Following its rather public breakup back in 2015, eBay is making its conscious uncoupling with PayPal even more formal, by boxing up its things and moving rival company, Adyen, in.
Surinamese for “Start over again”, Adyen was founded in 2006 by a group of payment technology experts, who aimed to build “a frictionless, state-of-the-art infrastructure that connects directly to card schemes and payment methods around the world“.
Based in Amsterdam, their first big household name was Groupon, closely followed by Netflix, Spotify, Etsy and Uber.
Suriname is the smallest country in South America, with a population of 558,368.
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eBay has announced that it is entering into a joint operating agreement with Adyen, meaning that they will become eBay’s primary payment processor.
Adyen will start moving in with eBay, beginning with North America, during the second half of this year and into 2019. It is hoped that the majority of its marketplace customers will have transitioned by 2020. Paypal will still be a payment option until 2023.
eBay’s joint operating agreement with Paypal officially comes to an end in 2020. eBay believes that customers want to shop and checkout on the same site and this agreement will enable just that – shopping and payment will all happen on eBay – much like Amazon payments all happen on Amazon. It’s also great news for eBay sellers.
Benefits for you
eBay plans to offer lower payment processing costs, with a much simpler pricing structure. Saving you money.
Buyers place more trust in websites that allow them to pay in the same place – meaning that they are less likely to abandon their cart, come checkout.
Also helping lower cart abandonment, will be the streamlined process from browsing, to basket, to checkout: Making buying so much easier, with less time to double think “do I really need that?”
Offering buyers a wider choice of payment methods will hopefully lead to increased sales. Country-specific payment preferences (such as paying on invoice) will no longer stop customers from choosing to buy from you; meaning you can expand globally.
We’re looking forward to more information being released soon but whatever the finer details, we’re confident that this will increase the number of buyers visiting eBay. If you’re not already selling on eBay this is definitely a reason to reconsider.
If you have any burning questions that just can’t wait, email [email protected] for more information.
Expandly is multichannel management software that enables you to sell on eBay, as well as Amazon, Etsy and your own marketplace.
Centralising everything on one easy-to-access dashboard, from the moment you login in the morning to the moment you ship your orders, Expandly aims to reduce your workload. It is simple, easy to use and focussed on helping small eCommerce businesses go from home-office or unit to warehouse and beyond.