AuctionWatch.com to Use ProPay Service
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Dynamic commerce solution provider AuctionWatch.com signed a partner deal with ProPay, providers of a personal payment service that allows users to accept secure credit card payments online, in person or through WAP-enabled devices.
The agreement allows AuctionWatch.com's sellers to accept a credit card directly from buyers, ProPay said, "unlike other payment models that separate the buyer and seller from the credit card transaction by pre-funding an account." Financial arrangements between the companies were not disclosed.
AuctionWatch.com users are able to buy and sell using their ProPay commerce account. Buyers retain their full rights to dispute a charge through their credit card companies and are not required to disclose their confidential account information to the seller.
ProPay said sellers are able to receive payment faster and can accept a credit card from any buyer regardless of whether or not the buyer has a ProPay account.
"ProPay's services are the first of their kind for our site, where buyers can purchase knowing their credit card information is kept confidential and that they are protected against fraud, misrepresentation and unfulfilled delivery," said Rodrigo Sales, chief executive officer of AuctionWatch.com.
"Through AuctionWatch.com, we're reaching out and making our services available to all of the Internet's top auction sites," said Brad Wilkes, ProPay founder and president.
AuctionWatch.com claims to have about 3.1 million unique visitors a month and hundreds of thousands of registered sellers. In addition to its suite of seller services, AuctionWatch.com offers buyers a search capability, allowing them to locate items across hundreds of auction sites. The company also publishes daily content on the auction industry, hosts an online appraisal service and has a variety of message boards.
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.
Separately, the company named Gary Goodrich as chief executive officer. Goodrich has more than 15 years of finance industry experience, including four years with Goldman, Sachs & Co. and was a divisional vice president with Paine Webber.