CyberSource Corp., provider of electronic payment processing and risk management for online retailers, has relaunched the BidPay auction payment service. CyberSource purchased BidPay.com Inc. from First Data Corp. for $1.8 million in March.
The relaunched service will include seller protection and the ability for sellers to accept payments from buyers around the world.
“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, BidPay president. “We believe the new BidPay delivers real competitive advantages to auction sellers.”
The new BidPay will provide sellers with chargeback protection for BidPay approved payments received from BidPay buyers under certain conditions. Sellers also will receive payment for their auctions without the need for special bonding, insurance, escrow, or risk of subsequent chargebacks.
BidPay sellers also can accept payments from buyers outside the U.S. who use a Visa, MasterCard or American Express card. BidPay uses MasterCard SecureCode and Verified by Visa for fraud protection. No merchant account is needed to accept major credit or debit card payments.
BidPay is free for buyers, a change from the earlier version when buyers paid a fee for each transaction. Sellers will be charged a transaction fee for the service. Registration and set-up are free for sellers and users, and a seller can insert the BidPay payment button in listings at no charge.
BidPay, launched in 1999, was one of the original payment options for online auctions. It had acquired 4 million registered users prior to ceasing operations in December, when First Data decided to exit the online auction business, CyberSource said.
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