Penny Exc
Posted in Uncategorized on 11/17/2005 12:16 am by admin
Penny Exc
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US $18.00
For someone looking at Internet Marketing then Auctions may be a route to an income. Auctions are about your ability to market something that you have bought cheap and sold for the highest price using your marketing skills. There are various auction sites on the internet some are explored below.
Madbid
Madbid is about trying to buy items at below market value, the problem is knowing when to enter the bidding. The auctions start at 0.00 and increase by 1 pence for each bid cycle, a bid cycle runs for between 3 minutes and 30 seconds and the clock is automatically reset when a bid is made. The auction is won by the last bidder if the clock goes to zero. Note that the final bid price is subject to VAT and shipping costs.
There are item limits in that you can only win a maximum of 2 items a day and 12 per rolling 30 days. There are further limits on items worth over 350.
What are the costs? You can bid via SMS which costs 1.50 plus operator charges but no prepayment is required. If you bid online you have to buy bid packages which cost between 0.75 and 1.30 each depending on which bid package you buy. You can set up autobids to enable to move away from the PC.
This is a great money maker for the auctioneers. If an item has a value of say 100 (probably bought for say 60), then if it sells for 2 there have been 200 bids, looks a bargain for the buyer but Madbid have a minimum sales value of 200 x 0.75 plus the 2 winning bid value which is 152 take of the 60 product purchase and there is 92 gross profit. Any bidding over 2 is just increasing the profit for Madbid, get to 50 and Madbid have collected a minimum of 4,000.
The message is if you want to make money in this kind of auction then set up your own auction site.
CQout (pronounced "Seek You Out")
An auction listing site like eBay, with a user base that is 80% UK based and 20% Rest of World in over 85 countries. CQout claim to be the second largest on-line auction site in the UK.
There is a 2 registration fee to validate users and avoid time wasting frivolous bids. The fee is paid at registration and is non-refundable.
Once the user is validated listings are free and re-listings are, also, free. There are fees for enhancing your listing but these fees are only charged once and not repeated for re-listings. Items can be re-listed as many times as the buyer wants to if the item does not sell.
The auctions can be items to sell or for wanted items. The final bid charges are:
Final Bid Value
Commission (Exc VAT)
Commission (Inc 17.5% VAT)
For amounts up to 50
4.5%
5.29%
For the remaining 50 to 200
4.0%
4.7%
For the remaining 200 to 1,000
3%
3.53%
For the remaining 1,000 upwards
1.5%
1.76%
The methods for collecting payments run by CQout are expensive; there is EasyPay for sellers that costs 4% of the transaction value with a minimum of 0.25 or SecurePay that costs the seller nothing but costs the buyer, to protect their purchase, 5.9% of the total cost with a minimum of 2.50 and subject to VAT currently at 17.5%. Other payment collection systems can be used CQout.
SecurePay protects the buyer because payment is not released until the goods have been accepted by the buyer.
Money can be made by finding items to buy in bulk and then sell individually but for direct commissions you can sign up as an affiliate. For each person you send to the CQout site that becomes a verified user you get 0.50. Not going to make you a fortune but if you are selling items you can promote the site at the same time.
SpecialistAuctions.com
An auction site, again like eBay, for buying and selling items organised by categories. The site supports 50 currencies and therefore is usable around the world.
Items can be listed for free and there is no membership fee; there is a 0.50 charge for bold items and 1.00 for highlighted items. Items can be re-listed until sold but if you have used chargeable enhancements then the fees repeat to re-listing.
The auction fee is a flat 3% of the final selling price; this indicates that the site is better for selling smaller value items. Many methods of accepting payments are allowed including Cheque (Check), Amex, Diners Club, Mastercard,
PayPal and Cash (at the senders risk).
What is different for this site is that there are defined bid increments:
From
To
Increment
0.00
1.00
0.50
1.01
3.00
1.00
3.01
10.00
2.00
10.01
50.00
5.00
50.01
500.00
10.00
500.01
10000
25.00
10000.01
1000000
100.00
SpecialistAuctions.com give information on promoting their site but offer no affiliate commissions, not even an offer of a back link to your own website.
Mike Frizzell is an Internet Marketer and on owner of an off-line Care Agency. Mike mentors people in how to make money online and has the back-up of a great team. For more information on the author click here: http://www.whoismikefrizzell.com. To get my latest free bootcamp on internet marketing click here: http://www.workathomementor.co.uk
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