Penny auctions (also known as bidding fee auctions) are a type of all-pay auction, meaning all participants are required to pay a non-refundable fee to place each, small incremental bid. In order for these penny auctions to take place, these businesses must have electronic payment processing. The ability to accept and process credit and debit cards requires a merchant account – something that is not easy for a penny auction business to secure. Penny auctions are considered to be high risk. In fact, their reputation are so tarnished by scam websites and businesses that take advantage of consumers that they […]
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