BidPay Lowers Pricing, Improves Usability
BidPay has announced it is reducing the fees it charges online merchants and auction sellers and streamlining the purchase process when BidPay is used. On a $50 purchase, fees paid by merchants on domestic US payments will be reduced from $1.75 to $1.345 - a 23% reduction.
Standard domestic pricing has been lowered to 2.19% of the price of the goods being sold, plus $0.25 per transaction (down from 2.5% + $0.50/txn). Pricing on international orders has also been lowered to 2.9% plus $0.25 per transaction (down from 2.9% + $0.50/txn).
"Sellers and online merchants are hungry for an effective low-cost payment service," said David Hansen, president of BidPay. "This is especially true within the auction market -- which is dominated by higher cost payment options that dramatically cut into seller margins. We believe this price reduction gives BidPay a clear price advantage for most sellers and helps us continue our expansion as an alternative payment service."
In a second move designed to simplify and accelerate the transaction experience for buyers, BidPay announced that it will be streamlining its purchase process. Buyers will be able to submit payment for purchases without creating a BidPay account -- completing the process with a few clicks. Also introduced is the ability for buyers to launch a transaction from the BidPay homepage simply by entering an order number and auction site.
"Our goal is to dramatically improve the purchase experience for buyers and create a very simple process for a seller to accept debit and credit card payments," said Hansen. "Lowering processing fees for our customers helps them grow their business and expand their margins. We believe combining that with a much easier BidPay checkout process will help us drive more sales for our customers and accelerate adoption by online retailers and sellers."
BidPay is a leading online payment service and a wholly owned subsidiary of Cybersource. Originally launched in 1999, BidPay saw explosive growth as customers quickly adopted alternative auction payment services. With the ability to easily integrate with auction sellers' online listings, including those on eBay, BidPay offers a low cost payment option for online credit and debit card processing without the need for a merchant account. BidPay utilizes advanced fraud and risk tools and has helped service over 4 million customers since its inception.
Add your comment... (note that all comments are reviewed before they're published)