The Truth about Penny Auctions

The Truth about Penny Auctions

The Truth about Penny Auctions

With the recent emergence and popularity of the penny auction, where bidders pay a small fee to participate in the auction, online shoppers can get great deals on expensive items like high-definition TVs, bags and accessories , laptops and iPods starting less than a dollar. However, depending on what site is using a candidate, any offer can cost anywhere between $ 0.50 and $ 1.00. These credits offer can accumulate quickly.

Penny auctions traditionally work in the following way: whenever a bid is placed in an auction, the price is increased by a certain amount, usually one or two cents per share, while a specified time automatically added timer (normally between 10 and 20 seconds). If a bidder is the last person to bid right before the timer hits zero, he or she wins.

Unlike the live auction sites like eBay.com, third vendors and resellers are not part of the business model. In fact, most penny auctions are manufacturers or suppliers ship products directly to the winners. Because some suppliers will discontinue certain positions while others may have an excess flow of inventory, merchandise sold at auction dime very inexpensive, and users can get products for pennies on the dollar.

If users are lucky, you can win amazing deals; However, we must also consider the cost of tender spent on winning the item, including shipping and handling. Some cases may be worth it, sometimes people can spend, because the atmosphere is exciting and competitive; So it is important for users to put together a budget and stick to it.

Some auctions pen can use bots or shill bid to place automatic bids to drive prices. For this reason it is important to conduct appropriate investigations. Read the whole site over, including the FAQ page, the protection of privacy and refund / cancellation policy. If the site does not offer a refund / cancellation policy may be time to search in another location. Be sure the site accepts Visa and MasterCard and provides secure financial processing.

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