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<p>1 revision imported</p> <p><b>New page</b></p><div>'''BidPay''' was an [[online auction business model|online auction payment service]] web site, established in 1999 by Steve Chin and Marek Bradbury that allowed auction buyers to purchase [[money order]]s online using their [[credit card]]. BidPay was purchased by [[First Data Corporation]]/Western Union in 2001 for an undisclosed sum. BidPay was rebranded as &quot;Western Union Auction Payments&quot; in 2003 which led to confusion with [[Western Union]]'s [[wire transfer]] services; the online auction payment service reverted to the BidPay name in 2004. BidPay ceased operations on 31 December 2005 and was purchased for USD 1.8 million in March 2006 by [[CyberSource|CyberSource Corporation]], which announced its intention to relaunch BidPay. BidPay had over 4 million registered users worldwide at that time.<br /> <br /> BidPay was a popular payment method for auction sellers based in [[North America]] because there was no [[chargeback]] or reversal risk, as there was with competing services such as [[PayPal]]. The buyer of an item or service was responsible for all fees, and US sellers had the option of receiving an [[Automated Clearing House|ACH]] payment direct into their bank account. However, when a buyer successfully made a chargeback in a disputed transaction, BidPay ended up taking the loss rather than the seller.<br /> <br /> BidPay was relaunched in June 2006 based on an operating model similar to that of a [[merchant account]] for auction sales. Sellers were now responsible for all fees, and had to have a US-based bank account that accepted ACH payments, since money orders were no longer issued. Before approving payment, Bidpay reviewed payments via automated fraud checks. Also sellers had to ship by a [[track and trace]] shipper. Bidpay would assume the risk of chargebacks if the seller followed all the requirements under the user agreement.<br /> <br /> BidPay.com, Inc. finally discontinued operations on December 31, 2007.<br /> <br /> == See also ==<br /> * [[CyberSource]]<br /> * [[BitPay]]<br /> <br /> ==Source==<br /> <br /> [http://wikipedia.org/ http://wikipedia.org/]<br /> [[Category:Financial services]]<br /> [[Category:Payment systems]]<br /> [[Category:Cryptocurrency]]</div>

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