While traditional auctions and penny auctions are both for selling and purchasing items online there is a slight technical difference in both. They both have buy-it-now feature but payment rules and bidding time criteria is different.
Payment Rules
In traditional auctions if you win something, you have to pay the amount on which bidding was closed plus some hidden charges like the tax. Only then you can claim your project. You do not know how much the tax will be and sometimes total amount that you have to pay goes above the retail price of the product.
However in penny auctions there are no hidden charges. You have to pay the amount on which bidding was closed plus the total bids that were made on that product multiplied with 1 penny. This proves to be much cheaper.
Time Limit Criteria
Auction website which supports traditional auction has the longer pre-defined time duration for bidding procedure. Suppose there is one week in which you can bid for a specific product. This makes it somewhat.
On the other hand online auction sites like bid66 gives an entertainment look by making time much shorter and intense. Sometimes it is 30 seconds. You bid and clock start counting in descending order. If someone else bids before it goes to zero it will again go to 30 seconds. If no one bids in 30 seconds you will be the winner of that product.
Buy-it-Now Offer
Auction websites both supporting penny auctions or traditional auctions have one feature common in them. They both support buy-it-now offer which will allow you to buy any product even if u have lost it in bidding. Your bidding amount will automatically added into the total amount that you have to pay.
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Posted by: AnthonyDefusto | 07/30/2010 at 11:27 PM