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.
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