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3 Reasons Penny Auction Merchants Should Trust Instabill

Feb 17, 2015
Posted by: Marketing
Category: General
Penny auction merchants have difficulty in finding banking options that will process credit card transactions, but Instabill has solutions in place.
penny auction merchants

Over the last five years, penny auction websites continue to pop up. It was a novel idea that has since been emulated hundreds of times over. Considered a high risk industry, many penny auction merchants have found it increasingly difficult to find reasonable credit card processing solutions for their websites, particularly startups.

Penny auctions are much more popular in the United Kingdom than the US, leaving penny auction merchants plenty of room for growth in the US market. Below are three reasons why Instabill’s penny auction merchant accounts stand out above any payment processor.

What Are Penny Auctions?

Penny auctions are online sites where consumers can make bids for top-level merchandise such as iPads, tablets or anything one might purchase for full price at an online retailer or brick and mortar. Bidding items start at $0.00 and escalates by one penny every time someone bids within a certain time period (often 10 seconds). Before consumers bid, they purchase bidding packs of between 40 bids to 1,000 bids. The more bids a consumer purchases, the cheaper the bids are.

At a fast-paced speed, items go on a timed auction and each bid escalates until the last bid standing wins the merchandise. Consumers are often able to purchase large ticket items for reduced prices.

3 Reasons Instabill Stands Out

There are three perks Instabill offers penny auction merchants that most other payment service providers do not:

  • Solutions for Penny Auction Startups: Whether in the US or UK, Instabill has domestic and offshore banking partners in place that have solutions for penny auction startups.
  • USD and Euro Solutions: It is very rare for an acquiring bank to process high volume credit card transactions in both US dollars and Euros, but Instabill has a solution in place for penny auction merchants to operate in the US and the European Union.
  • We Are E-Commerce Pioneers: Instabill has offered credit card processing to penny auction merchants since the debut of the industry. We accept all the major credit card brands (including China UnionPay and JCB International); recognize more than 160 currencies and offer domestic, offshore and international banking solutions.

Attention Penny Auction Merchants

Instabill has forged a reputation for finding banking solutions for high risk industries many other merchant service providers cannot. Many competing payment service providers have joined the Instabill partner program to find banking solutions and split the revenue.

Instabill merchant account managers are on hand Monday-Friday from 8:00 a.m. until 6:00 p.m. US Eastern Time. Click the live chat option below or call us for a conversation at 1-800-318-2713.

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ECS World provides credit card processing services to online and MOTO businesses with its PCI compliant payment gateway solution. Whether you want to process onshore, offshore, or internationally, they have a solution for you!

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