StetsonCallan373
Aus Salespoint
Pay Per Bid Auctions - How can Penny Auctions Work Anyway
Should you dig around online asking the question "how do penny auctions work" and "what are penny auctions?" you will see the common threads from people who scream towards the top of their lungs that "penny auctions area all scams".
You need to specify that there are some penny auction sites which do scam their users by creating never-ending auctions. This is most common on sites that sell their own products - basically the penny sites that don't provide a true marketplace for people to sell many.
To call every penny auction a gimmick is much like saying all mechanics or automotive repair shops are scammers. Yes, some of them are unethical within their business practices but i am not saying all mechanics can be harmful news.
With that in mind, let's tackle the primary question...
How can Penny Auctions Work
Most work off a similar auction model in which a product is listed for a penny. These items could be anything, however they are typically popular brand name items and electronics, gift cards, cash prizes, etc. To be able to place a bid on the item you have to purchase a pack of bids; each bid costs anywhere from a few cents to greater than a dollar depending on the site.
While you invest in the item, the price increases by 1 penny and the timer on the auction resets. These countdown timers on pay per bid penny auctions are between 10 seconds to A minute. The last person to bid once the timer reaches zero wins the auction. That each pays the listed cost of the item when the auction ends.
In most penny auctions, users get items for any fairly steep discount though there are some pay per bid sites that don't focus on countdown auctions. Another common bid auction types are Buy it Now auctions (referred to as a "reveal the price" auction), Lowest Unique Bid and 100% off (or zero bid) auctions.
All these auctions works differently, and requires a different strategy. There do have one thing in keeping however and that is always a nail-biting anxiety to getting the item in the end.
Regardless of what kind 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 need to purchase. Since some auctions may take a fair period of time to accomplish and may need a substantial investment of bids and time, the very last thing you want to do operates out of bids.
Are Penny Auctions Legit?
Around other traditional sites like eBay, yes - although not these. The most crucial a part of setting up a strategy for bidding is making sure that you research and evaluate the entire site in terms of policy, rules and the way the machine works.
Use the information open to determine whether the website you choose is reputable or maybe lots of users have had problems collecting their goods - 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.
