EBay Ditches Checks and Goes With ProPay
In late October of this year, eBay will be moving to a system where checks and money orders can no longer be used for payment. Only electronic payments will be accepted, including credit card, PayPal or ProPay. Greg Pesci, Executive Vice President of Business Strategy at ProPay, has this to say about the new format. “We are extremely pleased to be the first alternative payment option that eBay has integrated with as a part of their effort to move entirely to paperless transactions. Moving all eBay purchases to an electronic method will help expedite the purchase process, and potentially reduce complaints and negative buyer feedback. ProPay is looking forward to providing alternative merchant services to help improve the buying/selling experience. We welcome the opportunity to support the advanced eBay power sellers, who we anticipate will benefit most from the comprehensive payment solutions we provide.”
Moving to an electronic payment only system is going to be a true improvement for both buyers and sellers. It is expected to reduce negative feedback and incidences of items being reported as not received. Also, advanced power sellers are sure to welcome the addition of ProPay as an option for accepting payment not only through Ebay, but also in transactions outside of Ebay’s purview.
E-Auction Account
Ebay’s announcement gave ProPay the opportunity to reveal their eAuction Account for eBay Silver power sellers and higher. ProPay’s eAuction Acount will be available in approximately late October. The account will be billed at $2 per month, with annual payments of $24 due at sign up. Additionally, a $24 rebate processing credit will be offered to sellers who process $3,000 or more with ProPay during their first 6 months after signing up. Transaction fees are comparable to competitors’ virtual terminal transaction fees.
ProPay is fully integrated into the eBay checkout. Buyers simply enter their credit or debit card information at checkout, with no necessity to provide banking information nor a requirement to sign up for a ProPay Account, ensuring a streamlined checkout process. Buyers are sure to appreciate the ease of use and the security that comes with paying by credit card. It is anticipated that in early 2009 Bronze power sellers will also be able to utilize the ProPay eAuction account.
Pro Account
eBay Silver power sellers and higher will have access to more specialized services later this year when ProPay unveils the eAuction Pro Account. Additional services for processing credit and debit cards in face-to-face and other situations will be available such as ProPay’s online virtual terminal, touch-tone phone processing, e-mail invoice, direct API integration, and secure card reader. The cost of the Pro Account will be $240 ($20 per month, payable yearly in advance). The transaction fees will be identical to the eAuction account and consistent with competitors’ virtual terminal transaction fees.
ProPay Card Reader
The secure card reader offered by ProPay will allow sellers to remotely “swipe” and process credit cards in a safe manner. The card holder information is instantly encrypted and processed real time through ProPay’s virtual terminal, via the internet. If internet access is unavailable, the information is stored for processing at a later time, eliminating the need to manually record credit card details.
For further information about the ProPay accounts and fees, please go to ProPay.
