Developing Insurance Plan to Protect Online Auction Buyers From Loss in Transactions

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Online auction buyers say they worry about not getting what they pay for. TWay.comÂ?s insurance program would protect them from loss., an internet auction site that offers a number of benefits not offered by EBay, is working on one more – a low-cost insurance program that would protect buyers from loss. officials say that auction buyers' biggest fear about online transactions is fraud -- either not getting what they paid for, or receiving items that turn out to be disappointing or not as represented. TWay’s insurance program would protect buyers from those kinds of disappointments.

"What we are developing is an insurance program that would be very low-cost and simple," said Dean Burnetti,’s president. "Buyers could click a box at the beginning of a transaction, and could then specify the amount of insurance requested. If the transaction failed for any reason, or if the items received were not as represented, the buyers could make a claim through a simple on-line process."

The insurance program would be one more customer service advantage of over EBay, Burnetti said. Many EBay buyers and sellers complain about EBay’s level of customer service and support when transactions do not complete successfully.

"When we first conceived, we realized that its success would depend in large part on’s ability to stand by both buyers and sellers throughout the transaction process," Burnetti said. "We think this insurance program will be a major step in making the customer service leader among online auction sites." has already attracted significant attention because it does not charge listing fees, and it has commission rates that are significantly lower than EBay’s. Burnetti said buyers and sellers are very responsive to alternatives that offer better service, more competitive rates, new innovations and a more significant fun factor.

Burnetti said The insurance program should be ready for market trials later this year.

About TWAY.COM: moves online buying and selling to the next level with unparalleled flexibility, options and service. It also offers marketing partnership opportunities to savvy entrepreneurs. To learn more, visit the website at

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