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EcommerceBytes-NewsFlash, Number 295 - April 11, 2002 - ISSN 1539-5065    2 of 3

Online Auction Service eDeal Signs Agreement with eDeposit to Reduce Online Fraud

By Ina Steiner
EcommerceBytes.com
April 11, 2002




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Online auction site eDeal will offer its sellers the ability to use eDeposit services in their auctions. eDeposit offers several services aimed at making online transactions safer. Its BidDeposit service is a unique feature that allows auction sellers to ensure that bidders are serious about purchasing their auction items. In addition, eDeposit offers payment services and escrow services, making it a full-service payment and fraud-protection provider.

In addition to its own auction site, eDeal offers auction-hosting services to companies including the National Hockey League, Bidz.com, National Lacrosse League, Bank of Montreal, Kraft, Coca-Cola and the Toronto Star. "In joining forces with edeal, we can enable more than 200 auction web sites across the Internet with the ability to auction, buy and sell products safely and securely online," said Richard Stopa, CEO of eDeposit Corporation.

In the United States, online auction fraud costs victims millions of dollars each year. Some types of fraud that online-auction participants experience include: 1) buyer or seller misrepresentation, 2) bounced checks, 3) failure to complete a transaction and 4) shilling.

Under terms of the new agreement, eDeposit will handle all of eDeal's deposit, payment and escrow services by implementing eDeposit's proprietary, patent-pending online financial solutions. The services require a prospective online buyer to deposit money into an eDeposit account, qualifying that buyer in real-time to participate in specific eDeal auctions or commercial sales, along with other key features and benefits.

http://www.edeal.com

http://www.eDeposit.com

About the author:

Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

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