X5 Blog | Announcement
Introducing X5 Virtual Credit
09 Dec, 2008 | AnnouncementThanks 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.