Bidder's Edge Adds Services to Facilitate Online Auction Transactions, Reduce Risks for Bidders, and Ease Fraud Concerns.Business/Technology Editors BURLINGTON, Mass.--(BUSINESS WIRE)--Aug. 14, 2000 Bidder's Edge Inc., the world's number one online auction portal, today announced the addition of two services that provide Bidder's Edge users with greater convenience and increased protection from fraudulent behavior associated with Internet auctions. By visiting www.biddersedge.com consumers can quickly enlist the trusted third-party payment services of ProPay and the online escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. and transaction management services of Escrow.com. "Bidder's Edge is committed to making the process of buying at online auctions as easy, efficient, cost-effective and safe as possible," said James Carney, president and 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. , Bidder's Edge Inc. "Our exclusive agreement with ProPay and the addition of Escrow.com provide Bidder's Edge users with value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. to help them make the smartest payment and escrow decisions. Bidder's Edge will continue to add tools and services that offer convenience and enhance the experience of our users." ProPay provides online auction shoppers protection from fraud, damaged merchandise and non-delivery by allowing individuals to accept credit cards as payment with a free, personal commerce account. Unlike other payment systems that separate the buyer and seller from the credit card transaction by prefunding an account, ProPay's system provides a real credit card transaction that retains all of the buyer's rights Buyer's rights refers to the right that a person has to take a percentage of goods that have been bought for another person. This percentage is typically 10%, however, it can increase if the buyer has to travel far to retrieve the goods. See also
Escrow.com offers online escrow and transaction management services to protect buyers and sellers who participate in business-to-business e-commerce and Internet auctions. Escrow.com's services facilitate and secure online transactions and provide Bidder's Edge users protection from fraud, unscrupulous behavior and damaged goods DAMAGED GOODS. In the language of the customs, are goods subject to duties, which have received some injury either in the voyage home, or while bonded in warehouses. See Abatement, merc. law. by affording buyers an opportunity to inspect merchandise before funds are released to the seller. About Escrow.com Inc. Escrow.com(TM) and its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , founded by Micro General Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MGEN MGEN Major General ) and Fidelity National Financial Inc. (NYSE NYSE See: New York Stock Exchange : FNF FNF Fidelity National Financial FNF File Not Found FNF Friedrich Naumann Foundation FNF Forgiven, Not Forgotten FnF Frags'n'fries (Battlefield gaming clan) FNF Fastest Node First (algorithm) ), offer comprehensive online transaction management services, including online escrow and logistics tracking for the Internet. Its architecture and infrastructure provide a secure and scalable business transaction platform with integrated transaction management solutions and escrow services for business-to-business e-commerce. For more information, please visit: www.escrow.com. About ProPay ProPay provides individuals the power to exchange money through its personal payment service, which enables secure, convenient and credible transactions. Individuals can accept credit card payments from one another as easily as they would accept a check--both online and in person. Payments can also be "beamed" from one PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). to another. ProPay protects consumers against fraud by retaining the buyers' rights to recourse with the seller, as they would have with any credit card transaction. ProPay was founded in 1997 as a credit card processing company, which led to the development of the company's proprietary technology and processes. For more information, visit www.propay.com. About Bidder's Edge Bidder's Edge Inc. pioneered the online auction aggregation business with the launch of its Web site in November 1998. Bidder's Edge enables online auction users to easily find up-to-date information on the large majority of the items available at auction, including status of current bids and historical pricing. The company enables users to obtain auction information from more than 170 sites, covering in excess of 7.5 million items. Bidder's Edge also evaluates the retail auction sites it searches and indicates to consumers, with a special Trusted Auction icon, those sites that provide a safe, quality auction service. When consumers locate an item they want to bid on or receive more information about, they are linked directly to the auction site. InformationWeek named Bidder's Edge one of the 100 most innovative practitioners of e-business in the New Economy. Bidder's Edge is headquartered in Burlington, Mass. |
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