BizBid.com.au Pushes Ahead with New Escrow Service

Sydney, Australia, October 02, 2007 --(PR.com)-- Danny Hile, Manager of BizBid.com.au says the firm has introduced new practices to the site’s management early this week. Changes, Danny claims will see the re-shaping of the entire online auction industry in the near future.

The first such change is the integration of the new MoneyBookers escrow service. An escrow service holds money in a trust account, in this case for 14 days, or until completion of payment is authorised by the buyer. This is in addition to Biz Bid’s existing measures, which help protect buyers and sellers from online fraud.

Current escrow services hardly mean the end of traditional online payment systems. Using an escrow service often comes with an additional fee but will be particularly useful for high value, high-risk purchase situations.

Danny Hile has already taken the unprecedented step of disallowing the use of some email address types on registration. The logic of banning selected free email accounts is that these addresses may be particularly vulnerable to cases of online fraud. Certainly a restrictive measure like this could be risky in the short term, but Danny believes in the long term people will come to recognise Biz Bid as the leader in safe online shopping.

Online shoppers could potentially see these methods as new lower risk ways to start buying and selling online. These measures may possibly lead to online auction businesses being perceived as more legitimate. Indeed, sellers will become more accountable for the quality control of their merchandise.

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