Overstock.com Gives Customers New Bill Me Later Payment Option
TIMONIUM, Md., Nov 23, 2004 -- I4 Commerce, provider of alternative payment solutions for multi-channel retailers, today announced that Overstock.com(R) (Nasdaq: OSTK) has added Bill Me Later(R) as a new payment option for its customers. I4 Commerce`s Bill Me Later payment solution enables multi-channel retailers to offer rapid point-of-sale credit to customers who don`t want to hassle with credit cards. With the launch of Bill Me Later, Overstock.com is implementing an aggressive integrated marketing campaign, including merchandising promotions such as no payments until March 2005 financing for customers who purchase more than $250 worth of products from its site using Bill Me Later.
Overstock.com offers one of the largest and most dynamic product assortments in e-commerce, providing name brand products at outlet prices. According to comScore, an average of ten million unique shoppers visit the site each month, making Overstock.com one of the most popular retail destinations on the Web. Overstock.com added Bill Me Later to give its shoppers more payment flexibility. Additionally, since Bill Me Later is a less expensive payment option for Overstock.com, it is able to pass those savings on to its customers in the form of better financing options such as its current no payments until March 2005 promotion.
"We aim to provide the greatest value to our customers, at all points in the customer experience," stated Kamille Twomey, vice president of Marketing, Overstock.com. "Offering Bill Me Later as an alternative to traditional credit cards allows us to extend our value to the payment process, enabling a more integrated and consistent Overstock.com shopping experience."
The Bill Me Later payment solution provides a convenient and secure method of paying for purchases online or via the telephone for customers that prefer an alternative to credit cards. By only providing top-of-mind information such as the birth date and the last four digits of the social security number, qualified customers gain online credit for their purchase within seconds. Customers then receive a bill from Bill Me Later within 14 days, which they can pay in full or finance over time. Bill Me Later reduces transaction costs for merchants while dramatically improving their conversion rates, average order value (AOV) and customer satisfaction levels.
"Leading Internet retailers such as Overstock.com are finding that the payment process is the next frontier of retailing differentiation," said Gary Marino, CEO of I4 Commerce. "The old payment model, driven primarily by credit cards and first generation technology, doesn`t give retailers the support they need in the new marketplace. With Bill Me Later, I4 Commerce is giving retailers next generation financing technology that enables them to tailor their pricing and promotions to the specific needs and desires of their customers. We look forward to helping Overstock.com further its success by lowering its transaction costs, growing its revenue and strengthening its customer relationships."
About Overstock.com
Overstock.com Inc. is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet and an online auction site. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel. Overstock.com is a publicly traded company listed on the NASDAQ National Market System, headquartered in Salt Lake City, and can be found online at http://www.overstock.com. Overstock.com(R) is a registered trademark of Overstock.com, Inc.
About Bill Me Later
Bill Me Later(R), developed by I4 Commerce, is a credit-based payment solution designed to meet the needs of today`s multi-channel retailers. Bill Me Later`s unique combination of convenience, security and flexibility at the point of sale improves the overall buying experience online and via the telephone. Retailers offering Bill Me Later experience higher sales, lower transaction costs and a streamlined integration.
I4 Commerce has strategic alliances for merchant distribution with the largest payment companies in the industry, including First Data Corporation and Paymentech. Through these alliances, Bill Me Later can be offered by over 70% of merchants leveraging the same scaled infrastructure that manages credit card transactions. For more information, visit http://www.i4commerce.com.
Contact:
Gerald Kimber White of RFBinder Partners Inc.
+1-781-455-8250,
Gerald.KimberWhite@rfbinder.com
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