Enhanced bidding security coming to 
Alt Auctions.

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Starting on October 28th, Alt will be requiring the addition of a payment on file through Stripe for new bidders in Alt Auctions. This simple, 5 minute task will greatly improve the overall auction experience and confidence in both buyers and sellers on the platform!

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What are the details? 

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When a new user on Alt goes to bid, they will be prompted to a flow through Stripe to add any preferred payment method - credit card, debit card, ACH and more - to be saved on file of their Alt Account. Participants will be free to bid on any cards in Auction once this quick task is completed. The card on file will never be automatically charged without notification to the buyer, and all buyers still have 7 days after each auction closes to pay for their wins via any preferred payment method (even if it's not the saved method).

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FAQ's

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1. Why do I need to save a payment method to bid on an item in the auction?

We require new bidders to save a payment method to create a safer auction environment for both buyers and sellers. This ensures that participants have a verified payment method and are committed to their bids, creating a secure and reliable auction experience for everyone.

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2. How does this improve the auction experience?

Sellers can trust that winning bidders will be able to complete their purchase, and buyers gain confidence knowing that all participants are legitimate and verified, creating a more reliable and trustworthy auction environment.

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3. What payment methods are accepted?

You can save any of the payment methods supported by Stripe, including major credit and debit cards, Apple and Google Pay, ACH transfers, and more.
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4. Is my payment information secure?

Yes, your payment details are securely stored by Stripe, a leading global payments provider. Alt does not store any of your sensitive payment information on our servers. Once the payment method is successfully saved, Stripe will tokenize it and securely store it on file for future payments. The card details themselves are not stored on Alt servers, ensuring PCI compliance and data security.

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5. Will my payment method be charged when I place a bid?

No, you won’t be charged for placing a bid. Saving a payment method is Alt’s method of ensuring a safe and reliable experience for everyone. You’ll only be charged if you win an auction or buy an item in Alt’s fixed price marketplace, and only if payment isn’t completed within the required time frame. This gives all bidders the confidence that Alt auctions are secure and fair.

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6. Will I be automatically charged if I win?

No, you won’t be automatically charged when you win. You will receive a notification to complete your payment within the required time frame. If payment isn't made within that time, your saved payment method may be charged as a safeguard.

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7. Can I change my payment method after winning an auction?

Yes, if you win an auction, you can update your payment method before completing the payment. You can choose from any of the payment methods offered by Stripe, pay by wire, or if the item is above a certain dollar amount, pay over time or pay by selling your cards in a future Alt auction.

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8. How much time do I have to make a payment?

You will have 7 days to make a payment for auction winnings, and 5 days for a fixed price purchase.

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9. Can I update my saved payment method?

If you need to change your payment on file, reach out to our support team at support@alt.xyz. You can use any payment method to pay for auction wins even if it's not the method you have saved on your file.

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10. What happens if I don't save a payment method?

Without a payment method on file, new bidders will not be able to place bids. This policy helps ensure a safe and reliable auction process for all participants.

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11. Does this apply to existing users?

Currently, the payment method requirement applies to new bidders. However, we may extend it to all users in the future to further enhance auction security.

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We’re confident this update, combined with our previous initiatives including payment transparency of sold items and adding more ways to pay with payment plans or through consignment, will bring us one step closer to being the safest, most trusted marketplaces in the hobby

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