Before Quibids And Beezid: What To Know About Penny Auctions
- By Steve Albright
- Published 01/18/2012
- Online Auctions
- Unrated
Each day, penny auctions are rising in popularity. Quibids and Beezid, two of the larger penny auction sites, recently started running national ad campaigns, guaranteeing that these sites get more attention in the future. Penny auctions are not like traditional auctions, however. You are at risk of losing money in these auctions, because you must pay in advance for each bid, even if you lose the auction. Because of this risk, you should prepare for websites by reading a Beezid or Quibids review.
Be very careful of sites that require a credit card to sign up, and always check out the reputation of that company before you do so. Keep an eye out for negative reviews about poor customer service, problems with products, or other tangible issues. 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.
Sites like Quibids and Beezid, unlike classic auction websites like eBay, do not have preset end times for their auctions. Instead, the clock is extended by ten extra seconds whenever another bid is placed. This means that the auctions can last for extremely long periods of time. Only people with strong, reliable internet connections should consider getting involved in these types of auctions. Even the smallest break in service could cause you to lose an auction, along with all your money, as many frustrated
customers have noticed.
Bidding in penny auctions, unlike standard auctions, is not free, 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. What advantages do you get for the extra money you will be paying? If you cannot locate what benefits you get for the higher prices, you should probably switch to a different site.
The site you are interested in using should absolutely have 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. When it comes to penny auction sites, this is really the only smart way to bid. When entering an auction, considering whether you would actually buy that item at full price. This will keep your losses done, because you will not have lost all your bid money along with the auction itself.
Penny auctions are often compared to gambling, in that you must pay for a chance to play. Some people prefer the standard auction format to this riskier penny auction format. Regardless, you owe it to yourself to do some research and observation before you invest your time and money into it. You may realize that you feel more comfortable with the traditional auction format. Or maybe you are willing to simply wait until items go on a sale at a regular retailer. Knowing where you are most comfortable before you invest in a penny auction website only works to your advantage.
Be very careful of sites that require a credit card to sign up, and always check out the reputation of that company before you do so. Keep an eye out for negative reviews about poor customer service, problems with products, or other tangible issues. 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.
Sites like Quibids and Beezid, unlike classic auction websites like eBay, do not have preset end times for their auctions. Instead, the clock is extended by ten extra seconds whenever another bid is placed. This means that the auctions can last for extremely long periods of time. Only people with strong, reliable internet connections should consider getting involved in these types of auctions. Even the smallest break in service could cause you to lose an auction, along with all your money, as many frustrated
Bidding in penny auctions, unlike standard auctions, is not free, 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. What advantages do you get for the extra money you will be paying? If you cannot locate what benefits you get for the higher prices, you should probably switch to a different site.
The site you are interested in using should absolutely have 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. When it comes to penny auction sites, this is really the only smart way to bid. When entering an auction, considering whether you would actually buy that item at full price. This will keep your losses done, because you will not have lost all your bid money along with the auction itself.
Penny auctions are often compared to gambling, in that you must pay for a chance to play. Some people prefer the standard auction format to this riskier penny auction format. Regardless, you owe it to yourself to do some research and observation before you invest your time and money into it. You may realize that you feel more comfortable with the traditional auction format. Or maybe you are willing to simply wait until items go on a sale at a regular retailer. Knowing where you are most comfortable before you invest in a penny auction website only works to your advantage.
