Penny auctions are fast becoming the in
thing online today. Site operators are
quickly launching sites because of the sheer profits the business model
presents. Users are likewise motivated
to bet into the bandwagon because of the saving they will be garnering, not to
mention the entertainment they will be enjoying in the process. If you haven’t tried out penny auctions yet
then you may want to consider the following points when looking into
registering for the next big thing in your shopping activity.
First of all you should find out what a
penny auction is. What is it
exactly? A penny auction is called such
because while it is a venue that auctions of items just like a typical auction,
every bidder is able to do so not by raising the total value or cost of the
item but through incremental increases: using pennies! That way more people will be able to enjoy
the auction with the item price being too high.
Ready to find out more why you should go for penny auctions? Read on!
It’s
easy to register. All you really need is an internet connection and a credit
card. First, go to your penny auction
site of choice and start the signup process.
It’ll ask for your credit card details so make sure that you’re signing
up for the right penny auction (more details on that later on). After you register with some personal
information and place your credit card details right in, you’re in!
Before doing all of that, you must be sure
to READ the TERMS and CONDITIONS that you’re signing in before launching yourself
into penny auctions. More often than not
these penny auctions will be asking for some sort of membership fee whether you
use the service or not so watch out for that.
If you are unwilling to pay that fee then don’t click on anything that
says that you agree to the terms.
Finally before clicking anything or giving
your credit card details make sure that you do a quick background check of the
site of your choice. Because it’s so
easy to set up a penny auction site you will definitely come across some site
owners that will use the format to scam people out of their money. Luckily for you these scam stories will most
likely be shared online by scam victims so you can be sure that you can read up
about them by doing a quick Google search of the site that you’re planning to
join and voila, that’s all that you’ll need in order to find out whether what
you’re joining is safe or not. Always
look before you leap!
Online
bidding without bounds. More often than not when you’ve tried online bidding in a site such
as eBay, you may have at some point dropped out of the bidding process because
the bid may have been beyond your budget.
Or you may have inadvertently won a bid just because you were carried
away by the joy of bidding. These
problems are a non-issue when it comes to penny auctions. That’s because as said earlier, the increase
is incremental. Even if a hundred people
bid a penny on the same item that you want, that’s just $100. So as long as you have bid points, your
chances of winning are pretty much the same as every other person who is
participating in the bid.
95%
savings. And
we’re not just talking about typical savings here—this penny auction system
only makes you pay for only 5% of an item.
And this is no ordinary item—penny auctions list the top luxury brand
items on their lists to keep people interested.
iPads and iPhones are typical of any penny auctions offer. You may be wondering how a penny auction site
makes money—well, it’s actually easy.
For every “penny” that’s cast as a bid in the penny auction the site
makes a certain amount of money because people who want to bid will have to buy
bid credits! And bid credits are not
priced as pennies even though they are referred to as such! They actually cost more, like a dime or even
as high as 50 cents! The main thing to
remember here is that when someone casts their bid it will only add a total of
a penny onto the price of the item, but the cost of buying a penny credit
definitely costs more than one cent.
Delivery
within a week. The great thing about winning a penny auction is the speed in which
people receive the items that they’ve won.
That’s because penny auctions purchase the prize item based on the
location of the winner: they will purchase within the city or town of the winner
in order to save on shipping costs. It’s
a legit item but it costs less for the auction house to give away because they
have less costs incurred in shipping it.
It’s also bought online so the fees are definitely a lot less than
something bought in a traditional store.
