eBay Sign Agreement With Ayden Payments, Goodbye PayPal!
The latest venture by eBay to improve the customer experience is to intermediate payments on its marketplace platform. They aim to manage the payment flow, therefore simplifying the end-end experience for eBay users and sellers. eBay have signed an agreement with Ayden, a leading global payments processor, to become its primary payments processing partner. PayPal will still be a payment option at the checkout but not a primary partner of eBay.
eBay believes that this new payment method will improve the buyer and seller experience as well as allowing eBay to further innovate on behalf of their customers. As the eCommerce market is rapidly growing and evolving, customers are always looking to purchase and transact on one site with one swift transaction. This new payment method will mean that customers can buy and pay on eBay without being taken to an external payment provider. As eBay sell in over 190 markets, localised payment methods will still be available to suit the customers needs.
So what benefits will this new payment system have for buyers and sellers? Find some key points below:
- Lower Costs and More Control of Their Economics. Most sellers can expect their costs of payments processing to be reduced after they transition to eBay’s intermediated payments model, and benefit from a simplified pricing structure and more predictable access to their funds.
- A Central Place to Manage Their Business. eBay is working on solutions to provide sellers with information about their eBay business, inclusive of payments information, in one place so that sellers can easily track and manage all of their transactions and customer interactions on eBay.
- Greater Buyer Reach and Improved Conversion. By offering buyers more choice in how they pay and expanding payment options into more geographies, eBay believes sellers will be able to reach more buyers and improve conversion.
- More Payment Options at Checkout. eBay is focused on providing consumers greater choice in payment options at checkout.
- An Integrated Checkout Experience. eBay will manage the entire checkout experience, delivering a more streamlined experience for consumers.
Ayden will become eBay primary payment partner for the foreseeable future, but why have eBay chosen to go with this company? Ayden powers payment processing for a range of the world leading global marketplaces and operate in over 150 countries with over 200 currencies. Paypal however will still remain as an important eBay partner and will sign a deal to work with eBay well into 2023 as a payment method.
So when will this changeover begin? eBay plan to begin this new payment style in 2019 in parts of North America. In 2021, eBay expects to have transitioned a majority of its Marketplace customers to its new payments experience.
The way that sellers engage with eBay in an intermediated landscape will, for the most part, be very similar as they do today. For example, sellers will not need to change their accounts with eBay. Sellers will continue to log into eBay and manage their listings as they do today. As eBay begins to intermediate payments, sellers can expect to see new, streamlined dashboards and reports inclusive of payments – all within eBay.
We are excited to see some new changes within eBay, you can view our eBay store here