RON: What happens if you want to grow the eCommerce business? What happens if your business starts becoming more successful and you haven't made the plans to be able to scale that way? So, yes, it's very important. Even if you're not planning on selling million-dollar homes today, this is going to be a great one for you.
CHRIS: One of the things that's really interesting about auctions, in general, is the idea that you have to get enough traction, and a lot of traffic, within an auction to make it effective. So, one of the challenges with large payments can be that we need to set this up so that it can be self-service and enable this scalability of the number of auctions and the ability for users to follow governance that works, that's intelligent and allows them to complete the process successfully. And have the systems solve some of the typical challenges, and then have the capability to inject an escalatory workflow that can include manual overrides, et cetera, but generally lean on having the system handle everything with governance.
Whenever you're dealing with large purchases on an eAuction website, these governance rules are going to be significantly. Just to go into some of these are areas that make sense to evaluate, as a business, whenever you're looking at your auction platform. I would say probably one of the most important things is verification of the buyer to make sure that they actually have the ability to make a large purchase. Generally speaking, this can include things like having them go through and provide documentation.
Depending on what purchase it is, you can really set the tone based on your industry. So if you haven't already—and you probably have—you want to see what the best practice is within your industry, because this is probably what a lot of the buyers are going to be expecting anyway. So if all of the other auction sites and auction experiences that they're going through for a large purchase of a collector item—maybe it's art, maybe it's jewelry, maybe it's an automobile, a rare item—they may have to provide bank statements or financial statements or a deposit or an escrow, and they may have to actually get preapproved if it's a house. They may have to go through a pretty detailed process regardless of the challenge or overhead. They may already be used to that.
Then the question becomes, after you determine what is standard within your industry, how can you automate as much of this as possible? And this is where we like to come in, in addition to helping you think about what's standard in your industry, and what you can do that is going to provide more assurances.
There are also a lot of automation tools and very successful integrations that we can conduct and reference that we've completed in the past that you should be able to take advantage of. So, Ron, I'd love to turn it over to you to talk about some of these ideas, some of the concepts that we've implemented in the past, like our escrow and prequalification steps, maybe looking at a credit check, things like this.