What do I need to register?
MatexNet follows a strict KYC (Know Your Customer) policy. To register on the site, we need self-attested copies of the following:
In case of an individual:
- Photo-ID Proof (Either a valid passport, Driver’s License, Voter’s ID card, PAN card)
- Proof of address (Either a latest Telephone bill, Electricity bill, Gas cylinder receipt),
- One stamp size photograph
In case of a company:
- Permanent Account Number (PAN) card
- Tax Identification Number (TIN)
- Address proof in the form of the current telephone bill held in the company’s name
- Stamp size photo of the authorized person
- Do I have to register on matextnet.com to take part in an auction on the site?
free on the site. To take part in the auctions other terms and conditions including remittance of prescribed EMD will apply.
Can I change my user id?
How often should I change my password?
You will receive an automated prompt to change your password every 25 days. However, it is advisable to change your password frequently for security purposes.
THE AUCTION PROCESS
MatexNet prides itself on conducting every auction in an easy and completely transparent way. The entire process is completed in a few steps:
- A Mandate Letter is first given by the auctioneer to MatexNet, along with information about the items to be auctioned and the reserve prices
- MatexNet creates a comprehensive auction catalogue, informing its members of the upcoming auction as well as the inspection date and venue
- Interested buyers hand over the Earnest Money Deposit (EMD) to MatexNet
- On the specified auction date, members login, bid and buy.
Is there anyway I can get information in advance about the products that are being put up for auction?
Yes. Visit Upcoming Auctions to find out about the auctions over the next couple of days or
for a premium membership, and we’ll send you detailed auction catalogues over email, SMS or by courier.
What happens if I lose Internet connectivity or electricity while placing a bid? How will I know if the bid has been accepted?
While placing a bid, you will be asked to confirm the bid amount. Once you confirm your bid, it appears on the right hand side of the auction screen. This indicates that your bid has been accepted in the particular auction.
- Login with your valid user id and password
- Enter the auction room
- Bid and win the product of your choice
What is a Reverse Auction?
Unlike in a forward auction (or generically simply termed ‘auction’) where there are several buyers and a single seller, a reverse auction is one in which there is one buyer and many sellers. In a reverse auction, the winner is the one who offers the lowest price, as opposed to a forward auction, where the the winner is the person with the highest bid.
What is Time Extension?
If a market-leading bid (bid higher/lower than the highest/lowest at the point in time) is received in the last three minutes of closing time, then the closing time will be extended automatically by three minutes. The time extension may vary for different lots, and will be mentioned in the bidding room.
PAYMENTS & DISPUTES
OTHER GENERAL QUESTIONS
How do I find a MatexNet office in my city?
- What are the advantages of buying or selling through a barter system?
Cash Savings Barter is an excellent way to save cash and hence improve cash flow within the business. Instead of parting with precious cash, companies can exchange their surplus/slow-moving products to buy what they want.
Move Surplus Stock Barter helps companies move surplus, slow-moving or obsolete stock. Instead of holding stock and incurring costs, companies can barter their stocks for media, consumer promotions etc.
Gain new markets Barter helps gain new markets for companies. By making products available on barter, companies can increase their reach and attract new customers interested in saving cash.
What is the difference between a paid membership and a free membership?
Refer to Premium Membership benefits