BidPay.com, Inc., a subsidiary of First Data Corp. (NYSE: FDC), is making it easy for online auction site sellers in the U.S. to receive their payments, using its new direct-to-bank payment option.
BidPay recently launched direct-to-bank to offer a fast, convenient and reliable online auction payment method. Sellers in the U.S. can register for the new option and have auction payments sent to their U.S. checking account in approximately three banking business days. Buyers can use their credit or debit card to pay for their online auctions.
"As online auction sites continue to increase in popularity, consumers are looking for quick and easy ways to make their purchases," said David Hansen, vice president, strategy and global expansion, BidPay. "By providing U.S. sellers with the direct-to-bank option, we are increasing the speed of BidPay® transactions and offering additional convenience to the seller."
Using the BidPay service, formerly known as Western Union Auction Payments, sellers can register to have BidPay payment buttons automatically inserted in their auction listings, informing the buyer that the seller accepts payments through the BidPay service. The direct-to-bank option can decrease the time buyers wait for their product, as well as the time sellers generally wait to receive payment. Buyers and sellers are notified via e-mail when the transaction is processed and approved. In addition, sellers have access to account information and viewable order information.
Unlike other payment processors that charge sellers to use their service, BidPay's direct-to-bank option, like its standard money order payment option, is free to the seller (except for possible third party fees and UK Pound Sterling fee). The buyer pays a minimal service fee starting at $1.95 per transaction.
How it works:
To register, sellers access the BidPay Web site and click on the "Get Paid" link, then follow the "Register Now!" link. The seller then registers and selects direct-to-bank as the preferred method of payment. Sellers that are already registered need only sign in and visit Account Central to modify the payment information. Account Central also provides tools to manage orders and add banners to auction listings, letting buyers know that the seller accepts online payments through the BidPay service. Once a bid is won in an online auction, the buyer can access the BidPay Web site and pay using Visa or American Express. The seller receives an e-mail verification that the buyer's payment was processed and approved, enabling the seller to send the product faster and the payment to be sent directly to the seller's checking account within three banking business days.