Tradition Auctions Vs. Penny Auctions: What To Know
By Steve Albright
Penny auctions are gaining in popularity every day. Recently a few of the larger sites like Beezid and Quibids have begun running TV ads, making it likely these auctions will become even better known. There are differences between penny auctions and traditional auctions that everyone should be aware of, however. The bids you place in these auctions cost money, so unfortunately losing an auction means not only losing the prize, but your money as well. Due to this possibility, you should check out all claims of a Quibids or Beezid scam before you try it for yourself.
Every bid placed in during a penny auction will cost you money, as mentioned before. The average cost of these bids is around sixty cents, but they can cost as much as a dollar or as little as fifty cents. While most sites do not explain why they charge the price per bid that they do, if the site you are considering charges more than sixty cents per bid, you should try to find out why. Do you receive more benefits for the extra money you will be paying? If there are no clear cut benefits for you, then it is probably time to look elsewhere.
When considering a site, check to make sure it has a Buy It Now feature. This feature acts as a safeguard for when you lose an auction, allowing you to put the money you spent on bids toward the retail cost of the item. This feature is one of the only ways you can recoup the money you spent on bids, so make sure it is there. Before placing that first bid, decide whether you want that item enough to pay full price. Using this feature helps you not lose money even if you lose an auction.
Many people have come to expect auction sites to have set time limits for their auctions, like eBay, but Beezid and Quibids do not. The clock simply extends itself another ten seconds whenever a bid is placed, instead. This means that the auctions can last for extremely long periods of time. Shaky internet connections will not work for auctions of this length. A common complaint regarding penny auctions is the littlest difficulty in service will make them lose an auction, and that means losing their money as well.
Never hand over your credit or debit card number to a website unless you have already read the reviews of that particular site. Take special note if you discover complaints about the refund policies, customer service, or other service issues of a specific company. There are lots of accusations out there about these types of sites using bid scripts to inflate auction prices, but these claims have not been proven. However, frequent reports of customers having bad personal experiences with a particular website or company should probably point you in another direction.
These auction sites are regularly compared to gambling sites, because you must pay for a chance to win. This format is a lot riskier than the traditional format, and this appeals to some people but not to others. You will not know if this auction format works for you until you do some research and observation for yourself. You may find that a standard auction format fits you best. Or maybe you are willing to simply wait until items go on a sale at a regular retailer. Whatever you realize, it will benefit you greatly to know these things before you invest your money in a penny auction site.
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