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X5 Blog | Product update

 

Introducing X5 Virtual Credit


Date 09 Dec, 2008 | Category Announcement

Thanks to all the X5 members who supported the X5 Charity drive. We have raised nearly $3000.00 and, although we did not reach the $5000 goal, X5 appreciates members support. In the future, we will continue to support a worthy charity.

In this blog we discuss a few important updates that will affect X5 members in the coming weeks:

The Christmas delivery and customer support schedule, introduction of X5’s Games, and the January introduction of  these new features:  X5 Virtual Credit,  X5 System Update Blog, and  the Hybrid System.


X5 Virtual credit

This is a new and additional credit balance aside from current X5 credit.

This virtual credit balance can only be used when bidding on the paid or bid fee items.

How is virtual credit earned?  

This credit can be accumulated by: participating in the X5 blog, when you Log on to X5 and by being a frequent visitor of X5. More will be added as the system is tested and put in place  

The main function of Virtual Credit is to benefit all X5 members who bid on the same day and lose on any paid auction. They will earn credit back through the VIRTUAL Credit.

For example: if you bid on NIKON Camera and spend $200 on the bidding and lose.

Your X5 virtual credit will have $200 credit added to it for you to spend on the following day on any item. This gives you a second chance to bid on another item or a similar item or even same item using your virtual credit.

Please note Virtual credit will have a time limit in place – you will have 24 hours to use your virtual credit before it is deleted. The 24 hours will be calculated from Midnight of the day you participated in the auction.

Then, for example:  if tomorrow you win an item using your virtual credit , in order to confirm the win item, you will  be required to pay for the virtual credit you used to win the item.

This is how it works: If you spend $100 on bid fees using virtual credit and win a camera for $1.52 plus postage of $25.00.

The total amount required to be paid will be $126.52. This breaks down as $100 (bid fees) + $25 (Post) + $1.52 (winning bid amount).  

You must place this amount ($126.52) in your actual credit balance prior to confirming the item so it can be deducted to pay for the item.  If you already have this amount in your credit balance, then no further money needs to be added.  

Remember: you have 24 hours to utilize your virtual credit.

So you only pay if you win. In other words, if you lose the auction, there will be no bidding fees to pay.  A free auction if you lose, but a paid auction if you win!

Please note:  virtual credit will not be refundable or transferable nor used for the postage.

This is an incentive reward for the majority of X5 members who are honest and despite the abuse of credit still by a minority.

Some members may have found a bonus credit in their account ranging from $10 to $100.

Via the Virtual Credit, X5 will soon introduce an official reward program that allows you to earn credit in your Virtual Credit Account. Reward credit can be accumulated when you log in to X5; by participating in the X5 blog and such activities as the X5 Games.

This is only a part of X5’s ongoing development -  there is still more to come. See the next  blog for more

For any of you who are not familiar with ET, X5 inbox, Refresh button please visit this X5 Blog.

X5 will appreciate any comments about  the NEW X5 Virtual Credit.

Your comments are needed as it allows X5 to continue to develop and meet your requirements.
Please remember to regularly check the Blog for updates and to check your “My X5” for updates concerning your bids regarding items won (and needing confirmation) or losing.

X5 Admin



Comments


1. Wayne (09 Dec, 2008 - 13:07)

Hi X5. Virtual credit sounds like a brilliant idea. It really gives members that extra chance to get what they really want. There has only been a couple of times where i have missed an item and have not been able to bid again due to lack of X5 credit so this new initiative will be great. I thank you all for having such a great site and looking after us members. A plea to all members. PLEASE DO NOT ABUSE THIS INITIATIVE. I hope it all goes well. Wayne

2. darryl (09 Dec, 2008 - 14:05)

verry good thanks x5

3. darryl (09 Dec, 2008 - 14:07)

makes it eazer thanks

4. Terri (09 Dec, 2008 - 14:09)

In theory it looks good however, perhaps the 24 hours to spend it should be perhaps extended to 48 hours.

5. Reuben (09 Dec, 2008 - 14:20)

What a great idea. I often go over my allowed budget and feel terrible if i come out without winning something but still spend too much. At least this way you can be comforted knowing that if you don't win, there's always tomorrow! Cheers.

6. Les (09 Dec, 2008 - 14:36)

This is an innovative move to encourage members to stay loyal rather than lose interest in X5. I would be very interested to learn what happens when a bidder does not win using virtual credit. Is virtual credit lost? Or if the bid was unsuccessful, is virtual credit re-instated & if so how many times? This sounds like an interesting experiment! Also congratulations on the donation to X5 charity, even if the amount was disappointing the intentions were in the right spirit. Les

7. judy (09 Dec, 2008 - 14:56)

what a great idea , im sure i will bid on paid auctions more often now i will have a second chance

8. Michael (09 Dec, 2008 - 14:58)

Will we be able to tell how much of our credit is virtual and how much is real, i.e. will we have 2 balance amounts? If you spend some real credit, and some virtual credit to win an auction, will it be clear how much of each you have spent? In your example above you had to deposit $126.52 but only end up paying $26.52 because of the $100 virtual credit. Does this mean you end up with $100 real credit in your account?

9. Vicki (09 Dec, 2008 - 15:08)

What a great idea! Any chance the virtual credit could last longer than just 24 hours though? I know some of the things I try for aren't up every day. Vicki

10. Rebecca (09 Dec, 2008 - 15:28)

I think this is a great idea!! It's nice to be rewarded and given a second chance to bid, so to speak. I for one, would really benefit from virtual credit as I often return within 24hr to try my luck again on a similar item. Well done on a great concept, thanks!!

11. Stephen (09 Dec, 2008 - 15:57)

it is good to see our members have got behind our charity steve

12. Gary (09 Dec, 2008 - 16:02)

oh x5 sounds very interesting! l like this idea and easy to know how it works ....well done your making x5 more exciting!

13. Prasad (09 Dec, 2008 - 16:07)

it would be good if the time limit were more than 24 hrs ,may be a week ?

14. Adrian (09 Dec, 2008 - 16:15)

I find this very interesting. Maybe add a simple game, members can play to earn some virtual credit as well. Something that can be only done once a day. That will get members to log in daily.

15. tony (09 Dec, 2008 - 16:16)

SOUNDS GOOD CANT WAIT TO SEE IT IN ACTION

16. ryan (09 Dec, 2008 - 16:20)

beauty, i'll be in that , virtual credit sounds good to me

17. Robin (09 Dec, 2008 - 16:25)

Interesting idea.. my questions have already been asked in previous posts. I have to give it some more thought, though

18. Dandy (09 Dec, 2008 - 16:30)

I think it's good, but maybe a bit confusing...maybe it needs a clear indication of how much we need to pay when we use virtual credit.So if we lose $100 on bidding, and win a $10 item with that $100 virtual credit, we only need to pay $10. Is that correct?

19. kerry (09 Dec, 2008 - 16:40)

I'm with Vicki, a few more days would be great to be able to bid for things that we really need....not just for the sake of using our virtual credit on anything just to use it up. Great idea to keep us interested and with more hope of winning...congrats on the charity donation...

20. Loree (09 Dec, 2008 - 17:22)

Hi maybe then I could win something hahaha

21. wendy (09 Dec, 2008 - 18:18)

i like the idea of virtual credit and that you only replace the virtual credit you use if you win the auction + the postage and winning bid amount, will we be able to choose whether we use our real credit or virtual credit ? thanks wendy

22. linda (09 Dec, 2008 - 19:16)

i cant wait to see x5 virtual credit up and running ,will be great as i lose heaps of paid for bids hehehehe so might be able to win a new laptop go x5 im loving this site

23. carol (09 Dec, 2008 - 20:31)

Sounds like a good incentive for all members. A pity it wasn't introduced earlier. But suggestions to have a game as well as daily log-ins to be credited with the virtual credit sounds like a good way to encourage people to give it another shot.

24. Sea Hwang (09 Dec, 2008 - 21:11)

Sound good, but hopefully not costs me more on unnecessary bids.

25. Robert (09 Dec, 2008 - 21:30)

Sounds like a very good idea. RabbitRob

26. Kathleen (09 Dec, 2008 - 22:33)

The sounds like another innovative and forward thinking idea by x5 great work!

27. Rocky (09 Dec, 2008 - 22:53)

Mmm... How about if X5 add a few hundred dollars of virtual credit balance every month to every members. Honestly, I dont like losing my money for bid fees.

28. Di (10 Dec, 2008 - 00:01)

The extra chance to bid when 'real' credit is low is excellent but I agree with others perhaps the time could be extended as I cant always return the very next day. A game to encourage log ins to increase reward credit sounds great perhaps an auction game where you use virtual dollars for expensive items like homes luxury cars etc and the higher your point value in fake wins the more virtual credit you earn plus it will help people to improve their bidding skills in a fun way. Well done with the charity funds raised and donated toys I will do X5 proud when I hand them all over next week to the make a wish foundation in the riverland S.A. Merry Christmas all!

29. Dave (10 Dec, 2008 - 00:14)

Giving some sort of credit does encourage people to return to the site. Could be unlucky for the person trying to bid on an item, bidding against someone who has say $100 of virtual credit to spend in 24 hours.

30. Cassandra (10 Dec, 2008 - 08:05)

Well done X5 in raising $3000 for the charity! Every bit helps. Virtual credit sounds like an interesting concept, I look forward to seeing exactly how it works. And the Rewards Program sound like a fantastic idea.

31. Eric (10 Dec, 2008 - 08:11)

Love the idea x5 guys - I sometimes get carried away bidding and overspend my budget - very comforting to know that if I lose out while overspending, at least I'll get a 2nd chance to use that (virtual) cash!! Would be nice to know how much in your balance is real and how much is virtual; plus I think if you have virtual cash, that should be used to pay for bid fees BEFORE touching your real cash.

32. Bhupesh (10 Dec, 2008 - 10:31)

This is a very good move by X5 for giving back to its members. But, I am a bit confused with the credit decription given above. If we win in the example, at one place it says we need 26.52 and at another place it says we need 126.52. Which one is correct?

33. Helen (10 Dec, 2008 - 10:51)

Great idea and gives you a second chance to win

34. Lisa (10 Dec, 2008 - 11:11)

I think that this is a great extension to the x5 system. I guess it's kind of like "free bids" but you have to cover those costs eventually. I was just wondering if you use that virtual credit and lose again, will you get it back as virtual credit again or is it just the once?

35. Tania (10 Dec, 2008 - 11:19)

I think it is a great idea - esp for those of us that can't afford to bid again if we have lost an item we really wanted. I do agree with Terri making it 48 hours instead of 24.

36. Vicky (10 Dec, 2008 - 11:22)

Great idea X5. I agree with others, could the time limit be extended to say 72hrs in case we do not win what we want? Having games to accumulate Virtual credit will be FUN. Thanks. Vickydear.

37. X5 (10 Dec, 2008 - 11:52)

Thank you for all the comments. Unfortunately for the moment Virtual Credit is only available for the next 24 hours. This is only an additional services from X5 and X5 has to consider a lot of factors including the factor to survive and sustain the market for long term. We noted on some comment "giving away hundreds of dollars per member every months" that equal to 100 million dollars per month. This is definitely is not sustainable at X5. Please do consider X5 for long term. X5 has given very much Free bids listing and some members still abuse it. We expect to earn some help in helping X5 to growth further. James X5 Admin

38. belinda (10 Dec, 2008 - 12:15)

Yes good idea but needs clarifying and for some 24 hours is not long enough for credits

39. Michelle (10 Dec, 2008 - 15:03)

vitrual credit sounds incredible! What a great way to reward your memebers! No one else online is doing like this. Keep it at 24 hours though - you want to minimize abuse, though those kind of people will find a way around anything.....

40. Hai (10 Dec, 2008 - 18:11)

This is another great idea from X5. I would appreciate this much as I lost auctions sometimes and my credits has been lost up to $200 so far. If everyone has another chance for bidding and free if still losing, X5 members should be happy about this. I think 24 hours are right amount of time for Virtual Credit lasting. However I would comment on the reward scheme for Virtual Credit balance. For example, members are rewarded, says, real credits of $5 for each $100 topped up. Also, X5 may introduce X5 lotteries or sweepstakes, winners may get the prizes of Virtual Credits. Besides, integration of referral scheme that rewards members for Virtual Credits is also a good idea. What I mean here is that would help X5 grow with increasing number of members. Thanks.

41. zydrunas (10 Dec, 2008 - 21:47)

thank you, i am a new member and i lost my first auctions, i did upset, but after i find out about virtual credit, i want to play again

42. jayde (10 Dec, 2008 - 23:05)

im not sure it is a good idea or not , if i was bidding and someone else was bidding with virtual credit , what hope have i got of winning against them , not much , i think!!!. but time will tell , i'll give it a go.

43. Louise (11 Dec, 2008 - 01:23)

What a great idea! It's a great incentive to have another go. You don't mind paying for credit if you know you're going to win, so having a day to win something with your virtual credit is excellent. I'm looking forward to losing an auction so that I can keep playing with the same bid credits!

44. Graham (11 Dec, 2008 - 01:29)

A second chance is a great idea, and think of the challenge of finding something to win in that 24 hour period! Sounds great ... I welcome the idea of a second chance, even if it is only for a day. There are heaps of things that I like to bid on, so I'll just make sure I get my timing right! Bring it on!

45. suzanne (11 Dec, 2008 - 08:13)

WOW Virtual Credits I wont feel so bad after bidding and running out of money and not to have one I can start again with Virtual credits thats the best second chance I have ever heard off Thanks X5

46. Isaias (11 Dec, 2008 - 10:08)

Great job x5. Virtual credit really is a great idea - especially because of those that abuse the credit. Honest bidders still feel unsafe spending money on bids because of the knowledge that there are those out there who have attained it through dishonest means. It also makes sense to have only 24 hours though, because it gives the bidder a decent opportunity, and still ensures your long term survival. I like that idea.

47. linda (11 Dec, 2008 - 11:18)

well i know im not an abuser of the free bids lol and i have been unable to confirm some of my wins due to money not turning up in my account when its ment to so then i have to go bid on the items again so virtual bids would benefit me lol

48. Dave (11 Dec, 2008 - 11:37)

Reading other comments and some people are still confused exactly what you have to pay when using Virtual Credit. The confusion could come from the example given "The total amount required to be paid will be $126.52 - $100 (bid fees) + $25 (Post) + $1.52 (winning bid amount)". The $100 is not subtracted - you have to pay that as well. So you end up paying the full $126.52 if you win the auction.

49. Karen (11 Dec, 2008 - 12:07)

Excellent idea. It will definately encourage people to keep bidding for an item they really want. For example I have spent hundreds trying to win a computer - without luck :( I had given up on the idea. Now I know I can get two chances at it. It should also boost money intake for X5. Great idea which benefits everyone.

50. Mathew (11 Dec, 2008 - 14:43)

This is a great idea, I will now be spending even more ;) I think that 24hrs is too short though. What if there are no other items that you want with auctions ending within that time? I think 48-72hrs would be a lot better. Thanks :)

51. Megan (11 Dec, 2008 - 16:08)

This sounds like a great idea and will probably be used extensively by a lot of people.

52. sherrie (14 Dec, 2008 - 10:54)

wow what an innovative idea. This site just keeps getting better and better. I would defininately love this feature if there was something i really wanted. Keep up the good work guys!!

53. Kym (14 Dec, 2008 - 11:43)

congratualations X5 once again you've gone all out to please us

54. Robyn (17 Dec, 2008 - 07:45)

Virtual credit sounds great, but it would be better if we could see how much real and virtual funding we have at any point. It's lovely to get a second chance.

55. frances (17 Dec, 2008 - 12:52)

Hi, its a great idea but the time limit i think would be too low to bid on goods wanted

56. Scott (18 Dec, 2008 - 09:55)

great idea extra chances for all

57. Leanne (24 Dec, 2008 - 14:34)

You guys now what your members want. Terrific idea you have my vote. More chances to bag the item required.

58. Renata (26 Dec, 2008 - 16:27)

I'm sure at first people may be a little confused with virtual credit, but after a few trials I think people will get the hang of it and get the item they bidded for!

59. Paul (27 Mar, 2009 - 23:10)

Dave's comment is VALUABLE! He states clearly something that X5 has made VERY UNCLEAR and misleading: "The total amount required to be paid will be $126.52 - $100 (bid fees) + $25 (Post) + $1.52 (winning bid amount)". The $100 is not subtracted - you have to pay that as well. X5, you MUST be more careful with your explanations. This is a VERY COSTLY difference. Please have somebody check your statements to be sure they are correct, and in English that people can understand!

60. david (03 Apr, 2009 - 16:49)

i agree with some of the above comments that although the virtual credit is a fantastic idea, it should have a longer expiry time of say 3-4 days. That way if there's an item u really want to bid on u have more chance of doing so for example if the time remaining on the auction is longer than the expiry of your virtual credit, or if you are busy the next day or 2.

61. Jay (22 Apr, 2009 - 10:00)

I've used the VC before and I love it can't wait to earn more so I can get some bidding on.

62. Jaspal (24 Apr, 2009 - 10:34)

This is very good idea... highly impressive

63. Graeme (01 May, 2009 - 12:18)

love this VC it help me try to get thing i need and can,t afford any other way.I would like to see a set limit of VC for everyone and it gets replaced after use.cheers x5 thanks for a great site

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