Magnolia Pearl Trade Glossary
For the purposes of clarification, we provide the following definitions as intended for use through Magnolia Pearl Trade.
Active = Refers to an ongoing Auction on an item still available.
Auction = The interactive process of shoppers on Magnolia Pearl Trade offering proposed amounts to purchase an Authentic Magnolia Pearl item listed by a Seller.
Authentic = Produced and sold by Magnolia Pearl, LLC. and able to be verified as such.
Automated Bidding = An option a Bidder may select when making a bid in which bids are made from their account - in set increments up to a specific amount - without the Bidder having to check back on the status of an auction or manually place another bid.
Bidder = A user on Magnolia Pearl Trade who has entered their payment information through PayPal and entered a bid in an active auction on Magnolia Pearl Trade.
Bidding = The process of offering a proposed amount for an item listed for sale in an auction on Magnolia Pearl Trade. Once a Bidder has entered their payment information through PayPal and confirmed a proposed amount for said item, they are involved in the auction; if their bid is the highest, they are responsible for honoring their proposed payment amount and completing the purchase.
Buying = Distinct from “Bidding”, Buying refers to the process of payment in a won auction or the outright purchase of an item from a Seller via the “Buy Now” option.
Buyer = Someone who is purchasing an item or items from a Seller, either by buying the item outright or winning an auction. Once an individual’s payment is processed, they are
referred to as the “Buyer”, denoting the person paying the Seller and expecting receipt of a shipped item.
Buy Now = A price preset by the Seller as an option for Buyers who want to forego the auction process and purchase the item listed outright. (Alternatively, the option available for Buyers in which to do so.)
Completed = A listing whose auction has been won or the item has sold outright; a listing no longer Active.
Condition = The proclaimed state of the item listed in real time.
Final Order Price/Final Value = Interchangeable terms referring to the price of item sold plus the applicable sales tax. (This is the total from which Magnolia Pearl Trade deducts a small fee. Shipping costs are separate from the Final Order Price/Final Value and not subject to fees.)
Item = What is offered by a Seller in a single listing; an entity considered as one (one pair of shoes/socks, one shirt, one pair of pants, etc.).
Listing = The visible offering of a Seller upon MP Trade including photos, price and all other pertinent details. Represents one entity being sold as well as the entry point for all transactions and communication between Buyers and Sellers.
Magnolia Pearl Peace Warrior Foundation = an actively-operating 501c3 Non-Profit, incorporated November 2020 in the state of California, charter #C4665365. The philanthropic arm of Magnolia Pearl, LLC. For more information on the Peace Warrior Foundation, click [here].
Platform = The Magnolia Pearl Trade platform includes all front- and back-end formatting for Magnolia Pearl Trade, as well as all integrated services such as PayPal,
UPS, etc. - the entirety of digital data accessible to and overseen by Magnolia Pearl Trade.
Profit = Denotes the portion of fees retained by Magnolia Pearl Trade after covering administrative costs that may be donated by Magnolia Pearl Trade to charity through the Magnolia Pearl Peace Warrior Foundation.
Relist = A service by which a Seller may opt to list an unsold item again (for another 7 days). Subject to a fee after the first free relist (3 relists allowed per item; if item remains unsold, Seller may opt to create a new listing).
Relisting Fee = A fee imposed by Magnolia Pearl Trade upon an item’s second relisting (the first relisting is free); $10 USD per relist.
Seller = Generally referring to a user who has active listings upon Magnolia Pearl Trade. Once a listed item has been charged to a Buyer, the person listing said item is referred to as a “Seller” for all intents and purposes even if funds have not been released.
Selling = The process by which a listed item upon Magnolia Pearl Trade has garnered a buyer.
Seller’s Fees = Also referred to as Final Value Fees, these are the 7% - 10% fees (dependent upon Final Order Price/Final Value) charged by Magnolia Pearl Trade to a Seller upon securing payment.
Shipping Cost = The amount suggested/charged by a shipping company via a Seller to a Buyer to cover cost of shipping. This cost is not included in the Final Value and is not subject to fees by Magnolia Pearl Trade.
Trade/Trading = The use of the word “Trade” is only in spirit and not intended to be applied to literal practices of arranging outright swaps.
Valid = In reference to a user’s email or physical mailing address being active and able to receive and send correspondence and/or parcels. Will be checked by our automated system.
Verified = Interchangeable with the designation of “Authentic”, referring to the verification services each item is subject to before listing.