Online Auction Payment Processor Extends Leadership in Next Generation Payments
DENVER - (July 19, 2001) - Western Union, one of the world’s leading money transfer companies and an innovator in the field of electronic person-to-person money transfer transactions 130 years ago, announced that BidPay.com, Inc. (www.bidpay.com) is now the newest member of the Western Union family of products and services. BidPay.com is a top Internet person-to-person (P2P) payment service option for online auction users.
The BidPay.com® patent-pending technology facilitates online auction payments quickly and conveniently by allowing an online auction buyer to pay for winning bids with a Western Union branded money order* purchased via the Internet. As a part of the BidPay.com service package, the company processes the buyer’s order and then notifies the seller and buyer, via e-mail, that the money order payment has been processed and mailed directly to the seller.
BidPay.com is one of the few auction payment methods to incorporate the use of a money order as the payment instrument, and differs from many other Internet P2P players by using a buyer pays business model. Buyers pay a fee to purchase BidPay’s services including the money order, and merchants and auction sellers pay no transaction fees.
“BidPay’s a package of services has extended the application of the traditional money order into a viable online auction payment solution. As a new economy business, BidPay has demonstrated strong performance with a buyer pays model that is working well for both buyers and sellers,” said Mike Yerington, president for Western Union North America. “The integration of BidPay into Western Union’s service family provides opportunities to leverage the trusted reputation of the Western Union brand and the support of other First Data companies to grow the business through an already established presence in the Internet auction payment market.”
In existence since April 1999, the BidPay.com service is listed as a payment option on more than 600,000 auction seller’s sites and continues to grow monthly. Western Union, a subsidiary of First Data Corp. (NYSE:FDC), acquired BidPay.com earlier this year and will relaunch the BidPay.com site this week with the company’s branding. The new service, branded Western Union® BidPay (www.bidpay.com), will offer enhanced customer service.
“BidPay complements Western Union’s other person-to-person payment services and is consistent with our vision of providing a broad range of Internet payment and processing choices to our ever-growing consumer base,” Yerington added.
Western Union BidPay is the latest in a series of new Internet services offered to consumers by Western Union, which include:
* Western Union Money Transfer®: offers consumers an online money transfer service with immediate cash payout at more than 100,000 agent locations in more than 170 countries and territories. (www.westernunion.com)
* Western Union* MoneyZapSM: enables individuals and businesses to send, request and receive money online. (www.moneyzap.com)
* Western Union* Gift GramSM: provides consumers a personalized way to send the gift of money with a specially designed Western Union* Gift CheckSM that is purchased online and sent directly to the recipient with a customized message via a variety of ground delivery options. (www.westernunion.com)
* Western Union* Quick Collect*: offers consumers the ability to make a wide variety of bill payments to more than 4,000 billers online quickly and hassle free. (www.westernunion.com)
About Western Union
Western Union Financial Services, Inc., a subsidiary of First Data Corporation (NYSE: FDC), is a worldwide leader in consumer money transfer services. The company provides rapid money transfer service through a global Agent network. Consumers can quickly, safely and reliably transfer money at more than 100,000 Agent locations in more than 185 countries and territories using the Western Union money transfer network. Famous for its pioneering telegraph service, the original Western Union dates back to 1851 and introduced electronic money transfer service in 1871. Western Union is celebrating its 150th anniversary in 2001. For more information please visit the company`s web site at www.westernunion.com
About First Data
First Data Corp. (NYSE: FDC), with global headquarters in Denver, powers the global economy. Serving approximately 2.6 million merchant locations, more than 1,400 card issuers and millions of consumers, First Data makes it easier, faster and more secure for people and businesses to buy goods and services, using virtually any form of payment: credit, debit, smart card, stored-value card or check at the point-of-sale, over the Internet or by money transfer. For more information, please visit the company’s Web site at www.firstdata.com.
* Western Union branded money orders are issued by First Data’s Integrated Payment Systems, Inc.