All offers through PayPal are binding, which means a buyer is obligated to purchase an item if their offer is accepted.
Offers through Grailed Payments work differently than PayPal. Currently, Grailed Payments offers must be completed via checkout once the offer is accepted. Payment for an accepted offer through Grailed Payments does not happen automatically.
What is a Binding Offer?
A binding offer is an agreement between the buyer and the seller. When a buyer makes a binding offer and the seller accepts, the payment is completed instantly and the sale is made.
The offer minimum now compares the offer including the shipping cost to the listing price.
How do I benefit from Binding Offers?
Binding offers streamline the buying and selling process by allowing buyers and sellers to negotiate more effectively. Why are binding offers better than non-binding offers?
- Binding offers encourage serious, well-balanced negotiations.
- Binding offers will speed up and streamline transactions
- Sellers make sales quicker.
- Buyers receive the items they want faster, and for better prices.
What do I need to know as a Buyer?
How do binding offers work?
- When you send a binding offer, you are committing to pay if the seller accepts. If the seller accepts, your payment will be automatically processed and the item will be yours!
- Binding offers let sellers know you’re serious. Because you’re committing to purchase the item, the seller is more likely to accept your offer—which means you’re more likely to get your item quicker and for a better price.
How long does the seller have to accept?
- The seller has 24 hours to accept your binding offer or make a counteroffer. After 24 hours, if the seller hasn't responded, countered, or accepted, your binding offer will expire.
Can the seller still accept my binding offer after countering it?
- If the seller sends you a counteroffer, your previous binding offer is automatically voided. When you receive a counteroffer, you can either purchase the item at the countered amount or continue negotiations and make a new counteroffer back to the seller.
Can I cancel a binding offer after sending it?
- No - there is no way to cancel active binding offers through Grailed.
Can I cancel a binding offer after it’s accepted?
- No - when a seller accepts a binding offer, the transaction is completed and cannot be canceled. Once the seller accepts your binding offer, the item is yours. Review refund policies here.
The seller accepted my binding offer, but my payment could not be processed…
- If your payment cannot be processed, the order cannot be completed. Your binding offer will be voided and the seller cannot accept your offer again. You’ll have to make a new binding offer.
What do I need to know as a Seller?
How do binding offers work?
- Binding offers are a guaranteed sale. When you accept a binding offer, you get paid instantly and the purchase is completed. Next step → shipping.
How long do I have to accept?
- Once you receive a binding offer, you have 24 hours to accept or make a counteroffer. After 24 hours, the binding offer will expire. Don’t miss out… Once a binding offer expires, it’s automatically voided and can no longer be accepted.
Can I counter a binding offer?
- Making a counteroffer voids the previous binding offer. If you make a counteroffer, previous binding offers can no longer be accepted—and the sale is no longer guaranteed.
What is the difference between a binding offer and a non-binding offer?
- When a buyer makes a binding offer on an item, they’re committing to purchase that item, at the amount offered, if the seller accepts. Accepting a binding offer completes the purchase.
- When a buyer makes a non-binding offer, they are not committed to purchasing the item if the seller accepts. Accepting a non-binding offer does not complete the purchase and requires the buyer to pay for the item afterward.
I accepted a binding offer but the buyer’s payment could not be processed…
- If the buyer’s payment could not be processed, the order cannot be completed, the transaction is canceled and the binding offer is voided. What next? Try making a counteroffer.
I accepted a binding offer but I’m unable to ship my item and/or I accepted a binding offer but I’ve changed my mind—can I cancel the order?
- To cancel the order, you should refund the buyer by logging into PayPal, selecting the transaction and then selecting the “refund” prompt. Find complete refund instructions here.
Why does editing a listing void any active binding offers on the listing?
- When you edit an active listing, any existing binding offers that have been made on that listing are automatically voided—this action takes place to protect Grailed buyers from potential risk.
- Here’s why → when a buyer makes a binding offer on an item, they’re agreeing to purchase that item—as presented and described—at the offered amount as soon as you accept. If you edit the listing, this changes the contents of the listing and therefore, the buyer is no longer held in agreement to purchase that item.
Can everyone send binding offers?
Due to PayPal limitations, there are certain situations in which we cannot support Binding Offers:
- PayPal Guest Checkout
- If the seller is on PayPal Adaptive Payments
- If both the buyer and the seller are located in the EU**
In those situations, offers will continue to be non-binding.
**Meaning: if either the buyer or seller are located outside the EU, we do support binding offers
Grailed Payments currently does not support binding offers yet, but it will be available soon!
Grailed Payments currently does not support binding offers yet, but it will be available soon!
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