MaireWilhelm921
Aus Salespoint
Pay Per Bid Auctions - How can Penny Auctions Work Anyway
If you dig around online asking the question "how do penny auctions work" and "what are penny auctions?" you will see the most popular threads from individuals who scream towards the top of their lungs that "penny auctions area all scams".
You need to specify that there are some penny sites that do scam their users by creating never-ending auctions. This is most typical on sites that sell their very own products - basically the penny sites that do not offer a true marketplace for individuals to sell many.
To call every penny auction site a scam is much like saying all mechanics or automotive repair shops are scammers. Yes, some of them are unethical in their business practices but that doesn't mean all mechanics can be harmful news.
With that in mind, let's tackle the primary question...
How Do Penny Auctions Work
Most work off a similar auction model in which a product is listed for a penny. These items can be anything, however they are typically popular brand name items and electronics, gift certificates, cash prizes, etc. In order to place a bid on the item you have to buy a pack of bids; each bid costs anywhere from five cents to more than a dollar depending on the site.
As you bid on the item, the cost increases by 1 penny and also the timer around the auction resets. These countdown timers on pay per bid penny auctions are between Ten seconds to 60 seconds. The final person to bid once the timer reaches zero wins the auction. That each pays the listed price of the item when the auction ends.
In many penny auctions, users get items for a fairly steep discount though there are several pay per bid sites that don't focus on countdown auctions. Another common bid auction types are Purchase it Now auctions (known as a "reveal the price" auction), Lowest Unique Bid and 100% off (or zero bid) auctions.
All these auctions works differently, and requires another strategy. There will have one thing in common however and that's always a bit of a nail-biting anxiety for you to get the item in the end.
No matter what type of bid auction you join, you will be facing steep competition that needs a reasonable amount of planning, as a result of deciding the number of bid packs you want to purchase. Since some auctions can take a reasonable amount of time to accomplish and may require a substantial investment of bids and time, the very last thing you want to do is run from bids.
Are Penny Auctions Legit?
As much as other traditional auction sites like eBay, yes - although not these. The most crucial part of generating a strategy for bidding is ensuring you research and review the entire site in terms of policy, rules and the way the system works.
Make use of the information available to determine whether the website you select is honest or maybe lots of users have experienced problems collecting their items - or losing constantly. Protect your personal interests and you will be able to use the data gained here on how penny auctions operate in order to find success in your attempts.
