articles link to it . please introduce links to this page from related articles ; try the find link tool for suggestions . july 2016 beezid type private industry e commerce founded june 6 2008 2008 06 06 founder max bohbot headquarters montreal quebec canada area served united states canada products online bidding fee auction with buy it now option & store number of employees 50 website official website beezid is a canadian online retailer and penny auction website located in montreal quebec . contents 1 history 2 auctions 3 store 4 critical reception 5 references history edit beezid ceo max bohbot had previously worked on developing other e commerce websites and decided on the bidding fee auction model after observing its success in the european market . following nearly a year and a half of development beezid launched in october 2009 . beezid sold many large bid packages from mid august of 2016 to early september 2016 . beezid placed all auctions on standby on 9 30 2016 . many customers complained that they have not been receiving their merchandise . suppliers also complained that beezid stopped paying them . there is an ongoing discussion about these issues at https pennyauctionsforum.com showthread.php tid 410 1 the company s name is a play on the word bid using a form of slang similar to izzle speak . 1 auctions edit beezid s auctions require the purchase of bids to participate . members purchase bids in bid packs with the cost per bid ranging from 0.00125 0.90 . 2 3 bid packs can be purchased in sizes ranging from 30 to 16 000 000 bids at a cost of 27 to 20 000 . 4 auctions open with several hours on the timer ; each bid placed raises the auction price by a penny and in the final seconds additionally resets the timer to a low value to allow other members to bid . 3 placing a bid uses up a bid from the pool that a user had purchased meaning that the cost of placing a bid is relative to the per bid price of the bid pack that you purchased . 5 when the timer reaches 0 the auction closes and the last member to place a bid wins the item . 6 since there can only be one winner for each auction participants can end up losing money while bidding without winning an item . 7 in october 2012 beezid added a buy it now function to their auctions where should a participant not win an auction they can choose to pay the retail price for the item and have the bids that they used in the auction returned . 8 store edit in november 2013 the beezid store opened as a retail extension of the penny auction site offering the same merchandise found in their auctions that could be purchased directly rather than having to be won in a bidding fee auction . 9 the beezid store additionally allows the members to sell their auction wins from beezid directly . upon winning an item a user can choose to sell the item instead of claiming it and other website visitors can then purchase the items in the store . 10 critical reception edit beezid has drawn criticism of its business model for requiring the purchase of bids to participate and for not disclosing the cost of bidding in their advertisements . 3 only one person can win any given auction while the website profits from the bids spent by all the losing participants . even the winner pays the cost in bids needed to win an item over and above the closing auction price . beezid is also known for not shipping items that are owed to its customers . it is also a fact that different bidders received a different number of bids for the same amount of money spent on the bids . 11 references edit a b patryk fournier . beezid online auction easy as 1 2 3 . umm.ca . urban male magazine . retrieved 12 february 2015 . ellis blake june 24 2011 . house bound lindsay backs lohan penny auction site . cnn money . retrieved 19 june 2015 . a b c steele chandra . can you really buy an ipad for 1.00 . pcmag.com . retrieved 13 april 2015 . worley becky . hidden dangers of penny auctions . yahoo news . retrieved 19 june 2015 . worley becky . hidden danders of penny auctions . yahoo news . yahoo news . retrieved 19 june 2015 . zimmerman ann . penny auctions draw bidders with bargains suspense . wall street journal . retrieved 13 april 2015 . press associated . penny auction sites could cost a chunk of change . fox news . retrieved 13 april 2015 . pr log http www.prlog.org 11989294 buy it now added to beezidcoms massive repertoire of features most in its industry.html . retrieved 28 may 2015 . missing or empty title help beezid revolutionizes online shopping with new store . http www.prnewswire.com . retrieved 12 february 2015 . external link in website help lee amanda . beezid is no longer just a penny auction . penny auction watch . retrieved 13 april 2015 . grant kelli b. the truth about a 3 ipad . market watch . retrieved 13 april 2015 . retrieved from https en.wikipedia.org w index.php title beezid & oldid 742975442 categories online retailers of canadacompanies based in montrealhidden categories pages with citations lacking titlespages with citations having bare urlscs1 errors external linksorphaned articles from july 2016all orphaned articles navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 7 october 2016 at 00 43 . text is available under the creative commons attribution sharealike license ; 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