Live.Approvals: Leverage Industry Best Practices for Bidder Approvals
With hundreds of thousands of new bidders joining LiveAuctioneers each month, the opportunity to grow your auction sales has never been greater. As such, we have enhanced your bidder approval process with additional data and insights to help you approve new bidders more easily and confidently.
When approving bidders, you may notice the following tool:
What is it?
Using machine learning, Live.Approvals indicates whether an active bidder would be approved by auction houses who maintain the highest levels of payment success.
This machine learning model is based on a powerful combination of a bidder’s auction history, real-time data collected from millions of bidder transactions, and a sophisticated algorithm modeled from proven best practices employed by top auction houses across the industry.
There is no additional cost to access these insights.
The Live.Approvals data made available by LiveAuctioneers are for informational purposes only, and should be considered as one factor, among several, in approving or rejecting a bidder. Additional consideration should be given to factors such as card on file status, past purchase history, and payment rate when scrutinizing bidders. It is the sole responsibility of each auction house to evaluate the content, usefulness, and efficacy of the bidder information and data made available through this pilot program. LiveAuctioneers does not recommend, endorse, or make any representation about the efficacy, appropriateness, or suitability of any products or services offered by third parties and shall not be liable for any loss, claim, or damages that you may have against any such third party.
How does it work?
Live.Approvals data will be shown alongside other bidder information you are used to seeing. The current Live.Approvals results are:
- The bidder would likely be approved according to approval practices used by auction houses on LiveAuctioneers who maintain the highest levels of payment success.
- There is not enough available bidding history to make an approval assessment for this bidder.