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Mercari Introduces Instant Payments for Sellers

Mercari
Mercari Introduces Instant Payments for Sellers

Mobile shopping app Mercari launched instant payments for sellers – but note that there’s a price for getting fast access to your cash – $2, to be exact. It’s also limited to $500/month.

Sellers who want to use Mercari Instant Pay must also complete an identity verification process through a new feature called ID Check, a feature that’s otherwise optional.

Mercari continues to offer “Direct Deposit,” which takes up to 5 business days for money to be deposited to sellers’ checking account and is free for transfers over $10.

Press release follows:

Mercari, The Selling App, today introduced Mercari Instant Pay which allows online sellers to cash out minutes after their sale is completed. Mercari is the first online marketplace to offer sellers instant payment, smashing the industry standard of 3-5 days for payment processing.

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Using Mercari Instant Pay
With Instant Pay, Mercari sellers can now instantly transfer their balance – up to $500 per month – directly to their bank account for a $2.00 processing fee. On average, transfers take less than five minutes to complete. Full information on Instant Pay, including details on the application process, can be found here.

“Mercari is on a mission to make selling easier than buying — and now with Instant Pay, we’re making it easier to get paid, too,” said John Lagerling, Mercari U.S. CEO. “Mercari’s sellers are real people; they shouldn’t be limited by banking standards that were built for businesses. So we’ve changed the model from five days to five minutes.”

Enabled by Mercari ID Check
ID Check is a new way to help increase trust among members of the Mercari community. To be eligible for Instant Pay, sellers must complete a pre-registration/verification of identity process which will enable them to earn a Mercari ID Check badge. More information on ID Check can be found here.

“Trust and safety are our top priorities at Mercari, so we’re excited to introduce ID Check,” Lagerling continued. “We created ID Check to further improve trust among our community members by inviting them to undergo a voluntary verification process. We’re already getting great feedback on ID Check from early users.”

Please note that the ID Check verification process can require up to 48 hours to complete based on volume and other factors. ID Check verification is currently only available on the Mercari smartphone app (not the website).

Mercari recently completed a study showing American households have more than 5.3 billion items that are no longer used. Americans collectively estimate the value of these items at $93 billion. Most are unaware it takes only about three minutes, on average, to list an item with the Mercari app.

SOURCE: Mercari Press Release

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Ina Steiner
Ina Steiner
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

5 thoughts on “Mercari Introduces Instant Payments for Sellers”

  1. Another site with a nice money grab.
    I shouldn’t have to wait for my money to be in my account.

    Wait till eBay sees this and implements this one.

  2. I love these sites that figure out how to get more money from their customers (sellers) and the sites have no inventory.

    Once eBay has their in-house payment, this may be the next thing.

  3. Yes, we’re leaving $93 BILLION on the table, WAITING PATIENTLY for the next venue.
    It’s all in the attic, TONS of STUFF.
    The Next Venue MUST :
    Have NO MANDATORY PayPal.
    HAVE STRIPE Payments.
    Have 2 – way feedback EQUALLY applied.
    Have NO INTERFERENCE in our transactions.
    Have a take NO GREATER than a Grand Total of 3%.
    Erase the Greed and Fill the need.

  4. I wish these guys would do some advertising or something to get noticed. If they only knew how bad people wanted to get away from eBay. Lots of listings on here and only 3 sales in two months. Step it up guys.

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