Starting today BidCactus.com is offering buy-it-now in many of their penny auctions. Awhile back we told you about how BigDeal´s buy-it-now patent was transferred over to BidCactus.
Here´s how BidCactus´ buy it buy it now works:
Buy It allows bidders to purchase an auction item if you don´t win the auction. The Buy It cost begins at the retail price of the item, and each bid you place on the auction reduces the price by $0.07, and some auctions will have a cap on the value of bids that can be applied.
¨Example: You’re bidding on a $100 item, and the cap on the value of bids that can be applied toward Buy It is 50% of the retail price. If you spent 20 bids (valued at $15), your Buy It price would be $85. If you spent 67 bids or more, your savings would be capped at $50 (50% of the item’s retail cost), and you could purchase the item for $50. If Buy It does not have a cap, all of your bids will be applied and your Buy It price could potentially go down to $0.¨
If you bid on BidCactus and choose to exercise Buy It you must do so within 60 minutes after the auction has ended.
Have you bid on BidCactus? Post your review in our penny auction forum!
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