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Friday, January 7, 2011

How Does Quibids Work

How does Quibids Work? This is a question that every penny auction fan is asking. Quibids even answers it themselves on their Quibids 101 page. Read below or go directly to Quibids.com by clicking HERE

How Does QuiBids Work?

QuiBids isn’t your basic online auction model.  It’s a unique, fun, exciting way to take the traditional auction model that’s been around for 100’s of years and spice it up a bit.  With that said, at times there can be some confusion as to how exactly the auctions work.  So, we’ve decided to write a detailed explanation in case you might be confused.


Getting Started

Before you can get in on the bidding, you’ll have to first register an account on QuiBids.  On the home page simply click the “Register” tab on the main tool bar or click on the Orange Button that says “Register Now” on the banner.  Once you finish the process of registering an e-mail will be sent to the e-mail account you provided.  Through this e-mail you can confirm your account.  If you haven’t seen the e-mail from QuiBids, check your Spam folder to make sure that your e-mail program didn’t mistakenly identify it as unwanted.  If your confirmation e-mail did end up in your spam folder, take a moment to add QuiBids to your safe senders list.  Once you have confirmed your account you are ready to buy bids and get started!


Buy Bids

The next step is to buy bids.  There are two ways to buy bids.  You can either buy bids immediately after you register, or you can click the “Buy Bids” tab on the main menu at a later time.  There are 5 different sizes of bid packs to buy.  Most users will start with a Beginner Bid Pack while they try out their first few auctions.  Once you have selected a size of bid pack, just simply add your credit card and billing information and you're almost ready to partake in your first auction!  Remember, when purchasing bids you are buying the right to place bids and each bid is worth $0.60.  Purchasing bids doesn’t guarantee you’ll win, but of course we have the “Buy it Now” feature which we’ll discuss in a bit.


Learning the Ropes

Once you’ve made it this far you will see bids show up in the upper left hand corner of your screen.  This will update every time you place a bid on QuiBids.  Now before you just start bidding, we highly recommend that you take a few minutes to watch a couple auctions and familiarize yourself with the pace and the dynamics of our auctions. On the home page you will see an Ending Auctions section that has the auctions closest to ending.  Each of these auctions has a timer, a price, a bidder name, a picture of the product, and a colored banner with a cent number in the upper left corner.  Here is what it all means.


The Timer

The timer counts down consecutively until it gets below 0:20 seconds.  From that point on the timer will reset to 0:20 seconds giving other bidders the chance to decide to make a final bid.  At first the timer will reset to 0:20 seconds each time a user bids on the auction.  If the auction is still going after a certain number of bids, we drop the timer to where it will reset to 0:15 seconds each time a user bids on the auction.  Finally, if we feel the auction is going on for too long, we’ll drop the timer to where it will reset to 0:10 seconds each time a user bids on the auction. When the timer reaches 0:00 the auction ends and the last person to place a bid wins the right to purchase the item for the final price.


The Price and the Colored Banner with a Cent Number

Each auction has a specific amount that the price increases each time a bid is placed.  On a one cent auction the final sale price will increase by $.01 each time that a bid is placed.  On a two cent auction the final sale price will increase by $.02 each time that a bid is placed.  The price represents what the person who wins the auction will pay if the auction were to end at that point.


Bidding

There are two different ways that you can bid.  The first way to bid is to simply move the mouse cursor over the bid button and click.  Your bid will be recorded and your name will show up as the highest bidder.  Each time that you are outbid by another user you will need to manually click the bid button again in order to bid.

Sometimes there are situations where users need to temporarily take their focus off of an auction but would like to instruct QuiBids to continue bidding for them.  The Bid-O-Matic feature is designed for these types of situations.  Simply instruct the Bid-O-Matic how many bids you are willing to spend and in what price range you
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