eBay Dissolves Paper Payments
Beginning late next month, eBay will no longer accept money orders and checks for online purchases, reports Internet Retailer.
The change will benefit sellers, making payments faster and more reliable, wrote eBay in a blog posting.
Customer complaints are 80% more likely to occur when a consumer pays with a check or money order compared with a credit card or PayPal, making the paper format less and less desirable.
And online payments are much faster: 25% of PayPal-processed transactions in the US are paid within five minutes and 73% within 24 hours.
Shoppers are still encouraged to use credit and debit cards. ProPay, a credit card processing service, will be available to help small merchants adjust to the change.
eBay also said it would offer “several other electronic payment options in addition to PayPal,” but it will not accept payments processed through services offered by competitors Google or Amazon.
In related news, the online marketplace is getting ready to cut 10% of its 15,000-strong workforce (via MarketingVOX).
