EZEEPEEZE.co, time to spill the beans.

[arcon5]

There has been a huge misunderstanding.
If B1 reaches £100 through accumulated bids he wins 'a' xbox
So does B2, B3, B4 and so on providing their personal accumulated bids equal the £100 target price regardless what anyone else has done, it's not a race!

Just when a begin to think I understand the concept you come along and ruin it all


Maybe you should write a quick 'dummys guide to becomming a scam victim;




...

 

[garyk]

Like others I still dont get it, either I'm suffering today (along with others on here) or you need to completely rip apart and reassemble your explanation of it.

I guess the crux is if it costs me to bid (like swoopo/madbids) do I see that cash again or not?

 

[garyk]

<deleted as posted twice>

 

[Drpepper]

I get the theory that people are just paying into a "pot" and when they have paid £100 they get an xbox.

It's not bidding, it's not an auction, it's a layaw scheme of old.

 

[m4ttch4tt]

All anybody ever pays is £1.. for example... its currently at £30, I bid £1 making the current bid £31.. somebody else pays you £1 making the current bid £32.... /QUOTE]

Correct up to here!
But that item on which A person has reached £100 doesn't make anyone lose.
Every single person that reaches the target price within a listing wins.
Imagine you are the only person bidding and you reach £100 you get that item for £100.
You then find out after your product has been shipped and you are physically holding it that the listing you won from was still active and others were winning the "same" xbox but were being shipped a different one that's exactly the same but I'm still collecting the bids on it!
It is extremely complicated behind the scenes but in reality you learn it when you're about 4 i.e. Counting from 1 to 100. Now all you have to do is add the numbers on top of one another consecutively.

 

[Working First Aid]

I think I actually understand how this works now.

Essentially, you're saying to people -

- There are enough items for everyone that bids?
- To get the item you're bidding on, you need to have bids collective value equalling the target amount?
- You are holding peoples bids in your account until the 'auction' ends?
- Essentially you are a shop but one that has an extra 7 days delivery time put on if you bid (pay) before the 'auction' ends?

Questions though -

- In a regular auction site, the only person to EVER put money in to the system is the winning bidder. Why are people going to put money in before they win? Auctions don't work like that.

I'm still confused to be honest, and like others before think this needs to be re-written in step by step format so as to explain it better.

In fact, re-write the explanation twice - once with the target audience as us, and once for a potential customer. That might help us all see where you're coming from...

Smirks

 

[arcon5]

I'm thinking the same as smirks now having just read your post....

So what if I just load £100 and make 100 bids one after another I get the item??
If so how can you afford to sell a product the best retailers are selling for £180 for £100?

Whats the difference between going to an ecommerce website and seeing "Price now just £100, 5 in stock, BUY NOW" and going to yours and seeing "make 100 bids at £1 each and we will dispatch in 7 days".

If we knew how much the ending price of an auction would be then why would we want to bid and wait when we can just buy?

:|

 

[m4ttch4tt]

Just when a begin to think I understand the concept you come along and ruin it all


Maybe you should write a quick 'dummys guide to becomming a scam victim;




...

Maybe you should put your finger in a plug socket!

This is hard enough to try and explain without uneducated guesses flying about and wild accusations BEng aimed my way, this is legitimate, there are no scams. How many times do I have to say it, just because you don't have the brain capacity to cope with a large amount of data all needing to be processed at once does make it wrong. I suggest you just sit back and wait till it's up and running as you'll be a customer that DOESN'T need to know the system to be happy to get a good deal.

This forum is for business people and I am trying to explain how a new concept would work so I can make friends and possible partners alng route not enemies.
I apologise if I have offended any one with this post but progress is scarce at the moment and new barriers really get my back up.

 

[MikeJ]

We're on page 9, and still nobody can understand the business model.

It's clearly everyone else's fault though.

 

[TheGuru2010]

I get tge conceopt of the business model, the end user will not loose out, i just think there are a couple of bugs he needs to fix 1st hand, the site could be far to easy to manipulate in favour of the buyer.

 

[TheGuru2010]

This is how i understand it,


I come along see a xbox currently at £93.00 i Bid £94.00 he takes the £94.00 from my card & that sits in my account, then someone else gets this for £100 i dont loose my £93.00 that still sits in my "bidding account" ready for me to bid on something else, his way of earning money will simply be from the £93.00 that sits in his account earning interest.

The problem i think he may have is people knowing the system to well & when to bid to always get the items at a knocked down price.

 

[Drpepper]

We're on page 9, and still nobody can understand the business model.

It's clearly everyone else's fault though.

It's quiet easy really, you pay into a pot to buy a £100 xbox one week later, everyone gets an xbox when they have paid £100.

The "scam" comes into play by defrauding people into paying £100 for said xbox whilst posing as an auction where you would presume the highest bidder wins the item after seven days, which should have the possibility of being your £1 opening bid, or even £50 50th bid - that can never happen here.

It's deceit and I would imagine illegal as well.

 

[QuickHomeBuyers]

9 pages later, still nothing. God you need to put a demonstration video up.

If everybody gets their money back, all you earn is a bit of interest. Before you reach £1m their will be police on your door siezing your goods and taking you away.

Either this is a very carefully thought idea or a fools way into online business.

 

[AdamW]

Correct I cannot touch that until the full amount from one bidder has been paid. This works in my favour as that client account earns interest which is paid to me and only once I get the full amount can I transfer it to a personal account and earn again.

How does it earn you money whilst in the client account? If the client account is interest bearing the interest has to be paid to the client.

 

[Tej]

This is how i understand it,


I come along see a xbox currently at £93.00 i Bid £94.00 he takes the £94.00 from my card & that sits in my account, then someone else gets this for £100 i dont loose my £93.00 that still sits in my "bidding account" ready for me to bid on something else, his way of earning money will simply be from the £93.00 that sits in his account earning interest.

The problem i think he may have is people knowing the system to well & when to bid to always get the items at a knocked down price.

You understand wrong.

Taking your scenario.. you can up the bid to £100 and get the xbox too... (not something else)

or.. if you wanted to get the xbox from day one.. you bid £100 and you get it shipped to you...

If 10 people wanted an xbox.. they each bid £100 and get them too..

The OP gets all the moolah ( 150 million by his reckoning).. and pi55es off to Switzerland and opens an account.. becomes a resident and lives happily after ... leaving all the mugs waiting for their xboxes..

see my post#8

 

[TheGuru2010]

You understand wrong.

Taking your scenario.. you can up the bid to £100 and get the xbox too... (not something else)

or.. if you wanted to get the xbox from day one.. you bid £100 and you get it shipped to you...

If 10 people wanted an xbox.. they each bid £100 and get them too..

The OP gets all the moolah ( 150 million by his reckoning).. and pi55es off to Switzerland and opens an account.. becomes a resident and lives happily after ... leaving all the mugs waiting for their xboxes..

see my post#8

Exactly i think the whole website would be far to easy to manipulate, as stated what is to stop someone just bidding the full £100 time & time again, ill be on a sunday market kicking these out with some profit while he bears the loss. I see where his plan comes from but i just cant see it working.

 

[popunder]

> If the client account is interest bearing the interest has to be paid to the client.

Not under current legislation, but that might change, which would be a big problem to this business model.

 

[saxondale]

Not entirely, I do have a small % markup depending on what I buy in at, the system is automated and requires very little interference so paying for staff to keep check isn't a necessity which keeps my overheads down and therefore can rely a little more on interest. After all a few hundred million could attract quite a bit and banking in Geneva has better rates any so....

now we know it`s a wind -up

 

[m4ttch4tt]

Like others I still dont get it, either I'm suffering today (along with others on here) or you need to completely rip apart and reassemble your explanation of it.

I guess the crux is if it costs me to bid (like swoopo/madbids) do I see that cash again or not?

IT US IMPOSSIBLE TO LOSE/WASTE/GIVE AWAY MONEY OR TIME.
I will revamp the explanation.

 

[TheGuru2010]

This will rely upon a fair amount of users bidding on 1 item.

As others have pointed out, what is to stop me going in & bidding £100 strait away & winning?

 

[kulture]

There are several problems with this idea. First the op is so convinced that he is right, and so convinced that we are wrong, that he will never listen. Secondly I would imagine that most merchant providers will either not provide card processing, or insist that the money is reserved only and not collected until goods are actually despatched. Thirdly all payment gateways have a fixed transaction fee, whether a refund or not. Fourthly most merchant services ihave a fee for doing a refund. Fithly whatever he tells his customers he will get people who do not understand and issue chargebacks. His chargeback percentage and refund percentage will be significant. Look at the thread about hsbc merchant services to see what happens there. Six , I bet even if a bank gets on board they will demand a huge deposit to guarantee that they do not loose out when the inevitable chargebacks occur. Seven the concept is difficult to get across, I think the op is being over optimistic regarding the number of customers who will bid. Eight, how will the op Market this and get the visitors in the first place. A concept so complex will be difficult to sell without trading standards or the advertising authority saying that the ads are misleading.

Finally, there is no point responding further as the op clearly is right and we are all wrong

 

[m4ttch4tt]

> If the client account is interest bearing the interest has to be paid to the client.

Not under current legislation, but that might change, which would be a big problem to this business model.

Under current legislation the interest is paid to me.
This system is similar to a travel agent, how do they survive if it doesn't work?

And just to clarify another point,

Bids are capped at a predetermined amount and consecutive bids on the same item by one particular bidder is not possible, every other bid yes!
It has been designed that way to slow down peoples 'bidding' and in turn give others an opportunity to bid aswell stopping just one person taking control of my entire company and in turn making more profit by re selling on eBay.

 

[m4ttch4tt]

Finally, there is no point responding further as the op clearly is right and we are all wrong

I am not going to bow down and admit that you are correct when you are not.
I understand that I probably haven't explained it for everyone to understand but don't just discard it as a failure.

This is not just an 'idea' the wheels have been set in motion and from the perspective of my lawyers, accountants, development team and advertising partners the system works or I would have been told over a year ago that it would not.

If anyone is seriously interested in finding out exactly how it would operate PM me and we'll talk it over. A patent draft, BP, executive summary along with a detailed explanation should get it across.

 

[stugster]

I've just read the entire thread from post 1 to now, and I still don't understand why anyone would voluntarily pay towards an auction they might not win only to have the bids they placed put into a holding account that wasn't their own bank account?

What happens when you get a charge-back?
Surely the transaction costs alone negate the amount of interest you'd earn in such a short period of time?
What happens if you guys go bust?
How do you generate your revenue assuming the interest is the only moneymaker?


There's a company (Sodexho) (I think) who do corporate catering. My dad was chuffed as anything when he came home to tell me he could load £30 onto this RFID tab at work, then throughout the week use this tab to pay for his meal at the canteen.

...chuffed until I explained they were raking in the interest he'd be making.

 

[Drpepper]

bids on the same item by one particular bidder is not possible, every other bid yes!

You really can't call it an auction then can you!

Who the hell is going to pay £80 up front just to "bid", not be able to bid higher and then have to go through the hassle of reclaiming that £80.

It's bloody stupid.

 

[mike.davis]

Is this a joke?

 

[kulture]

I am not going to bow down and admit that you are correct when you are not.
I understand that I probably haven't explained it for everyone to understand but don't just discard it as a failure.

This is not just an 'idea' the wheels have been set in motion and from the perspective of my lawyers, accountants, development team and advertising partners the system works or I would have been told over a year ago that it would not.

If anyone is seriously interested in finding out exactly how it would operate PM me and we'll talk it over. A patent draft, BP, executive summary along with a detailed explanation should get it across.

Missed out responding to all my other points I see.

 

[joiner]

What happens if i bid every time my mate bids thus RAPIDLY reaching the £100? And further what would happen if we did this time after time in quick succession??

 

[stugster]

What happens if i bid every time my mate bids thus RAPIDLY reaching the £100? And further what would happen if we did this time after time in quick succession??

Good question.

Five of my mates want an Xbox at the £100. We all put in £99. One of us puts in the £1 (same-day). I then put in £1 the next day, et al until we've all got our £250 XBoxes...

 

[Drpepper]

This is not just an 'idea' the wheels have been set in motion and from the perspective of my lawyers, accountants, development team and advertising partners the system works or I would have been told over a year ago that it would not.

Now I see, all the people you are paying money to and employing are saying it's a great idea.

Personally I would seek advice from those that are not on the "Payroll".

 

[m4ttch4tt]

Either this is a very carefully thought idea or a fools way into online business.

I can assure you this is a very carefully thought out idea.

What I want to bring to the table is a very profitable business model that not only works in my favour but also the customers favour too.
There are no companies that currently exist that don't take advantage of customers, everyone is out there for themselves and themselves only, I on the other hand want to build a reputation of bringing not only the cheapest but the fairest.

Can you not see that the entire system is built for the customer not the business. Yes it does make money but not just by robbing people blind, but instead leading them into a system that allows them to walk away with a fantastic deal that no other company the world over can give, as selling at such a low price would cripple their profit margin and probably force them to sell at a loss and in turn close up shop and declare bankruptcy.

 

[LicensedToTrade]

So assuming that your idea is flawless at this stage. What exactly is it you want from this forum? I'm guessing that you want something?

 

[kulture]

Now I see, all the people you are paying money to and employing are saying it's a great idea.

Personally I would seek advice from those that are not on the "Payroll".

He is, here, but he does not seem to be listening.

A group of people could scam him out of all his stock and issue chargebacks and get him closed down.

 

[Alex C.]

I still don't see why on earth you would go to the trouble of doing all this, if you can get an xbox for £100.

If you can undercut ebay sellers, do it. The interest on £5050 in 7 days (forgetting that most of the 'bids' will be less than 7 days worth of interest, and that a merchant account isn't going to transfer money to you immediately) will be less than £10, even at a 10% annual rate of interest, compounded daily.

 

[mike.davis]

I still don't see why on earth you would go to the trouble of doing all this, if you can get an xbox for £100.

If you can undercut ebay sellers, do it. The interest on £5050 in 7 days (forgetting that most of the 'bids' will be less than 7 days worth of interest, and that a merchant account isn't going to transfer money to you immediately) will be less than £10, even at a 10% annual rate of interest, compounded daily.

Of course he can't sell xboxes for £100

 

[Alex C.]

Of course he can't sell xboxes for £100

There's no need to be so pessimistic I'm sure he can, otherwise the business model falls down.

 

[m4ttch4tt]

I've just read the entire thread from post 1 to now, and I still don't understand why anyone would voluntarily pay towards an auction they might not winonly to have the bids they placed put into a holding account that wasn't their own bank account?

They cannot lose! It's impossible.

Their money that is paid into an auction stays on that auction until they either reach the target price or click refund that auction along with every other auction is linked to a central client account accumulating interest. Providing anyone reaches the target price set they win, it's that simple. No cons no scams no dodgy ducking and diving just buying something slower but with the incentive that when you succeed and you will because failure is not an option you get something super cheap, now why would anyone avoid a good deal that's as easy as bidding on eBay?
I don't understand where everyones hostility comes from (not aimed at the quoted poster)

 

[joiner]

Now I see, all the people you are paying money to and employing are saying it's a great idea.

Personally I would seek advice from those that are not on the "Payroll".

Emperors clothes came to my mind.

 

[popunder]

M4ttch4t if you've planned it in that detail and all your advisors have given it the OK then all I can say is I look forward to seeing the site and (somehow) buying some stuff at crazy prices. As you say, it doesn't matter to me as a buyer how it works as long as I get my stuff and don't get ripped off.

 

[Drpepper]

They cannot lose! It's impossible.

Their money that is paid into an auction stays on that auction until they either reach the target price or click refund that auction along with every other auction is linked to a central client account accumulating interest. Providing anyone reaches the target price set they win, it's that simple. No cons no scams no dodgy ducking and diving just buying something slower but with the incentive that when you succeed and you will because failure is not an option you get something super cheap, now why would anyone avoid a good deal that's as easy as bidding on eBay?
I don't understand where everyones hostility comes from (not aimed at the quoted poster)

It's not a chuffin auction, you can't sell it as an auction, do you really not get that?

If you open your site as an auction site you'll be closed down within a day and prosecuted for fraud.