If you're a newbie seller on the block and are eyeing to start listing on Grailed, then this is a must-read article. Learn how to make offers on the platform with some helpful tips to guide you on your online selling journey.
How offers work in Grailed
Grailed is one of the largest online marketplaces for brand new and used clothing pieces that are curated to tailor men's styles and preferences. And the first thing you need to know about offers on this marketplace is that there are two kinds of offers- binding and non-binding offers.
Binding Offers - Binding offers means that a buyer is obliged to purchase the item when the seller accepts their offer. It is a guaranteed agreement between both parties wherein the buyer makes a binding offer, and the seller accepts. Grailed will complete the payment instantly, and there will be no hassle on the payment side because it is automatically processed, and the item will be marked sold and for shipping.
One of the reasons why binding offers are considered better than non-binding offers is that sellers benefit from its streamlined structure, which makes the buying and selling process more effective with fair negotiations. After all, they make the sales process quicker, and the buyers receive the items they want faster at better prices.
- Non-binding Offers- These kinds of an offer are similar to your regular offer transaction wherein the buyer can still cancel their order provided that the item isn't paid yet. It means the buyer is not committed to purchasing the item even when the seller accepts. The transaction will remain incomplete unless the buyer has made the payment afterward.
Note: You only have 24 hours to accept or make a counteroffer as a seller. When this time frame is over, the binding offer will expire, and you will lose the sale as you can no longer accept it.
What happens when sellers edit a listing in an active binding offer?
Any existing binding offers made on an active listing are instantly canceled when you modify it. This measure takes place to safeguard Grailed customers from potential risks. Remember that customer makes a binding offer on your listing because they agree to buy it as displayed and described, and they are willing to pay for it as soon as you accept their offer. Hence, the contents change when you alter your listing, and the buyer's agreement to purchase the item becomes invalid.
How to Cancel an Order
A Grailed binding offer is considered a guaranteed sale once accepted by the seller. Therefore, buyers can't cancel a binding offer once the seller has accepted it. Unlike with non-binding offers, the buyer can pay afterward and choose to cancel as long as payment has not been made.
How to Process a Refund
There will be occasions when you need to cancel an order, which means refunding a buyer when they have paid for a listing. To do this, visit the Transactions page on Grailed, locate the sale you need to refund, and click on the "Issue Refund" button. Another option to do this is through PayPal:
- Log in to PayPal
- Find the sale on your recent activity page and click on "Payment from" transaction
- Scroll down on the transaction details and click "Issue a Refund."
The Grailed costs will be automatically reimbursed to listings sold with a connected PayPal account once the reimbursement is finished, as indicated by the "Partner Commission Reversal" on the transaction detail page.
Please remember that partial refunds issued from linked PayPal accounts will result in partial seller fees being returned to you.