FedBid FAQ Top 5
Skip Jump Links- 1. Does FedBid charge fees?
- 2. Does FedBid make sales or bids for its clients?
- 3. How much does it cost to start using FedBid?
- 4. What is a Reverse Auction?
- 5. Is FedBid the same as FedBizOpps?
1. Does FedBid charge fees?
FedBid charges no subscription fees to Buyers or Sellers. FedBid charges no subscription fees. Interested Sellers simply register, log in and submit bids for buys that correspond with their offerings. The system adds an equal percentage transaction fee to all Sellers’ bids prior to the submission to the Buyer. When the Buyer makes an award to a Seller, FedBid will collect the included fee from that Seller. FedBid’s model eliminates out-of-pocket fees for Sellers.
2. Does FedBid make sales or bids for its clients?
No. FedBid serves as a neutral facilitator, providing a dynamic platform for procurement professionals to purchase billions of dollars worth of goods and simple services from commercial Sellers. Throughout the marketplace process, Buyers maintain complete control over all purchasing decisions, while Sellers determine which buys and what bidding strategy best suits their business.
3. How much does it cost to start using FedBid?
FedBid users incur NO upfront investment, license fees or maintenance costs. FedBid ensures ongoing cost-savings and a risk-free procurement process by requiring payment only after the Buyer selects a Seller for award and completes the transaction.
4. What is a Reverse Auction?
A reverse auction is a competitive process in which a Buyer solicits bids from Sellers during a period of time set by the Buyer. During the reverse auction, Sellers have the opportunity to submit a single bid or multiple bids that decrease in price.
5. Is FedBid the same as FedBizOpps?
No. FedBid is a privately held company that provides an online marketplace for government and business Buyers. FedBizOpps (FBO), at FedBizOpps.gov, is a government-run, online bulletin board. However, FedBid does maintain automated feeds to FBO in order to enable federal government Buyers to meet Federal Acquisition Regulations (FAR) requirements regarding opportunity notification.
Have more questions?
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