SAN JOSE, Calif., Sept. 9, 2020 /PRNewswire/ -- As part of modernizing its marketplace and creating a more streamlined experience for customers, eBay is expanding its management of payments to France, Italy and Spain in the first quarter of 2021. This expansion will continue to offer buyers flexibility and choice in payment methods and give sellers an easier way to manage their businesses.
eBay began managing payments on its platform in the U.S. for a select group of eligible sellers in September 2018, followed by expansions to Germany in 2019 and the UK, Australia and Canada earlier this year. The company is now working to scale its management of payments to all countries.
"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," said Alyssa Cutright, Vice President of Global Payments at eBay. "As we continue expanding and scaling our management of payments around the world, we're excited to add France, Italy and Spain to our growing roster of countries."
The company plans to offer buyers in these countries more ways to pay, in addition to credit card and PayPal. Apple Pay will be available as a payment option on iPhone and iPad. Google Pay will also be available on the eBay site and on the eBay Android App.
eBay's managed payments reached a significant milestone at the end of July with the expiration of its Operating Agreement with PayPal. Now, eBay is able to scale its management of payments globally, offering buyers more choice and flexibility in payment options and simplifying business operations for sellers. At the end of Q2, eBay had already enrolled over 255,000 sellers in managed payments globally. Since launch, eBay has managed payments for nearly 42,000 sellers and processed $4.7 billion in GMV. The company continues to be on track with its roll out of managed payments, transitioning a majority of sellers on its marketplace into the experience in 2021 and aiming to complete the process in 2022. Managed payments is expected to deliver $2 billion in revenue and $500 million in operating income in 2022.
Buyer & Seller Benefits
- Greater choice and relevant set of payment options at checkout: eBay plans to offer buyers a variety of payment options, including credit card and PayPal. Apple Pay will be available as a payment option on iPhone and iPad. Google Pay will be available on the eBay site and on the eBay Android App.
- A checkout experience that begins and ends on eBay. By managing payments, eBay is able to deliver a more streamlined experience through the entire purchase and post-order process.
- Buyer Protection: Eligible purchases made in the new payments experience are covered by local buyer protection programs, independent of payment method used.
- Greater sales reach: Offering buyers more choice and options for how they pay and enabling buyers around the globe to pay in the ways that are most relevant to them.
- A central place to manage the business: Sellers will experience easier account management with all information about their eBay business, inclusive of payments information, in one place, so that sellers can easily track and manage all of their transactions and customer interactions on eBay. This will also include one centralized customer service experience.
- Simplified seller protections provided by eBay.
- Payouts directly to their bank account: Consistently initiated within two business days of an order confirmation, regardless of how the buyer paid, with the option to choose a weekly or daily frequency, as funds are available.
Learn more at ebayinc.com/payments.
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects millions of buyers and sellers around the world. We exist to enable economic opportunity for individuals, entrepreneurs, businesses and organizations of all sizes. Our portfolio of brands includes eBay Marketplace and eBay Classifieds Group, operating in 190 markets around the world.
This announcement contains forward-looking statements relating to, among other things, the future events and future performance of the company and reflect, among other things, eBay's expectation regarding the anticipated benefits of the company's initiative to intermediate payments on its Marketplace platform.
Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made. Factors that could cause or contribute to such differences include, but are not limited to: changes in political, business and economic conditions, any regional or general economic downturn or crisis and any conditions that affect ecommerce growth or cross-border trade; the timing and possible outcome of this initiative; and the possibility that it may take the company longer than expected to fully realize any anticipated benefits of the initiative, and those benefits may ultimately be smaller than anticipated or may not be realized at all.
More information about factors that could affect the company's operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting the company's Investor Relations website at https://investors.ebayinc.com or the SEC's website at www.sec.gov. All information in this release is as of September 9, 2020. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.
SOURCE eBay Inc.