Bonanza will soon begin allowing all sellers to accept payments through Stripe, the company announced this week. Sellers can already offer payments on Bonanza through PayPal.
This week’s news comes a year after the online marketplace integrated with Stripe, though it was available only to sellers with Gold membership or higher.
There are no additional fees for using Stripe, which charges an initial fee of 2.9% + $0.30 per transaction. Bonanza noted that sellers may be able to negotiate volume rates over time.
Bonanza is bucking a trend as eBay and Etsy take over managing payment processing themselves.
In a blog post announcing the new payments news to sellers, founder and CEO Bill Harding said, “Our strategy has always been about giving sellers choice. Originally, we just gave sellers the choice to diversify, so they needn’t rely on eBay alone. Later, we built stuff like the Broadcaster. It lets sellers have a choice over what channels their products list on, even what fees they pay! So the change to open Stripe really makes perfect sense for us strategically. Introducing a free and optional choice that lets sellers directly accept payments is the epitome of what we hope Bonanza represents to its sellers.”
Bonanza said it initially launched Stripe to paying members only in order to ensure Stripe’s technology worked seamlessly with Bonanza’s technology and to minimize the number of sellers affected by potential bugs or kinks. “Additionally, Bonanza absorbs the integration costs of each seller, so we wanted to be sure that Stripe was truly an added benefit to sellers.”
Bonanza said many of its sellers are multi-channel sellers who also have eBay storefronts. It pointed out that eBay will begin requiring sellers to use its own Managed Payments platform that will include a per-listing transaction fee. “We wanted to reassure the Bonanza community that our fee structure will remain unchanged. Bonanza will continue to offer free listings with no additional payment processing fees.”
You can find the full announcement with more details about using Stripe on the Bonanza blog.