Kyrano

Address: 4621 N Landmark Drive

City: Orlando

State: FL

Zip: 32817

Country: US

We offer auctions on products that members wish to purchase, and they buy those products from merchants of their choice. When members bid on a specific product, they are in fact bidding on a discount from the product price. As the auction progresses the price for the product declines, i.e. the discount increases. The auction winner buys the product from a merchant, paying the price less the discount won. Kyrano pays the remainder of the product price. Kyrano also offers auctions on member’s debts such as college tuition, car loan, credit card balance, or home mortgage. A member who wins a 40 percent discount on her credit card balance sees the amount credited on her account in the next statement. Kyrano pays the discount won directory to the creditor. When a member selects a product or debt amount from Kyrano’s “inventory”, an auction is created, and all members are notified. To participate, members enroll in the auction, paying a modest fee which creates the initial discount. Bidding start time is determined. Members are sent reminders when bidding is about to start. Each auction requires a minimum number of bidders. If the minimum is not reached the auction is canceled and the enrollment fees are refunded to members. Once bidding starts only enrolled members can bid. Members buy bidding tokens at $0.10 each. Each bid requires a specific number of tokens which depends on the price of the product. Part of the bidding fee increases the discount and part accrues to Kyrano. Each bid starts a count-down timer for the current bidder. A new bid restarts the timer. A bidder whose timer reaches zero wins the auction and bidding stops. Merchants who sponsor auctions reimburse non-winning bidders for their bidding cost if they buy the product, thus increasing sales and gaining new customers. In effect, sponsored auctions have no losers. Kyrano auctions are described more fully in the documents and media sections.

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