5 Craziest Assumptions of How Madbid Scam You
Published 05-02-2014 | Updated 07-10-2022
MadBid.com is a gamified shopping website that provides shoppers with the opportunity to bag some amazing bargains. The concept is really quite simple, but with so many theories on how madbid scams you, it has become a little mixed up. Today we are going to address some of these theories and provide answers to how they contradict the madbid business model.
Before going into some of the stories that are floating on the web about how madbid scams you, we want to let you know, madbid was not always an e-commerce site. Yes, madbid was born as a typical penny auction. The difference between madbid and all other penny auctions is that madbid has a mission, to disrupt e-commerce and it wasn’t going to achieve this as a penny auction.
Now based in London, the company is full of striving entrepreneurs gathering from all sides of the world to contribute ideas and innovation to the business model. The only problem is the web keeps records of everything, even since 2008, so every customer that didn’t win an auction back in 2008 is on google for you to read. To the disheartened customers that did not win a madbid auction, we hope you are enjoying the re-developed auctions where you are 100% in charge of the money you spend.
So here they are, 5 craziest assumptions of how madbid scams you which are far from the truth and the ways of madbid:
- ‘The winner is deliberately selected by MadBid’ – Surprisingly, MadBid has very little to do with the actual auctions when they are live, apart from making sure they don’t crash and an automated process that registers all bids and re-sets the timer. If logic is applied to the theory that madbid selects winners, surely this selection would be made for profit gain? MadBid makes a loss on 70% of the auction closing prices so if anything MadBid might be guilty of selecting auction winners so they enjoy bigger bargains. Also if MadBid was selecting winners which is totally going against the purpose of its existence, it would not constantly be inviting one of the largest auditing firms in the world (BDO) to turn internal auctioning set-ups and procedures inside out to ensure everything is operating as intended.
- ‘MadBid has taken money from my bank without authorisation’ – If taking money from people without authorisation was possible, no-one would be using banks. When you enter your card details to make a credit package purchase make sure to read about all the features that are on offer i.e. Save your Card details and Rapid Recharge. There is plenty of information there, if you have the Rapid Recharge enabled, you are authorising for MadBid to charge your bank card for credits when you run out. If you opted in for this feature and do not want it, you can simply get a refund (all the extra credits from the rapid recharge feature have to be unused).
- ‘MadBid sells different products in same auction internationally’ – Yes, MadBid does. But our guess is that Spanish customers are not really going to be interested in Tesco vouchers? International auctions vary in products very rarely but when they do the only reason for this, is the local country does not supply the exact model or it’s not relevant for that market.
- ‘It’s impossible to win auctions’ – There are plenty of auction winners who are reaching over 200 auction wins ranging from cars to ipads. It would be great to hear from these winners so that the magic formula for winning auctions could be clearer, but here at MadBid we respect customers’ privacy and can only be happy for the customers who have been shopping on MadBid for the past few years.
- ‘I lost money on MadBid’ – We know it’s fun bidding in the MadBid auctions, but they do costs money, which sucks but that’s how MadBid survives as a company. To make it easier for you to manage how much you spend and where your money goes, you now have the Earned Discount feature. With this you never lose money! Every penny you spend in the auctions gets saved in a mini MadBid bank that you can use as you wish, you can buy 1 product or 10 with the saved money you have in your Earned Discount.
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