If you are planning to use an auction software and confused about what kind of auction software you need to put up on your website then you might consider the penny auction as the best one to manage the bidding that is occurring on the website. But you should also understand the difference between regular auction and the penny auction software. This will help you to decide which is the best software that you want to use.
What are Online Penny Auctions?
Penny auction has become so popular because people like the idea to buy a bigger product at a lower price. in a regular auction, people can bid for an item until the time runs out and the person who wins the bid will pay the whole amount at the time of the final bid. If you compare this to a penny auction it is required that you should pay in order to bid. That means you will be spending even if you are not winning the item. Sometimes it gives you a lot of surprises because you just send any but you got update item without spending much from your own pocket. This can also be compared to a lottery kind of system instead of a traditional auction.
Usually, the price of the items on a penny auction site will start at zero, and then they start to creep up as people place bids on the items. Each time a bid is placed it increases the price of the item by one penny, and it also adds a little bit of time to the countdown clock. The additional time is usually anywhere from 10 seconds to as long as 120 seconds. Once the countdown clock runs out of time, the final bidder is the person who gets the item. It is difficult to predict when the countdown clock will stop, because of the extra time that is added with each bid.
Setting Up Your Own Penny Auction Site.
There are many reasons that you would want your website to have a penny auction software. This also works great for fundraisers, Charity or even School events because everyone knows that the money which is spent on the booting process will go for a noble cause. if you want to set up your own website the only process that you need to do is to choose a software that is already designed to work with penning auctions. Once you have installed the software you only need to set up the specification for your personal penny auction and then you can start adding the items that you want to set up in the auction. Your personal specifications may include registration free or a kind of users additional details to be entered before they can start the bidding.
The advantage of the penny auction website is that you can decide how you want to run your auction. We have a very easy to use penny auction software that can be installed on your website to help you start the options today