Website: www.BidOnCash.com
Soluan Investments Ltd.
28th October Street 319
Kanika Business Center, 1st floor
Limassol, 3105
Cyprus
+357.25028216 begin_of_the_skype_highlighting +357.25028216 end_of_the_skype_highlighting
Domain Registered: March 2009
PAI Member Rating:
(3 votes, average: 2.33 out of 5)
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Bidoncash.com is a niche penny auction that offers nothing but cash. This unique twist to the business model used by many penny auctions today comes with both a positive and negative side.
Let’s start with the pros. Since Bid on Cash only provides “money packs”—sometimes ranging from $50 to a whopping $10,000—this essentially eliminates the problems and issues brought about by shipping. All you need is your bank account number (which you have to disclose when you register) and if you win, the cash will be deposited to your account within the next 12 hours. This strategy also means that you no longer have to worry about damaged prizes, warranty problems, and other issues brought about by package deliveries.
Now for the cons. Since we’re talking about quick, cold, hard cash here, competition on Bid on Cash is ridiculously fierce. One bidder even won 15 auctions in one day! Fortunately, the site’s management has addressed this issue and has since implemented a 2-win-per-day limit on all auctions.
Another downside to the site’s approach is the very limited number of live auctions. Bidoncash.com usually only has 8 live auctions a day; half of these are for bid packs, the other for cash bundles.
As of writing this entry, Bid on Cash has cashed out $268,427 to its lucky bidders. We can only imagine how much they made with this strategy.
The site currently has only one type of auction, but the admin staff is apparently planning on introducing nail-biter auctions where auto-bidders are disabled. We noticed that this feature was once a part of the site when it first launched, but disappeared for undisclosed reasons.