BidPay, a service of Western Union, announced that it will be changing its name to Western Union Auction Payments. The online payment service allows buyers to purchase a Western Union money order over the Internet, which BidPay then mails to the seller. The service is popular with online auction sellers, who often use it to accept payment from international bidders.
BidPay executives said the new name will be phased in, with the first phase starting with the eBay Live tradeshow, where the company is exhibiting. BidPay also announced that it is lowering fees for transactions under $50. The new rates are as follows:
Money
Order Amount
BidPay.com
Fees
$10 and under
flat rate of
$1.95
$10.01 to $30
flat rate of
$2.95
$30.01 to $50
flat rate of
$3.95
$50.01 to $100
flat rate of $4.95
$100.01 to $700
2.25% + $4.95
The BidPay Web site will contain full pricing details beginning June 25.
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