Most people are familiar with auctions as events in which sellers give their products to people that are ready to pay for the highest value to them. Typically, auctions were carried out personally, on a large or small size, however today auctions become more popular on the web.
The latest version of auction which has started to increase in popularity is the penny auction. These auction websites, promise many people the opportunity to win expensive products at remarkably low prices.
The penny auction holds auctions in a very distinct manner than conventional auction websites. Obviously, the auction is conducted in single bids of one cent, or a penny. Also, not like traditional auction formats, for you to bid you should pay a fee.
For every single bid you place in a penny auction, you have to pay a charge in the amount of fifty cents to a buck. The charge you have to pay depends upon what website will be having your auction. Most websites permit you to get a pack of bids beforehand.
Another difference between penny auction sites and regular auction sites will be the "Buy It Now" feature. This feature performs really diversely as compared to ones you find on sites just like eBay.com.
On eBay, the "Buy It Now" feature offers you the chance to avoid the auction and just pay the seller the cost they wish for their particular product. For a fixed but still reduced price you may have that item.
On some penny auctions this feature is really different. Should you lose a bidding, the "Buy It Now" feature allows to take the money you spent in that auction and place it to the full retail price of that product you had been bidding on.
Though you're not receiving some sort of a deal for the price of mentioned item, penny auction websites hope this kind of feature can dissipate some of the anger people can experience at paying out money to sign up in auction yet having nothing to show for it in case there is a loss.
The latest version of auction which has started to increase in popularity is the penny auction. These auction websites, promise many people the opportunity to win expensive products at remarkably low prices.
The penny auction holds auctions in a very distinct manner than conventional auction websites. Obviously, the auction is conducted in single bids of one cent, or a penny. Also, not like traditional auction formats, for you to bid you should pay a fee.
For every single bid you place in a penny auction, you have to pay a charge in the amount of fifty cents to a buck. The charge you have to pay depends upon what website will be having your auction. Most websites permit you to get a pack of bids beforehand.
Another difference between penny auction sites and regular auction sites will be the "Buy It Now" feature. This feature performs really diversely as compared to ones you find on sites just like eBay.com.
On eBay, the "Buy It Now" feature offers you the chance to avoid the auction and just pay the seller the cost they wish for their particular product. For a fixed but still reduced price you may have that item.
On some penny auctions this feature is really different. Should you lose a bidding, the "Buy It Now" feature allows to take the money you spent in that auction and place it to the full retail price of that product you had been bidding on.
Though you're not receiving some sort of a deal for the price of mentioned item, penny auction websites hope this kind of feature can dissipate some of the anger people can experience at paying out money to sign up in auction yet having nothing to show for it in case there is a loss.
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Find out more about penny auctions and check out our DealDay on our penny auction reviews page.
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