El Paso, TX | April 11, 2015
BidPay®, Inc., a technology company that facilitates the electronic discounting of accounts payable, announced it has entered into a formal agreement with KAZ USA, Inc. (“KAZ”), a subsidiary of Helen of Troy Limited (NASDAQ: HELE). Helen of Troy and subsidiaries are global designers, marketers, and distributors of personal care, household, and personal healthcare products marketed under popular brand names such as Sure®, Pert®, OXO®, and PUR®, among many others. Worldwide, Helen of Troy employs approximately 1,500 persons.
Under its agreement with KAZ, BidPay® provides a cloud-based technology that permits KAZ suppliers to obtain faster discounted payments on their approved invoices. BidPay®’s technology provides KAZ and its suppliers with a highly automated discount bidding system in which suppliers decide what discount rate, if any, they wish to offer in exchange for immediate payment on their approved invoices. Participation by suppliers is strictly optional. A study conducted by a major US bank estimates that 85% of suppliers state a willingness to occasionally or always accept discounts in exchange for faster payments from their customers.
BidPay® has the benefit of over 22 years of first-hand experience discounting $ billions of payments to thousands of supply chain participants. Millions of supply chain transactions were considered prior to BidPay®’s development of the logic algorithm that drives its proprietary dynamic pricing model. BidPay® has U.S. and international patents pending on its auction-style payable discounting platform.
BidPay® places the worldwide marketplace for trade payables available for discounting at $40 trillion USD. By most estimates, the worldwide value of trade payables is greater than the debt and equity markets combined. BidPay®’s model is currency neutral, so supplier demand is expected to be greatest among “under-banked” suppliers located not only in the U.S., but in countries with unstable or underdeveloped capital markets.
BidPay® is an El Paso-based company that finds opportunities for a worldwide client base to earn above-market, near risk-free returns on surplus short-term liquidity invested in the early retirement of trade payables.