Jeremiah of penny auction Bargainsandfun.com has been developing what he thinks could be the solution to the many problems that occur in the penny auction industry, from sites shill bidding to users not receiving items, among other issues. He hopes this will bring about more legitimacy overall.
“The Penny Auction world has grown tremendously over the past few years. The ease and low cost of entry makes new sites pop up daily. Users are left to wonder if a site is legit and a string of “what if” questions will instantly pop into their minds. If a system closes will they get their money back. What about sites using bots or shilling their auctions. These are just 2 of the many questions that Penny Auction V3.0 Addresses.”
Jeremiah is inviting all penny auction owners that may be interested in his new concept to contact him for more information.
Here are the details:
Penny Auction V3.0 – The new reality
Benefits to the User:
No User Info – Once your account is setup on TBA (name to be announced) you never need to register at any site within the network to bid there.
No Investment in Site – All of your bids are purchased on TBA This means that they can be used on any site within the network. You no longer have to “invest” yourself into a site just to bid on 1 or 2 items that you may like. If you don’t like a site for whatever reason you can simply move on to another site.
Item Fulfillment – Since all transactions are made via the TBA Interface and the site is not paid until the user receives the item. Sites will begin shipping items at a much faster rate. Even if they don’t ship the items they can’t make off with your hard earned money since they won’t have it until you have the item “in-hand”. In the event the item is not shipped you’ll at least get your bids and your final price refunded back to you.
Site Closure – Since all of your bids and payments are made in the TBA system, you never have to worry. If a site closes your bids are still there to use on other sites. If they haven’t shipped all of the items, the bids on those items and final payments can be easily refunded right back to your account.
Shilling – Since no site owner can credit a user account with bids the only way they could shill their auctions would be to pay for the bids at full price just like everyone else. Making the concept of shilling allot less lucrative.
Bots – Since all bids are recorded both on the site and on the TBA system the use of bots would be easily detected because the number of bids reported wouldn’t match on both systems.
Fake Users/Fraud accounts – With all the user accounts being stored on TBA it makes it much easier to find a fraudulent user account. Or multiple user accounts setup just to take advantage of win limits. Since the account only needs to be shut off at one location it makes it much easier for sites and users to find and eliminate problems BEFORE it costs them money.
Benefits to the system owner:
Traffic – Since all of the users now have access to bid on your site without having to make an investment. The bidder who places 1 or 2 bids will not have to make a large investment in your site just to bid there.
New Site Worries – Since all of the bids used on your site are backed with our guarantee that they will be returned if there is a problem. Users will be more willing to try you out.
Fraudulent Users – Since all accounts are monitored on the central system a user has a much harder time setting up multiple accounts to circumvent win limits.
Payment Processor Worries – Since all payments are handled through the central system you no longer have to worry about your payment processor cancelling your account.
Cheaper Payments – Since most payments on Penny Auction sites are for far less than $5.00 you no longer have to pay the transaction fee for every item payment.
Site Closing – No longer do you need to worry about how to refund bids if your site closes. Since all the bids are usable at other sites there is nothing to refund. Just fulfill the auctions that have ended and been paid for and your done.
Opt-Out – If you later decide that you want to leave the TBA system we will help you with the conversion of making your site 100% stand alone.
False Accusations – No longer do you have to worry about false accusations of shilling and bots. Since all bids are recorded on TBA and on your site TBA will stand behind the auction results and that no “Funny Business” was taking place.
Easy Import/Setup – For new sites just starting out this is a low cost way to start your business and get it running. If you’ve already got a user database and want to join – we’ll help you get everything setup on your site as well as convert your customers bids into our system.
What do you think of Penny Auction v3.0? Discuss this and penny auction sites in our penny auction forum!
photo credit: Crystaljingsr
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seed May 15, 2010, 12:59 am
it's wonderful idea and will create a TRUE won won situation for both site owner and bidder around the world.
Wise Old Guy May 20, 2010, 12:39 am
Too many flaws
1- How about a friend of a pennyauction website buys credits because the credits money is going back to the owner anyway so the cycle can conitnue forever with same money just revolving around.
2-Chargebacks is a common problem which allows buyers to claim their money back for up to six months after the purchase. what would happen if a chargeback occurs. Will you pay from your own pocket? If not, and you wish to keep the bidsmoney and winning payment for six months, how would the site run when the revenue being generated not coming back to the owner for six months?