BidPay.com - Explosive Growth in Online Payment Services.Business & Technology Editors NEW YORK--(BUSINESS WIRE)--March 29, 2000 BidPay.com, the first online auction payment facilitator, has become the world's largest provider of money orders via the Internet. BidPay.com is now delivering greater than 1.2 million impressions monthly and expects that number to increase dramatically with the launch of its new site in April, 2000. When asked how BidPay.com is managing the sudden surge of competition from companies like Paypal, X.com and BillPoint, Steve Chin, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BidPay responded, "We have a proven business model which has enabled the company to be profitable, something almost unheard of Not heard of; of which there are no tidings. Unknown to fame; obscure. - Glanvill. See also: Unheard Unheard in this industry. Our model is based on delivering a value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. service to our customers which allows us to charge a fee and grow organically rather than using cash incentives to buy customers." About BidPay.com BidPay.com was founded in March of 1999 and is headquartered in Silicon Alley An area in New York that has become known for its companies devoted to multimedia and the Internet. It is located in Manhattan's "Soho" district, which does not stand for Small Office Home Office, rather it is SOuth of HOuston Street. in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . The patent pending service makes online auction transactions more efficient by facilitating payments between buyers and sellers. Business has been growing at a compound rate of almost 100% per month since the site was initially launched in July of 1999. |
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