After a few months of being down due to payment processing issues, penny auction site SharetheSpoils is now back!
When I met with two of the SharetheSpoils founders in September they had planned to be back soon, but it has gotten more difficult for penny auction sites to obtain merchant payment processing.
SharetheSpoils’ first auction is scheduled to end around Monday, December 5th at 8pm.
They informed us of their changes:
We NO LONGER accept Paypal for bid pack purchases.
HOWEVER, we do proudly accept Visa, MasterCard and Discover. Woohooo!
For Payouts we’ll have several options:
PayPal, AlertPay and Chase QuickPay.
Our default payout method will be PayPal but as always; you choose.
Payouts will now occur once a week, on Monday’s.
The Monday payouts will include all winnings from Thursday to Wednesday for
the week and half prior.
For example, all of your winnings from between Thursday December 8th to
Wednesday December 14th will be paid out on Monday December 19th.
So if your last win is on a Wednesday, you’ll be paid the next Monday (5
If your last win is on a Thursday, you will be paid out the following
Monday (11 days later).
Why not pay in seconds like we used to? Well because our new processor just
takes a lot longer to credit our accounts. We expect over time to be able to
drastically reduce the turn around time for payouts but we still believe a
max turnaround of 11 days is still very good.
We will be keeping a running total of what is owed to you. At any point
you’ll be able to convert them into bids. Just let us know.
Right now our mechanism for tracking various players “BANKS” will be manual,
but we are developing a component for the site that will make this
automatic, transparent and always available for you to see and track.
We have changed the timer to a 15 second timer.
We have upgraded our servers and software. You can now see your bids total
change LIVE and will not require a refresh.
We’re going to start up slow. One auction a day for a few, then we’ll be
back to 3 auctions and then eventually 5 a day.
You support and creative suggestions has made STS one of the most innovative
and interesting destinations in the Penny Auction world and we look forward
to continually proving to our loyalists and newbies alike that we lead the
Have you bid on SharetheSpoils? Let us know how you like them and all other penny auctions in our forum!
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