Auction Payment Service BidPay Re-Opens

"Our research and the volume of calls we received inquiring about the re-launch of BidPay show that sellers and buyers want options in auction payment," said David Hansen, president of BidPay, "and we believe the new BidPay delivers real competitive advantages to auction sellers. Improvements we made during our 6 month hiatus are the direct result of listening to our sellers. BidPay delivers superior risk management, protects sellers from fraudulent buyers, and provides auction sellers with a global payment vehicle for their auction needs. Competition breeds improvement, and improvement to the sellers' auction experience is what BidPay is announcing today."

Seller Protection

Subject to certain conditions, BidPay sellers receive chargeback protection for BidPay approved payments received from BidPay buyers. BidPay processing uses robust risk management and fraud detection tools -- including CyberSource's industry leading risk management solutions. Seller protection means sellers receive payment for their auctions without the need for special bonding, insurance, escrow, or risk of subsequent chargebacks.

International reach

BidPay allows auction sellers to reach a wider potential audience with global credit card processing capabilities. Sellers adding BidPay as their auction payment service can now accept payments from buyers outside the United States. Using a Visa, MasterCard, or American Express card, international buyers can submit payments instantly. For buyer and seller protection, BidPay also uses MasterCard SecureCode and Verified by Visa.

Advantages to buyers

BidPay is free for buyers. This is a change from the earlier version of BidPay, where buyers were charged the fee for the transaction. Other buyer-oriented features of the re-launched BidPay include instant payment notification to sellers to minimize shipping lag time.

Other features of the new BidPay

• Customer service. BidPay support for buyers and sellers includes access to BidPay auction support specialists by phone, email, and interactive help.
• Account management capabilities. BidPay sellers will be able to look up their account payment histories, payments received, and current status of payments.
• Sellers are paid by direct bank transfer, eliminating the wait associated with money orders.
• BidPay is an eBay® compatible application.

Pricing

• BidPay service is free for buyers. Sellers are charged a transaction fee for the BidPay service.
• No merchant account is needed to accept major credit or debit card payments.
• The BidPay payment button can be inserted into the seller's auction listing at no charge.
• Registration and setup are free for sellers and users.

Availability

• BidPay is open now. Sellers can register for free and begin immediately accepting payments.

Bidpay is a wholly owned subsidiary of CyberSource Corporation.