Penny Auction


1. What is Penny Auction?

Penny Auction is timed auctions where users pay for each bid they place. Each bid placed adds a small amount of time to the clock. Every time someone places a bid on an item, the price of the item goes up by one penny (One penny is a considerable sum of money. Admin can set the amount in back-end). The last bidder to place a bid before the time runs out will win the auction.

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2. Penny Auctions

There are a variety of different products. The price is lower than market price. Most penny auctions are for high tech electronic items, but there are also auctions for gift cards, fashion products, jewelry, and even concert tickets!

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3. How different is it from Auction?

With Penny Auction, admin can create gift Bid blocks for bidders. Bidder can buy bid ticket for free as many times as they wish. There are also many blocks with different number of bids and fees. Bidders pay for those bid packages whenever they want to get bids by choosing them and clicking on Buy Now button. The blocks are always available to be bought. The price of products/services goes up by one penny for each time bidder bids.

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4. Payment method?

When seller posts new auction they must pay posting fee and auction fee. This fee will be paid via Paypal and sent to admin account. Each bidder needs to buy Bid packages and check out their winning products. At the first signing up, bidders receive fee bids and when they want to get more bids they can buy packages of bids and provide their Paypal account on Paypal site. This fee is sent to admin account. It is the same with checking out winning products. Bidder paid directly via Paypal to sellers

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