Does GOAT Charge You When You Make an Offer? Decoding the Sneaker Marketplace
The simple answer is no. GOAT does not charge you a fee simply for submitting an offer on an item. However, your payment method will be authorized for the offer amount to verify funds availability.
Understanding the GOAT Marketplace
GOAT (Greatest Of All Time) has revolutionized the sneaker resale market. Established as a trusted platform, it connects buyers and sellers globally, providing a secure and authenticated environment for trading sneakers. But navigating its intricacies, especially regarding payment procedures, can sometimes be confusing. Knowing when you’re charged, and why, is key to a smooth experience.
The Offer System: How It Works
The GOAT platform employs a unique offer system, allowing buyers to propose a price they’re willing to pay for a particular sneaker. This provides a dynamic marketplace where prices can fluctuate based on demand and availability.
- Browsing: Buyers browse available sneakers and select the size and condition they desire.
- Making an Offer: Instead of directly purchasing at the listing price, buyers can submit an offer, specifying the amount they are willing to pay.
- Seller Consideration: The seller then has the option to accept, reject, or counter the offer.
- Matching and Payment: If the seller accepts the offer, or if the buyer directly purchases an item at its listed price, the transaction proceeds, and the buyer’s payment method is charged.
No Charge for Offering: Why?
GOAT’s policy of not charging for simply making an offer serves several important purposes:
- Encourages Active Participation: Removing the fear of immediate charges encourages buyers to actively participate in the offer system, leading to more transactions.
- Facilitates Price Discovery: The offer system allows for a more dynamic and accurate representation of market value, benefiting both buyers and sellers.
- Reduces Transaction Friction: By delaying payment until an offer is accepted, GOAT simplifies the purchasing process.
The Authorization Hold Explained
While GOAT doesn’t charge your account when you make an offer, it does perform an authorization hold. This means GOAT will place a temporary hold on your credit card or other payment method for the offer amount. This serves to verify:
- Sufficient Funds: That you have enough funds available to cover the offer if it’s accepted.
- Valid Payment Method: That the payment method you provided is valid and active.
The authorization hold is not a charge. It simply reduces your available credit or balance by the offer amount temporarily. If the offer is rejected or expires, the hold is released, and the funds become available again.
Offer Acceptance & The Charge
You will only be charged when:
- Your Offer Is Accepted: A seller accepts your offer, creating a binding agreement to sell you the sneaker at the offered price.
- You “Buy Now”: You purchase a sneaker immediately at its listed price.
Once either of these scenarios occurs, GOAT will finalize the transaction, and the amount will be deducted from your payment method.
Factors Influencing Offer Acceptance
Several factors influence whether a seller accepts an offer:
- Market Demand: If the sneaker is highly sought after, sellers are less likely to accept low offers.
- Inventory: If the seller has a large quantity of the sneaker, they might be more willing to accept a lower offer to move inventory.
- Time Sensitivity: Sellers might be more inclined to accept offers if they need to sell quickly.
- The Offer’s Competitiveness: The higher your offer is compared to other active offers, the better your chances of acceptance.
Common Mistakes When Making Offers
- Offering Too Low: Submitting unrealistically low offers that are highly unlikely to be accepted.
- Forgetting About Fees: Failing to factor in GOAT’s buyer fees and shipping costs when making an offer.
- Using Expired Payment Methods: Using an expired credit card or a payment method with insufficient funds can lead to offer rejection.
- Not Monitoring Offers: Forgetting about active offers, which can lead to unexpected charges if accepted after you’ve moved on.
- Not Cancelling Offers: If you no longer want a specific pair, actively cancel your existing offers.
Maximizing Your Chances of a Successful Purchase
- Research Market Prices: Understand the current market value of the sneaker you want.
- Make Realistic Offers: Offer a fair price that reflects market demand.
- Be Patient: It may take time for your offer to be accepted.
- Monitor Your Offers: Keep track of your active offers and be prepared for potential charges.
- Use a Valid Payment Method: Ensure your payment information is up-to-date and has sufficient funds.
Frequently Asked Questions
Does GOAT Charge a Fee for Making Offers?
No, GOAT does not charge you a fee for simply making an offer on an item. The payment method provided is merely authorized for the offer amount. You are only charged when a seller accepts your offer, or when you purchase an item outright.
What is an Authorization Hold on GOAT?
An authorization hold is a temporary reduction in your available credit or balance. GOAT places this hold when you make an offer to verify that you have sufficient funds and a valid payment method. The funds aren’t actually deducted from your account unless the offer is accepted.
How Long Does the Authorization Hold Last?
The duration of an authorization hold can vary depending on your bank or financial institution. Typically, it lasts for a few days to a week. If your offer is rejected or expires, the hold will be released, and the funds will become available again.
What Happens if My Offer is Rejected or Expires?
If your offer is rejected by the seller, or if the offer expires before being accepted, the authorization hold on your payment method will be released. The held funds will then become available back on your credit card or in your bank account.
Can I Cancel My Offer on GOAT?
Yes, you can cancel your offer on GOAT before it’s accepted. To cancel your offer, navigate to your “Buying” section within the GOAT app or website and find the offer you wish to cancel. There is usually a “Cancel Offer” option available.
What Payment Methods Does GOAT Accept?
GOAT accepts a variety of payment methods, including credit cards (Visa, Mastercard, American Express, Discover), debit cards, PayPal, and GOAT credit. Availability may vary depending on your location and account settings.
Are There Buyer Fees on GOAT?
Yes, GOAT charges buyer fees. These fees are typically a percentage of the item’s price and are added to the total cost at checkout or when your offer is accepted.
Does GOAT Charge Sales Tax?
In many jurisdictions, GOAT is required to collect sales tax. The applicable sales tax will be added to your order at checkout or when your offer is accepted, depending on your location.
What Happens if I Don’t Have Enough Funds to Cover the Accepted Offer?
If you don’t have sufficient funds to cover the accepted offer, the transaction will fail. GOAT may attempt to charge your payment method multiple times. If the payment continues to fail, your order may be canceled, and your account may be subject to restrictions.
How Can I See My Active Offers on GOAT?
You can view your active offers on GOAT by going to your “Profile” or “Account” section and selecting “Buying”. This section will display all your current offers, along with their status (pending, accepted, rejected, expired).
What if My Authorization Hold Doesn’t Get Released?
If the authorization hold on your payment method hasn’t been released within a reasonable timeframe (typically a week), you should contact your bank or financial institution to inquire about the hold. You can also contact GOAT support for assistance.
Is Making an Offer on GOAT Binding?
Yes, if a seller accepts your offer, it becomes a binding agreement. You are obligated to purchase the item at the agreed-upon price. Failure to complete the transaction may result in penalties or account restrictions.