Bidpay No Longer a Payment Option for Online Auctions

BidPay.com Inc., which operated as an option for online auction payment processing, is no longer in business.

CyberSource has cited financial losses and unsuccessful attempts to enter agreements for strategic alliances and investments in deciding to shut down operations effective December 31. Cybersource will take an expected one-time charge related to the shutdown ranging from $1.7 million to $2.7 million in the fourth quarter of 2007.

The service which was launched in 1999 served more than 4 million customers according to Cybersource.

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