Penny auction websites are jumping with hundreds or even thousands of items for sale at low prices. From electronics to clothes, penny auctions have millions of consumers at the ready looking for that special item to acquire for below market cost. Penny auctioneers earn millions of dollars in profits due to the consumer quest for bargains. Now is the time to invest in this booming industry, and eMerchantBroker.com is the #1 payment processor to help you make your fortune.
Penny auctions are popular because they are simple to understand and configured to satisfy consumer desires for bargains. The penny auction merchant will post a specific item online for a limited time, for consumers to bid on. Once the item is posted, a countdown begins and restarts as new bids are entered. Unlike traditional auctions, penny auctions require that consumers place money on items (one dollar per bid) that they may not win. The winner of the penny auction is the bidder who makes the highest bid as the timer runs out.
The FTC have released several consumer alerts describing how penny auctions work, and the possible disadvantages to participating. Still consumers flock to the sales and special promotions on thousands of items that they couldn’t or wouldn’t buy wholesale. The following is how a general penny auction works. A laptop that retails at $1,500 is placed on a penny auction site at one cent. Bidders interested in the laptop start bidding as the clock counts down. When the clock gets to zero, the bidder with the highest bid will win the laptop. So if a consumer wins the laptop for $100, this actually means the website has collected $10,000 in bid dollars.
This arrangement is advantageous to both the consumer, who gets a $1,500 laptop for only $100, and the penny auction merchant who receives $10,000 in bid dollars. It’s just that simple.
If you are interested in making a large amount of money in a thriving industry contact eMerchantBroker.com. Even though the penny auction business is legitimate, traditional payment processors will refuse to service you or your customer. Our veteran agents will open your penny auction merchant account today with no penalties and no hassle. Contact us today.