password
  2. Enter the auction room
  3. Bid and win the product of your choice
Who can I contact if I have any questions before or during the auction?

Contact your nearest MatexNet office

IMPORANT TERMS

  • What is a Mandate letter?

This is a letter given by the auctioneer (the seller in case of forward auction/buyer incase of reverse auction) authorizing MatexNet to conduct auctions on MatexNet’s various auction sites on their behalf.

  • What is Earnest Money Deposit (EMD)?

Earnest Money Deposit is the amount that the bidder has to deposit with MatexNet in order to participate in the particular lot being auctioned. This amount is physically deposited as a bank draft (usually favoring the auctioneer) at any of the MatexNet offices or with the auctioneer as pre-determined for the particular lot.

  • What is a Reverse Auction?

Unlike in a forward auction (or generically simply termed ‘auction’) where there are several buyers and a single seller, a reverse auction is one in which there is one buyer and many sellers. In a reverse auction, the winner is the one who offers the lowest price, as opposed to a forward auction, where the the winner is the person with the highest bid.

  • What is a Reserve Price?

Reserve price is the minimum price set by the auctioneer for the sale of a particular lot/product.

  • What is an Auto Bid?

Auto bid is the maximum ceiling amount set by the bidder to enable the auction engine to place bids on his behalf, whenever he is outbid, up to the ceiling set by him.

  • What is Barter?

Barter is the exchange of products and services between two parties. It is the unique method of buying what you want by selling what you have.

  • What is Time Extension?

If a market-leading bid (bid higher/lower than the highest/lowest at the point in time) is received in the last three minutes of closing time, then the closing time will be extended automatically by three minutes. The time extension may vary for different lots, and will be mentioned in the bidding room.

PAYMENTS & DISPUTES

  • Do I pay MatexNet or the auctioneer for the product whose bid I have won?

Payment needs to be made directly to the auctioneer by demand draft or as specified in the auction catalogue.

  • What are the various payment options?

There are two ways to make payments for an auction you have won; either by transferring money to the auctioneers through RTGS (real time gross settlement) or through demand draft. The options will be specified in the auction catalogue.

OTHER GENERAL QUESTIONS

  • How do I find a MatexNet office in my city?

Click here

  • What are the advantages of buying or selling through a barter system?

    Cash Savings Barter is an excellent way to save cash and hence improve cash flow within the business. Instead of parting with precious cash, companies can exchange their surplus/slow-moving products to buy what they want.

    Move Surplus Stock Barter helps companies move surplus, slow-moving or obsolete stock. Instead of holding stock and incurring costs, companies can barter their stocks for media, consumer promotions etc.

    Gain new markets Barter helps gain new markets for companies. By making products available on barter, companies can increase their reach and attract new customers interested in saving cash.

  • What is the difference between a paid membership and a free membership?

Refer to Premium Membership benefits


 

 

Terms & conditions as laid down by the auctioneer shall apply in addition.
Please register & login to obtain the same.