How Lotzo works

Buying

1. Browse items near you. Enter your postal code to see how far away each pickup is.
2. To bid, sign up, and save a card. Nothing is charged yet.
3. Bid. We email you if you're outbid and when an auction is about to end.
4. If you win, your card is charged automatically. You get the pickup address, the seller's pickup times and your 6-digit code.
5. Pick up the item, check it, then show the code to the seller.

Selling

1. Sign up and verify your email.
2. Add photos and write the listing, or let AI draft it from the photos. You review it before it goes live.
3. Set a starting price, the lowest price you'll accept (hidden from buyers), the auction length and your pickup area.
4. If the auction ends at or above your lowest price, the winner is charged automatically. Your exact address is shared only after they pay.
5. At pickup, enter the buyer's 6-digit code. You're paid 48 hours later.

Payment protection

Lotzo never keeps your money in its own bank account. Our payment provider, Stripe, holds it and moves it only at the right moment:

1. The winner's card is charged when the auction ends.
2. The money stays with Stripe, not with the seller and not with us.
3. At pickup the buyer shows a 6-digit code and the seller enters it. That proves the two met and the item changed hands.
4. If the item isn't as described, the buyer can report it within 48 hours of pickup and a person at Lotzo decides: a refund, paying the seller, or a split.
5. If nothing is reported in those 48 hours, the seller is paid automatically.

Why a code instead of a "received" button? If we waited for the buyer to press a button, a buyer who forgot would leave the seller waiting forever. The code proves the handover on the spot. After 5 wrong codes, entry locks and we step in.

More detail on what each side can count on: Buyer and seller guarantees.

Bidding and anti-sniping

Bids go up in fixed steps, so the next minimum bid is always shown. Bids can't be withdrawn, unless the seller adds a flaw to the listing after your last bid. Then you're emailed and can choose to withdraw.

A bid in the last 2 minutes adds 2 minutes to the clock. Nobody can win by bidding in the final second, so everyone gets a fair chance to respond and sellers get a fair price.

Fees

• Listing is free.
• Buyers pay a 10% premium on top of the winning bid, shown before you bid.
• Sellers pay a 5% commission, taken from the payout.
• The minimum total fee per sale is $2.

Example: an item sells for $100. The buyer pays $110, the seller receives $95, and Lotzo keeps $15.

Pickup safety

• Meet in daylight, and bring someone along if you can.
• Sellers can choose a public meeting spot, like a library or a busy coffee shop, instead of their home.
• Check the item before the code changes hands. Once the seller enters it, the handover is confirmed.