Auction Software version 2.7 now has a unique feature called the Penny Auction Software Feature. What is a Penny Auction you ask? A Penny Auction is a type of pay auction in which all bidders must pay a fee to place each small incremental bid. The auction ends after a period of time, typically about a day. The last person that bids when the auction ends is the winner of that item.
When you sell items as a Penny Auction, users must fund their account before they can bid on listings. You set the price of the bid and then the bid goes up by one penny. You can charge as much as you want or as little as you want for each bid. The more bids, the more money you make. For example, you can sell an iPad for $20 dollars. Start the bidding at $20 dollars and you can charge $5 dollars per bid. If you have 100 people bidding to try to win the iPad then you have just made $500 dollars. The idea is you’re charging users to bid on an expensive item and you make money off the bids.
If you want to make money with bids and memberships then add the eMember plugin to your WordPress site and you can charge membership fees for users to bid on the Penny Auctions.
To see the Penny Auction Software in action, check out the Penny Auction Demo.