OLDE TOWN ARVADA BID
olde town strong - online store
The Online Store will be Available April 23rd
Business Owners FAQ's
How does it work?
To help businesses during this challenging time, the Olde Town Arvada BID has created an online platform to allow you to sell your products, services, gift cards and more. You can do this by registering your items HERE. Once we receive your items, we will enter the item in an online store/auction. Once the auction has finished, we will send you a payment. 100% of the proceeds of the sale will go directly to the business owner with the Olde Town Arvada BID and our sponsors covering the cost of the site and processing fees.
What businesses can participate?
The online store will only be open to businesses located in the Olde Town Arvada BID, and strategic community partners. All Businesses must have a sales tax license and report sales tax for all sales.
The Olde Town Arvada Business Improvement District boundaries are Ralston Road to the North, Yukon St. to the west, Teller St. to the east and Grandview Ave to the south. If you are not sure if your business is included in the Olde Town Arvada BID please contact Joe at firstname.lastname@example.org.
How will I get paid?
Once the auction has ended, the BID will collect the payment from the winning bidder. We will then forward that payment to your business.
Explain the different auction options.
For each auction item, you will have three options for how people can buy it:
Standard bidding - this works like a normal auction where bids are accepted until the auction ends, last and highest bid gets the item.
Buy Now - this works by setting the starting bid amount a little higher, and the first person to bid that amount gets it.
Both - when you choose both, you will list a buy it now price and a starting bid. Buyers will be allowed to bid on the item or choose to buy it now. If the biding goes above the buy it now price then this will no longer be an option and only bids will be accepted. You can not choose multiple quanties for this option.
Can I offer more than one item?
Yes, you can offer up to five different items. Each item must be entered separately. You can, and are encouraged to, submit multiple quantities of the same item. This only counts as one item. For example, if you submit 20 $25 gift cards, you enter this once, change the quantity to 20, and this counts as only one of your five items. In this scenario, you have to choose the Buy Now price. Standard bidding is not available for items with a quantity.
Explain the pricing. What do these terms mean and where do I start?
Here is a brief explanation of the terms you will see listed in the form.
Fair Market Value- This is the selling price for an item. The price or value you would place on an item.
Starting price - The starting price is where the bidding will start. Each new bid will go up in select increments based on the Market Value. The starting bid should be lower than the Fair Market Value. It is completely up to the owner on where you start the bidding.
Buy it Now Price- This is the price someone can buy an item outright. Offering this at a little lower then the Fair Market Value makes the buyer feel like they are getting a good deal on the product or service. Set this figure at a comfortable price that works for your business.
Number available- If you select the buy it now option, you may offer multiple quantities of the same item. Multiple quantities is only available for Buy it now. This is not available for bidding or combining Buy it now and Bidding option
**Make sure to include sales tax in your price.
How does the item get to the recipient? Who pays for shipping?
Your business is responsible for arranging the pickup, delivery, shipping or any other way of fulfilling orders for all items they sell. We suggest that you create a simple tracking system to keep records of each item that is sent out or delivered to a customer. Mail or email is best. Only offer delivery or pick up when it is safe to do so. The BID will notify you of the winning bidder and their contact information, and will ask that you contact them right away to begin making the arrangements to get them their item.
Who pays the sales tax?
If the item is a gift card or certificate, no sales tax is due until that is redeemed at your store. If you are selling a physical item, you will need to treat this as a normal sale in your store when BID sends you the info on the buyer and the payment for the item. Keep sales tax in mind when setting the value and starting bid for your item, as you are responsible for it as in a normal in-store transaction.
What type of items can I sell?
Merchants can offer any product, service or gift card.
Contact Joe at email@example.com