eBay issued a press release Monday morning to announce it is expanding Managed Payments.
eBay press release follows:
eBay’s Management of Payments Begins Scaling Globally
The company’s multi-year payments initiative reaches a major milestone as the Operating Agreement with PayPal expires.
Starting today, eBay will begin expanding its management of payments around the globe. The company embarked on its journey to manage the end-to-end payments process on its marketplace platform in late 2018 and is already seeing success with its rollouts in the U.S. and Germany. Until now, the rollout has been paced by an Operating Agreement with PayPal that governed how quickly eBay could scale its management of payments. With this agreement now expired, eBay is free to move quickly with fully launching its management of payments, bringing customers one step further toward a more seamless user experience and a more modern managed marketplace.
As of the end of the second quarter, eBay is already managing payments for nearly 42,000 sellers and has processed $4.7 billion in GMV in the U.S. and Germany. Most sellers can expect to see savings in managed payments, with eBay saving sellers $17 million in transaction fees so far.
“Today marks a significant milestone for eBay on our journey toward a technology-led reimagination of our marketplace and provides a simpler and seamless experience for our buyers and sellers around the world,” said Jamie Iannone, President and CEO of eBay. “We have already seen incredible momentum with managed payments, and we expect it to deliver $2 billion in revenue and $500 million of operating income in 2022.”
“We’re dedicated to building a platform that helps our buyers and sellers thrive,” said Alyssa Cutright, Vice President of Global Payments at eBay. “By managing the payments process, we’re creating a simpler, more unified experience for our customers, and streamlining operations for our sellers with one place to sell and get paid.”
Managed Payments Progress
eBay managing payments will now streamline the experience of selling and getting paid on the platform, giving sellers an easier way to manage their business. Through managed payments, eBay is also able to provide buyers with more flexibility and choice in their payment options, offering options including credit cards, debit cards, gift cards and PayPal. Apple Pay is available as a payment option on iPhone and iPad. Google Pay is also available on the eBay site and on the eBay Android App. The company has also enabled SEPA direct debit as a payment option for buyers in Germany, Afterpay for buyers in Australia and PayBright for buyers in Canada.
As eBay scales its management of payments, it will continue to enable new features and enhance capabilities, including adding options for seller financing and more bank payments options.
The progress the company is making is right in line with expectations. Over the coming weeks, the company will be activating managed payments in the U.K., Australia and Canada and has already begun registering hundreds of thousands of sellers in all of these markets for the experience. There are 255,000 sellers enrolled in managed payments globally.
eBay is on track to transition a majority of sellers on its marketplace into the experience in 2021 and complete the managed payments roll-out process in 2022. The managed payments platform is expected to deliver $2 billion in revenue and $500 million in operating income in 2022.
SOURCE: eBay Press Release