eBay Starts Managing Payments For Marketplace Platform In US

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eBay announced on Tuesday (Sept. 25) that it has started managing payments on its Marketplace platform in the U.S.

In a press release, the company said that earlier this year, it announced plans to intermediate or manage the payments flow on its platform, and that it has now started doing that. “The introduction of eBay’s new payments experience in the U.S. marks a significant milestone in our managed payments journey,” said Steve Fisher, senior vice president of payments at eBay. “In less than eight months since announcing our initiative, we’ve moved rapidly to build our back-end payments platform, engage thoughtfully with our seller community to solicit their input and line up new forms of payment – all of which has led to the introduction of managed payments. Looking ahead to 2019, we will expand our new experience to more buyers and sellers in the U.S. and begin rolling out our new payments experience outside the U.S.”

According to eBay, in the current eCommerce landscape, shoppers expect to check out and pay on the site where they are shopping, and with managed payments, eBay manages the payment transaction. That means shoppers will be able to complete the purchase without leaving the site. The site will also provide localized payment options to meet buyers’ and sellers’ unique needs.

The goal of the managed payments service, according to eBay, is to increase efficiency for global customers. Sellers will benefit from a simplified pricing structure, more predictable access to funds and better visibility into sales and payouts. For buyers, the company said, it will mean an expanded choice of payment options at checkout.

In June, eBay announced that as of this fall, Apple Pay will be one of the first new options on its updated payment platform, making it possible for customers to use Apple Pay in eBay’s mobile app or for web purchases (provided they are using Safari, as Apple Pay doesn’t work with Chrome or other browsers). The Apple Pay option will roll out slowly at first, available to only a small group of select Marketplace customers in the first phase of its introduction to eBay. The goal is to make the transition to their own in-house payment platform by the end of 2021.

Source: PYMNTS

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