As with a live auction, there might be shills in the crowd bidding at penny auctions. Friends or even staff of the website could join the bidding for the only intent of pushing up rates on the unsuspicious. Still, human bidders aren't the only fly in the ointment since there can also be electronic digital robots with the site program which do exactly the same thing. You can find more possible problems. Penny auctions are easy to start so they may possibly attract the deceitful. Therefore, winning bidders might find them selves deceived by credit card scams right after the transaction, or even products might not be mailed. A few penny auctions accept PayPal, that may be viewed as a good indicator as there are protections for buyers.
The great news is that there are numerous reputable sites for penny auctions. The whole industry should not be tarred because of the behavior of some. However, a buyer’s eagerness to get a great buy has to be tempered with the fact that pitfalls might be numerous. A buyer can Google the name of the site followed by the term “scam”; this may bring a variety of reaction by anyone who has visited that particular penny auction internet site. You will see positive and negative opinions.
Check out the fine print on the website; it must be readily available. Check if the internet site refunds theamounts bid by the losing bidders. Check to see whether the online site will accept PayPal or maybe a similar third party paying entity. It could be best if you stay away from all those penny auctions which accept only a credit card or even an electronic check, simply by being well educated about a site, you may be part of the bidding without that disturbing feeling that you are placing your self up for future difficulties.
Find out more about penny auctions and check out our DealDash review on our penny auction reviews page.
Thursday, September 8, 2011
Wednesday, July 13, 2011
Penny Auction Basics
We're going to check out a few basics here however all of us have also uploaded a great instructional video clip created by QuiBids that sums up nicely. (Note: Not every penny auctions sites have got a Buy This Right now feature).
How Penny Auctions Function
1.Buy Bids - It is the key difference within the ebay vs penny auction design. People get prices for bids which are used to bid on an auction item. The price associated on the right in order to bid is exactly what makes the values very cheap and provides the chance for smart users to gain extreme deals. The cost of a bid differs from site to websitebut most typical within the Dollar.60-%.Seventy five per bid range. Various websites offer deals along with higher bid packs
2.Putting in a bid With An Item - Once you have your prices for bids it is time to find a good auction you like and begin bidding. A lot of penny auction websites start every single auction at $0 and then the value of the item increases through the pre-defined incremental worth when a bid is placed. Based about the penny auction site the cost a product goes up will be 1,2,5,10 or 25 pennies every time a bid is placed. This particular incremental worth is typically clearly apparent upon every auction. The One penny rise is still the most common.
3.Last Bidder Wins - Just like most auction types the final bidder wins the product. Using the penny auction model a period counts right down to Zero. The actual timer is going to be prolonged whenever a new bid is placed, usually below 10 to 20 mere seconds. There are lots of diversions through site on-site on how much time is added to the clock but the idea is universal. Some sites will add as many as 30 seconds towards the auction and others possess turbo functions exactly where only Five mere seconds is put into the clock.
4.Purchase The product -- As soon as you’ve won the actual auction you'll typically have the ability to purchase the item immediately and supply your own delivery information.
5.Identifying The Total Cost -- Using the penny auction format your total cost to have an auction product is the cost of the actual prices for bids a person positioned as well as the last auction worth.Instance: You received the $100 gift certificate for $13.Fifty as well as used 30 bids during the auction.Your own cost for that $100 gift card = $13.50 $18 (30 bids - Dollar.60/bid) = $31.50
6.Purchase This Now -- Some penny auction sites offer a Buy It Now function for bidders that did not earn the auction. This particular feature supplies a very low risk chance, especially if you were currently prepared to spend list price for the item. The majority of websites that offer the buy this now feature with regard to dropping bidders may credit score back the need for the bids placed towards the retail value of the product.Example: You used 30 bids that cost you Dollar.60 every on the $100 product and lost. With most Purchase It Now offers you will get a credit for the worth of the actual lost bids if you wish to buy the product.Your cost to purchase the merchandise would be: $100 - $18 (Thirty bids * $.60/bid) Equals $82
To learn more about penny auctions, visit our website to find out which penny auction can save you the most money.
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