NextGen Auctions employs a robust financial security protocol designed to protect the interests of both buyers and vendors throughout the auction process. When an item is purchased, the buyer’s payment is deposited into a secure trust account managed by NextGen Auctions & Marketplace Pty Ltd. This mechanism ensures that the funds remain secure and inaccessible until the transaction is fully completed, safeguarding against potential scammers.

 This process involves both the buyer and the vendor confirming that the item has been picked up successfully and that they are satisfied with the transaction. By requiring mutual confirmation, NextGen Auctions provides an additional layer of protection, ensuring transparency and trust between parties.

 Once both parties have confirmed their satisfaction, the funds are released from the trust account and disbursed to the vendor within a 14-day period. This structured approach not only protects the financial transaction from fraudulent activities but also enhances the overall reliability and integrity of the auction process, fostering confidence and peace of mind for all participants involved.