Why switch to Oisto?
There are many reasons to switch from platforms such as DOTmed and eBay or to sell concurrently on Oisto, but let’s dive into the associated problems and economics first.
Let’s start with DOTmed first. What is the actual difference between DOTmed and Oisto?
DOTmed is a well-known public trading platform for medical equipment, parts, and services that charges a flat fee for advertising products or services. Oisto is a medical equipment and supplies marketplace that handles payments, seller direct deposits, chargebacks, disputes, customer service, buyer and seller protection and support, inventory management, and much more.
Selling on DOTmed
Selling on DOTmed gives you two options to choose from when transacting with buyers.
Option 1: Buyers initially contact you directly through their messaging system or fill out the lead form. After negotiating with the buyers, you process cash, check, or credit card payments on your own.
Problems with Option 1: Even though at first glance, it sounds reasonable to process payments and deal with buyers directly, that usually comes with risk.
What are the associated risks?
The risks are clear: scams, and chargebacks. This risk of encountering a scammer or fraudster is inevitable on any website that has no control over the logistical processes of its business. The following is a list of various relevant processes:
- Inventory controls
- Payment processing
- Transaction-based messaging and tracking systems
- Order tracking
- Verified purchase or transaction-based reputation systems
- AI-based payments
- Internal messaging risk assessment tools.
The risks even extend into simple things such as seller bank account linking, user behavior, spam reports, and other controls in place. This risk is present on Craigslist, DOTmed, and any other website that allows buyers to deal directly with sellers outside their network.
For example: Let’s take a look at Craigslist. Craigslist is known to attract scammers, and thousands of companies and individuals have become victims of scams that regularly appear on this website. Craigslist has been battling scams for decades. They’ve even produced an informative article that explains how to avoid scams. DOTmed is not an exception when it comes to scams. To make it simple, here is an article DOTmed published in February of 2019 that explains how to avoid scammers. It also publishes the Honest & Dishonest dealings forum that helps people communicate and spread the word about scams, which is great!
Option 2: In order to transact with buyers on DOTmed, you as a seller have two options. You can accept payments through PayPal, or you can set up a standard Stripe account and accept payments through Stripe as a merchant. Here is an article that explains how to set up these payment methods.
Problems with Option 2: Setting up your Stripe account, as suggested by DOTmed, carries the same risk of scams and chargebacks. The only difference is that when a chargeback or a scam occurs, you are directly responsible for providing proof of shipment item description and other information required to investigate the matter, which usually takes weeks to resolve.
On the other hand, PayPal is a convenient way of accepting payments, and it comes with “purchase protection” PayPal is not accustomed to making proper arbitration decisions when dealing with sellers of medical or lab equipment and transaction disputes involving these type of products. Here is a limited explanation of Seller protection for merchants by PayPal.
The reason sellers trust marketplaces such as Amazon, Jet.com or Oisto is because these organizations/platforms are built to act as third-party mediators and usually assume the risk of scams and chargebacks as well as handle disputes between buyers and sellers. They also serve the agent in charge when it comes to charging credit cards and redistributing payments to sellers. Please note that we are not downplaying any of the companies referenced in this article. Instead, we are bringing your attention to things that should matter to you as a seller. We are by no means stating that you should not sell on DOTmed or eBay. Instead, we are giving you the knowledge to make you own educated decision by comparing the pros and cons of various platforms and by exposing the true differences. We want you to make the right choice when you sell medical products online.
Selling on eBay
eBay is an online marketplace where buyers and sellers come together and trade almost anything. That’s great, but this can apply to shoes, electronics, furniture, and anything else. This is an issue because of the specialized nature of the medical industry and effectively, medical equipment.
For example, a niche like musical instruments has its own established services/marketplaces, such as Reverb, which is great. When starting Oisto, our founders truly believed that the medical equipment and supplies are a vital and technically sophisticated industry, and they need a dedicated marketplace focused solely on this niche.
The problem lies precisely here. eBay allows anyone to trade almost anything! Selling medical equipment requires knowledge and expertise in order to meet the expectations and provide safety, control, and transparency for domestic and international buyers and sellers.
- We believe that selling tires and shoes alongside endoscopes or arthroscopes is wrong, inconvenient, unregulated and potentially dangerous.
- Another known issue is eBay’s lack of knowledge regarding the medical equipment marketplace, since it was never built to be one.
- As aforementioned, the technical nature of the medical industry also presents buyers and sellers with obstacles. eBay does not have various significant medical categories and sub-categories to allow its users to navigate to their desired section based on their medical interests.
- eBay does not have a proper seller account vetting process when it comes to selling medical equipment. In other words, an individual or entity can sell medical equipment they possess on eBay. This can pose major threats in the medical industry for obvious reasons. Vetting sellers should be required to avoid unauthorized and unqualified seller accounts and low-quality products on the market.
Now that we have covered the pros, cons, and risks, let’s look at the economics of selling on Oisto and other platforms.
Selling on Oisto
Oisto has a simple and straightforward pricing strategy. We have no monthly or annual fees, listing fees, or any other hidden fees. It’s simple. You only pay 6% when your products are sold. You can see the detailed pricing information below.
DOTmed Fees – See more details here
eBay Fees – See more details here