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Bidpath Launches Payments Platform Designed for Auctions

auction payments

Bidpath has launched a payments platform designed for auction payments.

The new AuctionPay platform is designed to streamline merchant services for auctioneers and organizations, catering to both online and in-person payments, the provider of global online auction software said in a Friday (March 29) press release.

The platform is designed to deliver efficiency, security and a user-centric design, according to the release.

“AuctionPay reflects our commitment to innovation and excellence in the auction industry,” Bidpath CEO Adam Alexander said in the release. “Our platform is designed to meet the evolving needs of businesses and organizations, providing a secure, efficient and user-friendly payment experience.”

The new platform makes payment processing simpler, more affordable and more efficient, according to the release. It accepts major credit cards and will add ACH functionality later in 2024. The platform’s back-end dashboards allow users to have comprehensive oversight of transactions.

For security, AuctionPay is PCI DSS certified, adhering to industry security standards, employing advanced encryption and using real-time fraud detection, the release said.

To deliver a user-centric design, the platform includes an intuitive interface for easy navigation as well as to streamline transaction management, per the release. It is designed to provide a seamless payment process that will boost bidder participation and reduce transaction fees.

AuctionPay integrates with clients’ existing bidding platform or auction software, can be scaled to support growing businesses, and is backed by Bidpath’s in-house developers and 24/7 customer support, according to the release.

“This approach provides full control over the payments process from checkout to deposit, empowering both Bidpath and auctioneers with unparalleled autonomy,” the release said.

PYMNTS Intelligence has found that companies are working to improve payments and cater their businesses to customer bases that value easy buying experiences enabled by the latest technologies. 

Embedded payments address those needs and interests, according to “Platform Business Survey: The Rise of Embedded Payments,” a PYMNTS Intelligence and Carat from Fiserv collaboration.

In an earlier development in the auction space, it was reported in August that Phillips, an auction house that handles the work of up-and-coming artists, was entering the world of eCommerce with a new online platform that sells fine art directly to collectors.