How Peekaboo Reverse Blind Automated Auction Works:
- The Sellers initial starting price is always less than the Sellers redemption value when the auction starts, so bidders are already guaranteed savings! For example let's say the seller offers a $100 redemption value certificate for $80.
- Peekaboo will always pay the seller its $80 upfront whether or not the certificate is ever used, but the winning bidder may pay much less because the current asking price keeps dropping!
- The auction winner may claim the $100 redemption value; if for example, the current asking price goes down to $30. In this scenario the auction winner pays $30 and gets the $100 value and Peekaboo adds $50 and pays the seller its initial asking price of $80--- less a small pay for results marketing fee of 8%. Businesses can receive their money upfront, without any deduction for merchant service type fee, instead of the typical 3%fee businesses are charged by (VISA/MC/AMEX). So the net effect is that the 8% pay for results fee is like a 5% fee. So for sellers the Peekaboo Auction system is an incredible no money out of pocket pay only for results promotional service for its business! Businesses and residents should also note that local nonprofit organizations listed in the local Savings Directory will be promoted with the businesses pay only for results fee!
- Bidders only get 10 seconds to peek and see what the new lower current asking price, when bidders use just 2 credits out of their bidding accounts.
- The bidding can be done manually or it can be automated. A bidder can set for each of their favorite auctions the time interval to peek at the current asking price---and the bidder also sets an automatic claiming price! Yes totally automate bidding and buying! So for example a bidder can automate its account to "peek" every 8 hours and auto claim the $100 redemption if the current price goes down to $30 and stop the auction. If the winner does not pay within 24 hours the auction resumes.
- Bidders can even be alerted when their favorite businesses are starting a new auction!
- Bidders are always guaranteed substantial savings as the low cost bidding credits are substantially lower than the deeply discounted redemption value of the no expiration date certificates. Bidders get 2 free credits when they register. Besides the 2 free bidding credits bidders get when initially registering, bidders also receive 10 free credits for each person referred to Peekaboo Auctions that buys even the smallest bidding package that is under $10. Additional bidding credits can be purchased for as low as 25 cents a credit. You should also note that money paid to Peekaboo is helping to support your local organizations free use of your local SavingsSites Communications System and Directory.
- Bidders bypass on the current price for two reasons. 1) Bidders may see that the current price to get the $100 is down to, for example $65 and believe it will continue to drop and the bidder believes that he/she will be able to get the $100 value for even less than $65. 2) Most sellers offer consolation certificates to all those that bid but bypassed on buying. To get the consolation certificate a bidder will have needed to bypass an amount of times that is stated in the auction. So even if a bidder did not win the auction, a bidder should be able to recover much more than the cost of the credits use. In the example let's say the bidder bypassed 10 times and it cost the bidder under $5. In the example the losing bidder would still be able to buy the $100 redemption value for $80 and thus saves $20 and this more than offsets the $5 bidding cost.
- The auction will state the dollar amount that the minimum purchase needs to be if the certificate is being used to make a purchase that is less than the redemption value. Once the minimum purchase is reached the auction will state whether the business will: 1) provide cash refund for the difference or 2) issue a credit for future purchases. Some auctions will indicate that the full redemption value should be used because the business will not issue a cash refund or a credit for future purchases if a purchase is made that is less than redemption value
- If you are the auction winner you have the option of using your real name or a "website name" posted as a winner. Your real name will be on the certificate.
Auction winners and consolation certificate losers will be emailed the certificate which will include an auction ID and both the business and winner information. Presenters of the certificate may be requested to show identification. The winner may be able to designate a different person as the winner if for example the winner wants to give the redemption value certificate away as a gift. Business owners: If applicable there is also a place on the certificate for a cashier to sign as having accepted the certificate. Businesses can track in the Peekaboo admin all outstanding and redeemed certificates.
- Bidders: There is no expiration date for the bidding credits in your account. Bidding credits are not transferrable or refundable.
Peekaboo is a win-win for Bidders and Sellers!