OMAHA, NE. – February 21, 2012 – Financial Transmission Network Inc. (“FTNI”), a provider of industry leading receivable management solutions, today announced it has activated over 400 Proxibid affiliated Auction Houses through its award-winning ETran Receivables Management platform.
Proxibid’s online bidding solution enables auction companies to connect with bidders located anywhere in the world with an Internet connection. The company provides live auction webcasting and online-only auctions, ensuring auction companies and bidders everywhere can participate online. Proxibid built its Auction Company and online bidding solution to maximize the bidder experience while opening all participating auctions to an unlimited audience. Offering auctions that deal with everything from fine art and rare jewelry to heavy equipment, Proxibid has clearly become the leader in this growing online industry.
With each successful auction, affiliated Auction Companies must also work with winning bidders and coordinate the receipt of payment for auction items won. In order to provide both Auction Companies and Bidders with the best possible experience, Proxibid knew it needed to tightly integrate the payment portion of the offering with the technology it was building to administer and host live auctions. Proxibid created a subsidiary, Auction Payment Network (APN), to deal with this aspect of their business. APN quickly developed a list of needs to support its payment vision.
APN needed to pre-approve the payment methods submitted by registering bidders. It needed seamless integration between the registration, bidding and payment aspects of its operation to create an effective online bidding solution. It wanted to provide affiliated Auction Houses with choices related to credit card authorizers and banking relationships. The ideal online bidding solution also required portability, for ease of use onsite at auction events. In listening to its affiliated Auction Houses, the solution also needed to be easy to implement and maintain. APN also knew the need for PCI-compliance would be central to the offering.
Proxibid and APN learned that FTNI’s ETran receivables solution was well suited to their needs. The ability to process all payment methods (checks, ACH, Credit Card and Cash) was important to the variety of auction venues. The ability to accept pre-registered Card Not Present credit card transactions, along with onsite Card Present transactions was a bonus. Being bank and credit card agnostic provided options for Auction Houses with existing financial relationships. Being able to tightly integrate into the Proxibid solution allowed ETran to host sensitive payment information, while insulating Proxibid and APN from the need to store that information outside of FTNI’s PCI-compliant platform. ETran’s online and On Demand reporting capabilities provide Proxibid, APN and affiliated Auction Companies with an accurate and timely summary of each event.
”FTNI worked very hard under pressure” said Josh Hoberman, President, APN. “By addressing the issues of total integration with the Proxibid solution, compliance with payment regulations and ease of use, all on a tight schedule, FTNI did a great job and continues to provide excellent customer service.”
“The Auction Payment Network project once again demonstrated the flexibility of the ETran Receivables Management solution” says Kurt Matis, President and CEO of FTNI. Mr. Matis goes on to say “By using ETran’s open design, I-Frame and message tokenization technologies, Proxibid was able to implement a secure, integrated, state-of-the-art solution that allows it to distinguish itself from its competitors.”
Financial Transmission Network, Inc.’s (FTNI) ETran platform incorporates remote deposit capture (check scanning), ACH, credit card processing and cash posting, on single, managed platform to help clients reduce costs, accelerate timelines and improve transaction processing quality. The Company’s cloud computing based software enables customers to setup recurring payments (ACH & credit card), message between users and provide custom integration into back offices systems, thereby reflecting the payment activity in the merchant’s receivables system. This technology offers merchants a turn-key, single-payment platform in a software-as-a-service (“SaaS”) environment that is fully PCI-compliant, thereby eliminating the hardware and software costs associated with traditional solutions. Due to its modular approach and easy deployment, the ETran platform can be deployed in a variety of verticals and customized easily to fit the end-users needs.
Omaha-based Proxibid brings auctioneers and bidders together for a world-class online auction experience. Since 2002, the Company has worked with more than 2,500 auctioneers to bring more than 35,000 auctions to a global, online audience. With registered bidders from more than 190 countries, no other provider in the industry connects more buyers and sellers than Proxibid. The Company’s proprietary live Internet bidding service and Web site were developed by auctioneers and industry-leading professionals to provide our bidders with the most user-friendly and comprehensive online auction experience possible.
Proxibid’s customer service and support is unmatched in the industry. The company’s toll-free support center is open before, during and after every live auction, and is staffed with bi-lingual auction specialists who assist both bidders and auctioneers. For more information about Proxibid, please visit us online at www.proxibid.com.
About Auction Payment Network
Founded in 2010, Auction Payment Network (APN) is the first online payment processing solution designed specifically for auction companies. Created with auctioneers in mind, APN’s sophisticated and user-friendly solution is designed to make payment processing easier and more efficient than ever before.
Never again will an auctioneer have to spend countless hours following an event inputting credit card numbers because our PCI-compliant solution offers secure, one-click processing for on-site and online purchases. Additionally, APN is compatible with most merchant processors, making it easier than ever for auctioneers from across the globe to take advantage of this powerful payment processing solution.
Auction Payment Network is a wholly owned subsidiary of Proxibid, Inc., the world’s largest provider of live auction webcasting services. Visit Auction Payment Network online at www.auctionpaymentnetwork.com.