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beezid.com - From 2008, the legalities of the penny auction industry were discussed. The conclusion was that if an auction is fair, then it is not deemed as gambling and no gambling license is required to operate or launch a penny auction website.

Earlier in 2012, Penny Auction Watch published an article on responsible development and guidelines for making a penny auction website successful. Although the topic of distrust and scams do appear on the web. Therefore, we have created 10 tips to make sure your site remains trustworthy and successful:

1. Be prepared

The general misconception is that penny auctions are an automatic money-making machine. Unfortunately, this is not the truth and is just like any other B2C business. Make sure you read up on the industry, general rules and having good business principles will help.

2. Software

Before launching your site, you need to have powerful penny auction software in place to handle simultaneous bidders. There have been many stories online regarding penny auction sites crashing or being slow, so make sure you have a fast loading website able to handle high volume traffic. Choose a trusted provider, one that has several years of experience.

3. Shipping prizes

Once an auction has ended and a winner has been declared, your responsibility should be the ship the item as quickly as possible to the winning bidder. Once the item has been shipped, inform the winning bidder and include an estimated delivery date. Make sure your keep your winners informed throughout the entire process.

4. Languages & currency

60% of the Internet users are non-native English speakers. At a $1 per bid, being able to target bidders outside of the English speaking markets is a competitive advantage. When purchasing your penny auction software, make sure you include the option to offer multiple languages or currencies on your site to reach a wider audience.

5. Auction rules

When launching a new auction website, the goal should be to offer fair competition. As penny auction website customers visit multiple sites in search of a better set of prizes, you want to make sure that new bidders have just as much chance of winning auctions than experienced bidders. By implementing limitations on number of wins per month or launching beginner auctions (also known as virgin auctions) you then level the playing field for new and experienced bidders.

6. Terms & conditions

You should make your terms and conditions clearly visible on your website and in a size and font that is clearly readable. Most websites list the terms and conditions within the footer of the website (at the bottom) but for added trust, include it within the sign up process when asking for name and email address.

7. Dishonesty

Keep your auctions fair. Do not implement automatic bidding software that will make bids in the closing seconds. By doing so, you are sacrificing a small increase in price with what could potentially be a loyal customer following. Providing your auction is software free, no complaints will be made online.

8. Market your website

Today’s marketing is no longer about direct mail and catalogs. With a plethora of online marketing channels to choose from, you can now market your site for a low cost providing you invest in the time. Online marketing can include SEO, social media, blogging and affiliate marketing. Promote your brand and increase word of mouth exposure.

9. Personal information

Customer information is private to the customer. When a customer signs up to your website, clearly highlight that you do not disclose your information to third party websites and the information provided will remain secure. If you do disclose information to third party websites, it must be clearly stated and not hidden on your website.

10. Communication

beezid.com - What of the easiest ways to ensure trust to communicate with customers. If a customer asks a question, you should make sure it is answered within 24 hours. Most penny auction sites offer live chat but if you can provide further support via phone or email and are able to answer customer service inquiries, your customers will feel more comfortable buying bid packages on your website. A notable addition would be to include the site owners details, including office address.

beezid.com - The penny auction industry is competitive, yet the leading brands such as Quibids and Beezid have been successful because they treat their customers well and honor their site promises. This is not unique to penny auctions; most businesses are successful because they treat their customers in the right way, and by doing so create a loyal following.

How To Launch A Successful Penny Auction Website

beezid.com - From 2008, the legalities of the penny auction industry were discussed. The conclusion was that if an auction is fair, then it is not deemed as gambling and no gambling license is required to operate or launch a penny auction website.

Earlier in 2012, Penny Auction Watch published an article on responsible development and guidelines for making a penny auction website successful. Although the topic of distrust and scams do appear on the web. Therefore, we have created 10 tips to make sure your site remains trustworthy and successful:

1. Be prepared

The general misconception is that penny auctions are an automatic money-making machine. Unfortunately, this is not the truth and is just like any other B2C business. Make sure you read up on the industry, general rules and having good business principles will help.

2. Software

Before launching your site, you need to have powerful penny auction software in place to handle simultaneous bidders. There have been many stories online regarding penny auction sites crashing or being slow, so make sure you have a fast loading website able to handle high volume traffic. Choose a trusted provider, one that has several years of experience.

3. Shipping prizes

Once an auction has ended and a winner has been declared, your responsibility should be the ship the item as quickly as possible to the winning bidder. Once the item has been shipped, inform the winning bidder and include an estimated delivery date. Make sure your keep your winners informed throughout the entire process.

4. Languages & currency

60% of the Internet users are non-native English speakers. At a $1 per bid, being able to target bidders outside of the English speaking markets is a competitive advantage. When purchasing your penny auction software, make sure you include the option to offer multiple languages or currencies on your site to reach a wider audience.

5. Auction rules

When launching a new auction website, the goal should be to offer fair competition. As penny auction website customers visit multiple sites in search of a better set of prizes, you want to make sure that new bidders have just as much chance of winning auctions than experienced bidders. By implementing limitations on number of wins per month or launching beginner auctions (also known as virgin auctions) you then level the playing field for new and experienced bidders.

6. Terms & conditions

You should make your terms and conditions clearly visible on your website and in a size and font that is clearly readable. Most websites list the terms and conditions within the footer of the website (at the bottom) but for added trust, include it within the sign up process when asking for name and email address.

7. Dishonesty

Keep your auctions fair. Do not implement automatic bidding software that will make bids in the closing seconds. By doing so, you are sacrificing a small increase in price with what could potentially be a loyal customer following. Providing your auction is software free, no complaints will be made online.

8. Market your website

Today’s marketing is no longer about direct mail and catalogs. With a plethora of online marketing channels to choose from, you can now market your site for a low cost providing you invest in the time. Online marketing can include SEO, social media, blogging and affiliate marketing. Promote your brand and increase word of mouth exposure.

9. Personal information

Customer information is private to the customer. When a customer signs up to your website, clearly highlight that you do not disclose your information to third party websites and the information provided will remain secure. If you do disclose information to third party websites, it must be clearly stated and not hidden on your website.

10. Communication

beezid.com - What of the easiest ways to ensure trust to communicate with customers. If a customer asks a question, you should make sure it is answered within 24 hours. Most penny auction sites offer live chat but if you can provide further support via phone or email and are able to answer customer service inquiries, your customers will feel more comfortable buying bid packages on your website. A notable addition would be to include the site owners details, including office address.

beezid.com - The penny auction industry is competitive, yet the leading brands such as Quibids and Beezid have been successful because they treat their customers well and honor their site promises. This is not unique to penny auctions; most businesses are successful because they treat their customers in the right way, and by doing so create a loyal following.

The Truth Behind Penny Auctions

www.beezid.com - Online auctions are the craze these days as people simply want to purchase items at fantastic attractive prices, while the sellers want to make big money by selling either new items or anything that they no longer need at home. Some people consider penny auctions as a form of gambling but there aren’t any regulations at the moment that restrict them. But regardless of whether they are considered morally or legally wrong, are these penny auctions are as good as they claim? What is the truth behind them?

www.beezid.com - For starters, you need to know how most penny auctions work. People who want to bid on an item need to purchase bids. These bids have prices that start from $0.50 and can go up to $1.00. Of course, the more bids you purchase, the higher the chances of securing the item. Occasionally, discounts are given if you buy a certain number of bids.

www.beezid.com - Now let’s think how the penny auctions make company. Surely they cannot be making a loss by selling items one-tenth of the retail price, right? Say if everyone bids for an iPhone that retails for $1,800 in the market that finally sells for $150 to the winning bidder, would the penny auction company suffer a loss of $1,650? Of course not, for no one would set up such a business if that was the case!

The sales price of the $150 came from 15,000 bids. If each of those bids were sold for $0.50, the penny auction company would have obtained $7,500. Buy an iPhone for $1,800 and the company makes a profit of $5,700 for just that iPhone. If the bids had been sold for $1.00 each, the company would have made more money. And multiply that amount by the number of items put up for auctions on the sites, and you’d see how much money the company would rake in.

So is it worth playing on these penny auctions sites? If you are the winning bidder, then it is. If not, then it is up to you to decide whether you want to contribute to the wealth of the penny auction companies. Bidding is actually quite a fun and cheap way to obtain something. Just think about the scenario above where you have the chance of purchasing a gadget for a couple of dollars. Even if you don’t get it, all you stand to lose is a couple of dollars and some of your time and effort monitoring the bidding.

The Truth Behind Penny Auctions

www.beezid.com - Online auctions are the craze these days as people simply want to purchase items at fantastic attractive prices, while the sellers want to make big money by selling either new items or anything that they no longer need at home. Some people consider penny auctions as a form of gambling but there aren’t any regulations at the moment that restrict them. But regardless of whether they are considered morally or legally wrong, are these penny auctions are as good as they claim? What is the truth behind them?

www.beezid.com - For starters, you need to know how most penny auctions work. People who want to bid on an item need to purchase bids. These bids have prices that start from $0.50 and can go up to $1.00. Of course, the more bids you purchase, the higher the chances of securing the item. Occasionally, discounts are given if you buy a certain number of bids.

www.beezid.com - Now let’s think how the penny auctions make company. Surely they cannot be making a loss by selling items one-tenth of the retail price, right? Say if everyone bids for an iPhone that retails for $1,800 in the market that finally sells for $150 to the winning bidder, would the penny auction company suffer a loss of $1,650? Of course not, for no one would set up such a business if that was the case!

The sales price of the $150 came from 15,000 bids. If each of those bids were sold for $0.50, the penny auction company would have obtained $7,500. Buy an iPhone for $1,800 and the company makes a profit of $5,700 for just that iPhone. If the bids had been sold for $1.00 each, the company would have made more money. And multiply that amount by the number of items put up for auctions on the sites, and you’d see how much money the company would rake in.

So is it worth playing on these penny auctions sites? If you are the winning bidder, then it is. If not, then it is up to you to decide whether you want to contribute to the wealth of the penny auction companies. Bidding is actually quite a fun and cheap way to obtain something. Just think about the scenario above where you have the chance of purchasing a gadget for a couple of dollars. Even if you don’t get it, all you stand to lose is a couple of dollars and some of your time and effort monitoring the bidding.

The Truth Behind Penny Auctions

www.beezid.com - Online auctions are the craze these days as people simply want to purchase items at fantastic attractive prices, while the sellers want to make big money by selling either new items or anything that they no longer need at home. Some people consider penny auctions as a form of gambling but there aren’t any regulations at the moment that restrict them. But regardless of whether they are considered morally or legally wrong, are these penny auctions are as good as they claim? What is the truth behind them?

www.beezid.com - For starters, you need to know how most penny auctions work. People who want to bid on an item need to purchase bids. These bids have prices that start from $0.50 and can go up to $1.00. Of course, the more bids you purchase, the higher the chances of securing the item. Occasionally, discounts are given if you buy a certain number of bids.

www.beezid.com - Now let’s think how the penny auctions make company. Surely they cannot be making a loss by selling items one-tenth of the retail price, right? Say if everyone bids for an iPhone that retails for $1,800 in the market that finally sells for $150 to the winning bidder, would the penny auction company suffer a loss of $1,650? Of course not, for no one would set up such a business if that was the case!

The sales price of the $150 came from 15,000 bids. If each of those bids were sold for $0.50, the penny auction company would have obtained $7,500. Buy an iPhone for $1,800 and the company makes a profit of $5,700 for just that iPhone. If the bids had been sold for $1.00 each, the company would have made more money. And multiply that amount by the number of items put up for auctions on the sites, and you’d see how much money the company would rake in.

So is it worth playing on these penny auctions sites? If you are the winning bidder, then it is. If not, then it is up to you to decide whether you want to contribute to the wealth of the penny auction companies. Bidding is actually quite a fun and cheap way to obtain something. Just think about the scenario above where you have the chance of purchasing a gadget for a couple of dollars. Even if you don’t get it, all you stand to lose is a couple of dollars and some of your time and effort monitoring the bidding.

The Truth Behind Penny Auctions

www.beezid.com - Online auctions are the craze these days as people simply want to purchase items at fantastic attractive prices, while the sellers want to make big money by selling either new items or anything that they no longer need at home. Some people consider penny auctions as a form of gambling but there aren’t any regulations at the moment that restrict them. But regardless of whether they are considered morally or legally wrong, are these penny auctions are as good as they claim? What is the truth behind them?

www.beezid.com - For starters, you need to know how most penny auctions work. People who want to bid on an item need to purchase bids. These bids have prices that start from $0.50 and can go up to $1.00. Of course, the more bids you purchase, the higher the chances of securing the item. Occasionally, discounts are given if you buy a certain number of bids.

www.beezid.com - Now let’s think how the penny auctions make company. Surely they cannot be making a loss by selling items one-tenth of the retail price, right? Say if everyone bids for an iPhone that retails for $1,800 in the market that finally sells for $150 to the winning bidder, would the penny auction company suffer a loss of $1,650? Of course not, for no one would set up such a business if that was the case!

The sales price of the $150 came from 15,000 bids. If each of those bids were sold for $0.50, the penny auction company would have obtained $7,500. Buy an iPhone for $1,800 and the company makes a profit of $5,700 for just that iPhone. If the bids had been sold for $1.00 each, the company would have made more money. And multiply that amount by the number of items put up for auctions on the sites, and you’d see how much money the company would rake in.

So is it worth playing on these penny auctions sites? If you are the winning bidder, then it is. If not, then it is up to you to decide whether you want to contribute to the wealth of the penny auction companies. Bidding is actually quite a fun and cheap way to obtain something. Just think about the scenario above where you have the chance of purchasing a gadget for a couple of dollars. Even if you don’t get it, all you stand to lose is a couple of dollars and some of your time and effort monitoring the bidding.

Penny Auction: Instructions on How to Get the Best Bargain

beezid.com reviews - Penny auction sites provide an excellent opportunity to buy diamond rings, gold coins, gift cards, electronic items and other merchandise at as much as 99% off of listed retail prices. Bidding on these auction sites is managed by a fair process. Like traditional auctions, you are not allowed to jump into the fray at the very last moment and outbid others. The bidding on penny sales is a controlled and a well regulated procedure. Each bidder has to follow the rules of the game. The rules vary from one site to another hence it’s better to understand the rules of the site before you start bidding.

beezid.com reviews - In order to bid on merchandise at a penny auction site, one needs to register first. Registration process is very short and doesn’t cost anything. Once the registration is confirmed, the person is allowed to take part in the bidding process. The items for auction are minimally priced probably at zero but the price increases by a certain amount with each bid. In addition, the bidders pay a fixed amount to the site owner each time they place a bid. The price of the auction goods and cost of bidding varies from one site to another. Some sites start bidding from zero, however, others start at $1.

beezid.com reviews - Bid credits are purchased in advance from the site. People are allowed to buy any number of packets. For instance the purchase can be from 10 to 100 bids from the penny auction site, they have selected. It gives people the freedom to bid without the fear of running out of the bidding credits when they are close to winning an item. Bid credit is the amount of money a person has to pay to the site owner for to allow them to bid. Each time a person bids, a fixed amount is deducted from their credit account. This price can also vary from one site to another and an individual could end up paying between 60 cents to $1 dollar per bid.

In the end the winner purchases their chosen item at a price that is typically much less than the listed wholesale price of that particular product. To be successful in penny auctions, the bidders should take certain factors into consideration. First, start bidding on inexpensive items so that you gain some experience. Second, before bidding on the products you desire examine the bidding patterns of seasoned bidders on those particular products. Remember less competition means better chances and more competition indicates a longer wait and decreased chances for victory. Finally add the money you paid in bidding to the price of the product you won. This way you can determine how much money you saved.

Penny Auction: Instructions on How to Get the Best Bargain

beezid.com reviews - Penny auction sites provide an excellent opportunity to buy diamond rings, gold coins, gift cards, electronic items and other merchandise at as much as 99% off of listed retail prices. Bidding on these auction sites is managed by a fair process. Like traditional auctions, you are not allowed to jump into the fray at the very last moment and outbid others. The bidding on penny sales is a controlled and a well regulated procedure. Each bidder has to follow the rules of the game. The rules vary from one site to another hence it’s better to understand the rules of the site before you start bidding.

beezid.com reviews - In order to bid on merchandise at a penny auction site, one needs to register first. Registration process is very short and doesn’t cost anything. Once the registration is confirmed, the person is allowed to take part in the bidding process. The items for auction are minimally priced probably at zero but the price increases by a certain amount with each bid. In addition, the bidders pay a fixed amount to the site owner each time they place a bid. The price of the auction goods and cost of bidding varies from one site to another. Some sites start bidding from zero, however, others start at $1.

beezid.com reviews - Bid credits are purchased in advance from the site. People are allowed to buy any number of packets. For instance the purchase can be from 10 to 100 bids from the penny auction site, they have selected. It gives people the freedom to bid without the fear of running out of the bidding credits when they are close to winning an item. Bid credit is the amount of money a person has to pay to the site owner for to allow them to bid. Each time a person bids, a fixed amount is deducted from their credit account. This price can also vary from one site to another and an individual could end up paying between 60 cents to $1 dollar per bid.

In the end the winner purchases their chosen item at a price that is typically much less than the listed wholesale price of that particular product. To be successful in penny auctions, the bidders should take certain factors into consideration. First, start bidding on inexpensive items so that you gain some experience. Second, before bidding on the products you desire examine the bidding patterns of seasoned bidders on those particular products. Remember less competition means better chances and more competition indicates a longer wait and decreased chances for victory. Finally add the money you paid in bidding to the price of the product you won. This way you can determine how much money you saved.

Penny Auction: Instructions on How to Get the Best Bargain

beezid.com reviews - Penny auction sites provide an excellent opportunity to buy diamond rings, gold coins, gift cards, electronic items and other merchandise at as much as 99% off of listed retail prices. Bidding on these auction sites is managed by a fair process. Like traditional auctions, you are not allowed to jump into the fray at the very last moment and outbid others. The bidding on penny sales is a controlled and a well regulated procedure. Each bidder has to follow the rules of the game. The rules vary from one site to another hence it’s better to understand the rules of the site before you start bidding.

beezid.com reviews - In order to bid on merchandise at a penny auction site, one needs to register first. Registration process is very short and doesn’t cost anything. Once the registration is confirmed, the person is allowed to take part in the bidding process. The items for auction are minimally priced probably at zero but the price increases by a certain amount with each bid. In addition, the bidders pay a fixed amount to the site owner each time they place a bid. The price of the auction goods and cost of bidding varies from one site to another. Some sites start bidding from zero, however, others start at $1.

beezid.com reviews - Bid credits are purchased in advance from the site. People are allowed to buy any number of packets. For instance the purchase can be from 10 to 100 bids from the penny auction site, they have selected. It gives people the freedom to bid without the fear of running out of the bidding credits when they are close to winning an item. Bid credit is the amount of money a person has to pay to the site owner for to allow them to bid. Each time a person bids, a fixed amount is deducted from their credit account. This price can also vary from one site to another and an individual could end up paying between 60 cents to $1 dollar per bid.

In the end the winner purchases their chosen item at a price that is typically much less than the listed wholesale price of that particular product. To be successful in penny auctions, the bidders should take certain factors into consideration. First, start bidding on inexpensive items so that you gain some experience. Second, before bidding on the products you desire examine the bidding patterns of seasoned bidders on those particular products. Remember less competition means better chances and more competition indicates a longer wait and decreased chances for victory. Finally add the money you paid in bidding to the price of the product you won. This way you can determine how much money you saved.

Penny Auction: Instructions on How to Get the Best Bargain

beezid.com reviews - Penny auction sites provide an excellent opportunity to buy diamond rings, gold coins, gift cards, electronic items and other merchandise at as much as 99% off of listed retail prices. Bidding on these auction sites is managed by a fair process. Like traditional auctions, you are not allowed to jump into the fray at the very last moment and outbid others. The bidding on penny sales is a controlled and a well regulated procedure. Each bidder has to follow the rules of the game. The rules vary from one site to another hence it’s better to understand the rules of the site before you start bidding.

beezid.com reviews - In order to bid on merchandise at a penny auction site, one needs to register first. Registration process is very short and doesn’t cost anything. Once the registration is confirmed, the person is allowed to take part in the bidding process. The items for auction are minimally priced probably at zero but the price increases by a certain amount with each bid. In addition, the bidders pay a fixed amount to the site owner each time they place a bid. The price of the auction goods and cost of bidding varies from one site to another. Some sites start bidding from zero, however, others start at $1.

beezid.com reviews - Bid credits are purchased in advance from the site. People are allowed to buy any number of packets. For instance the purchase can be from 10 to 100 bids from the penny auction site, they have selected. It gives people the freedom to bid without the fear of running out of the bidding credits when they are close to winning an item. Bid credit is the amount of money a person has to pay to the site owner for to allow them to bid. Each time a person bids, a fixed amount is deducted from their credit account. This price can also vary from one site to another and an individual could end up paying between 60 cents to $1 dollar per bid.

In the end the winner purchases their chosen item at a price that is typically much less than the listed wholesale price of that particular product. To be successful in penny auctions, the bidders should take certain factors into consideration. First, start bidding on inexpensive items so that you gain some experience. Second, before bidding on the products you desire examine the bidding patterns of seasoned bidders on those particular products. Remember less competition means better chances and more competition indicates a longer wait and decreased chances for victory. Finally add the money you paid in bidding to the price of the product you won. This way you can determine how much money you saved.