Online Payment Service to Facilitate USPS Shipping With New Integration
MOUNTAIN VIEW and SANTA MONICA, Calif.--July 22, 2002--PayPal, Inc. (Nasdaq:PYPL) a leading Internet payment service, and Stamps.com Inc. (Nasdaq:STMP), a leading provider of online postage, today announced a partnership to fully integrate Stamps.com`s new Web-based postage printing solution into PayPal`s website. The Stamps.com shipping functionality is expected to be available later this year, in time for the busy holiday season.
The Stamps.com integration will enable PayPal users to buy and print U.S. Postal Service postage online from their PayPal account. PayPal sellers will be able to calculate the exact amount of postage required and print a shipping label pre-populated with the recipient`s information using the Web-based application. In addition, the electronic Delivery Confirmation feature will allow sellers to conveniently verify delivery of their shipments online. This agreement represents the first deployment of Stamps.com`s shipping application programming interface into a third party`s product.
PayPal launched its shipping in June to provide a convenient and timesaving method for sellers to complete their fulfillment of online transactions without leaving the PayPal site. "PayPal Shipping" enables sellers to automatically pay for shipments from their PayPal account and has proved to be very popular. This new feature has received fast adoption, with more than 15,000 PayPal users having already taken advantage of it in the first month.
"Sellers` strong response to PayPal`s shipping products shows the value PayPal provides in simplifying the transaction process," said Peter Ashley, director of Business Development for PayPal. "Many of PayPal`s sellers have a strong preference to ship via the U.S. Postal Service, our integration with Stamps.com should further increase the popularity of PayPal shipping products."
"By developing a completely integrated Web-based shipping solution, Stamps.com is enabling PayPal to provide a comprehensive suite of shipping tools to its users," said James Bortnak, vice president of Business Development for Stamps.com. "We are focused on providing technology-enabling solutions to our partners such as PayPal so that they can seamlessly integrate the simplicity of our mailing and shipping solutions into their products and services."
PayPal enables any business or consumer with email to send and receive online payments securely, conveniently and cost-effectively. PayPal`s network builds on the existing financial infrastructure of bank accounts and credit cards to create a global payment system. PayPal has more than 17 million member accounts, including more than 3 million business accounts. In 2001, PayPal processed over $3.5 billion in payments.
Based in Mountain View, Calif., PayPal is available to users in 38 countries including the United States. Further information about the company can be found at www.paypal.com.
Stamps.com is a leading provider of Internet-based postage solutions. Stamps.com enables customers to print U.S. Postal Service-approved postage with just a PC, printer and Internet connection. The company targets its services to small businesses, home offices, and individuals, and currently has partnerships with companies including Microsoft, PayPal, Office Depot, NCR, Comp USA, EarthLink, HP, AuctionWatch and the U.S. Postal Service.
Additional information about the company can be found at www.stamps.com.
Forward Looking Statements
This press release contains forward-looking statements about PayPal that involve risks and uncertainties that could cause PayPal`s actual results to differ significantly from those projected. Factors that might cause or contribute to such differences include, but are not limited to,PayPal`s ability to implement new services on schedule and without diminishing ease of use, PayPal`s ability to deal effectively with losses from fraudulent transactions, PayPal`s ability to implement successfully strategies to increase the adoption of PayPal`s electronic payment methods and PayPal`s ability to compete with other payment systems. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this release. PayPal`s filings with the Securities and Exchange Commission, including PayPal`s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2002, include more information about factors that could affect PayPal`s financial results.
This release may contain forward-looking statements about Stamps.com that involve risks and uncertainties. Important factors, including the company`s ability to complete its products and obtain regulatory approval, which could cause actual results to differ materially from those in the forward-looking statements, are detailed in filings with the Securities and Exchange Commission made from time to time by Stamps.com, including its annual report on Form 10-K for the fiscal year ended December 31, 2001, and its Current Reports on Form 8-K. Stamps.com undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Sravanthi Agrawal, 888/337-3533
FitzGerald Communications (for Stamps.com)
Stephanie Von Allmen, 415/677-0224