Penny Auctions Offer Good Deals For The Well Informed
Penny auctions are a recent development on the internet. They operate in a manner similar to eBay in that they offer items for auction and the public is welcome to bid. They differ from other auction sites in that they sell packages of scrip for bidders to use in the auction; the main difference, though, is that winning bids shown at penny auctions are much less than retail.
The lure of a great deal is quite often too tempting to pass. Typically, the sites display items that have recently sold; the winning bids may show up as 15% to 20% of retail. The goods are name brand electronics such as smart phones, notebook computers or high definition television sets. The bidding process can be a frustrating time eating endeavor, but, worse, there are reports of more fundamental problems.
Penny Auctions May Require Some Study before Participating
As in a live auction, there may be shills in the crowd bidding at penny auctions. Friends or even employees of the site may enter the bidding for the sole purpose of driving up prices on the unsuspecting. However, human bidders are not the only fly in the ointment as there may also be electronic robots in the site software that do the same thing. There are other possible problems. Penny auctions are easy to launch so they may attract the unscrupulous. Consequently, winning bidders may find themselves victimized by credit card fraud after the transaction, or goods may never be delivered. Some penny auctions accept PayPal, which can be interpreted as a good sign as there are protections for buyers.
The good news is that there are a large number of legitimate sites for penny auctions. The entire industry should not be tarred by the behavior of a few. However, a buyer’s enthusiasm for a good deal has to be tempered with the reality that pitfalls may be abundant. A buyer can Google the name of the site followed by the word “scam”; this will bring a variety of response by those who have visited that particular penny auction web site. There will be positive as well as negative comments.
Check the fine print on the web site; it should be easily available. Verify whether the site refunds the amounts bid by the losing bidders. Check to see whether the site accepts PayPal or a similar third party paying entity. It would be a good idea to avoid those penny auctions that accept only a credit card or an electronic check, by being well educated about a site, you can join the bidding without that unsettling feeling that you are setting yourself up for later problems.
Great article, well I agree if one controls its actions, penny auctions can be mastered and good stuff can be won,
i tend to stick only with big industry penny auction sites – like ones listed here – http://www.profitablepennyauctions.com
,because they are reliable when it comes to playing fair, rest is just pure luck and skills,
Thanks Robert. Good site you have there as well, keep up the good work!
Frnalky I think that’s absolutely good stuff.
So true. Honesty and everything recoigenzd.
That’s the best anwesr of all time! JMHO