How MokiMarket Works:
Mokimarket is penny auction website in which bidders pay a small fee to increase the value of the auction by $0.01. This format results in big savings for the winning bidder and huge profits for the seller, which usually is the website owner. What makes us different from other penny auction sites is that we allow YOU to profit by creating your own penny auctions as well as choosing the amount it cost to bid!
How buyers win big!!!
Suppose you are bidding on an Ipad that costs 20c ($0.20) per bid and after placing 50 bids you win the Ipad at a final value of $50. Your total cost would be:
-Final Auction Price: $50, which you pay to the seller upon winning auction.
-Bidding costs: You placed a total of 50 bids which in total cost 1000c or $10(1000c=20c per bid *50bids)
-Free Shipping: $0
Final Auction Price + Bidding Costs+ Free Shipping = $60 for an Ipad worth at least $500!!
You can leave seller feedback rating once you receive item as advertised!!
How sellers win big!!!
Suppose you are trying to get rid of a slightly used cell phone that may only sell for $100 on craigslist. You post the phone for 100c ($1) per bid and the final winning price is $5. Your payout would be:
-Final Auction Price: $5, which is paid immediately to you upon auction completion
-Bidding Fees: Each bid increases auction by $0.01, so an auction that sells for $5 would have had 500 bids for a total of 50000 credits ($500)
-Commission: Mokimarket charges a 20% bid commission fee which would be $100 ($500*.2)
-Shipping Costs: $20, Approximate shipping cost are the responsibility of the seller
Final Auction Price + Bidding Fees – Commission-Shipping Costs = $385 for a phone only worth $100!!
Next version to come with bidding option.