Lower fees for auction sellers, no account sign-up required for buyers
Highlands Ranch, Colo. – August 30, 2007 – Online payment service provider BidPay.com, Inc., today announced it is reducing the fees it charges online merchants and auction sellers. 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). BidPay is a wholly owned subsidiary of CyberSource Corporation (NASDAQ: CYBS).
“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. For more information, please visit BidPay’s website at http://www.bidpay.com/.
CyberSource Corporation is a leading provider of electronic payment and risk management solutions. CyberSource solutions enable electronic payment processing for Web, call center, and POS environments. CyberSource also offers industry leading risk management solutions for merchants accepting card-not-present transactions. CyberSource Professional Services designs, integrates, and optimizes commerce transaction processing systems. Over 20,000 businesses use CyberSource solutions, including half the companies comprising the Dow Jones Industrial Average. The company is headquartered in Mountain View, California, and has sales and service offices in Japan, the United Kingdom, and other locations in the United States. For more information, please visit CyberSource`s web site at www.cybersource.com or email firstname.lastname@example.org.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995
Statements in this release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding the company`s expectations, objectives, anticipations, plans, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements in this release include, without limitation, statements regarding the acquisition of Authorize.Net closing. Factors that could cause actual results to differ materially from the forward looking statements include risks and uncertainties such as changes in customer needs, new products and services offerings by the company and its competitors, any unforeseen event or any unforeseen system failures, inability to obtain shareholder approval, and other risks indicated in our filings with the Securities and Exchange Commission. It is important to note that actual outcomes could differ materially from those in such forward- looking statements. Readers should also refer to the documents filed by CyberSource with the Securities and Exchange Commission, specifically the annual report filed on Form 10-K for the year ended December 31, 2006, filed with the Securities and Exchange Commission on March 13, 2007, and our quarterly reports filed on Form 10-Q from time to time, all of which identify important risk factors.
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