We launched our managed payments journey over two years ago to make buying and selling on eBay easier for our customers. Today, as we reimagine eBay with technology and customers at the forefront, we’re excited by the acceleration of managed payments, especially as we have started to scale the program globally over the past three months.
Worldwide, more than 340,000 sellers are currently enabled in the payments program, with hundreds of thousands sellers joining since July. During the third quarter of this year, eBay managed payments for over 20 percent of on-platform volume, and we’ve expanded the program internationally to Germany, the U.K., Australia and Canada, with France, Italy and Spain coming in 2021 and more over the next two years.
We know that buyers are looking for more flexibility and freedom in how they choose to purchase on the marketplace, and managed payments will help build on our efforts to provide next-gen experiences for shoppers in today’s digital-first economy.
As we’ve taken control of the payments process on our platform, we see from our data that when presented with the option, new or reactivated buyers are choosing to pay with cards, Google Pay and Apple Pay across the majority of purchases.
We’ve made significant strides in adding feature enhancements and new capabilities to further streamline and improve the payments process for our buyers and sellers. And we continue to be on track to manage payments for the majority of our sellers by next year and to complete the full roll-out for payments by 2022.
Strengthening the Customer Experience Through Managed Payments
By managing payments, we’re able to provide a simpler experience for customers that’s consistent with today’s retail standards. We can offer buyers more flexibility and choice in how they’d like to pay and offer sellers a more streamlined way to run their businesses.
My team and I are committed to creating the best experience for the sellers who fuel their livelihoods on our platform. We regularly meet with sellers like Monica Gamboa, of The Posh Hanger, to help shape and fine-tune our managed payments experience based on their feedback. Monica sells clothing and accessories and has shared that managed payments makes it easier for her to track her money. "I love having more control over how frequently I get paid,” Monica said. “I just switched from daily payouts to weekly payouts and it's much easier for me to budget and plan my expenses."
Other sellers like Liz O’Kane, of Colorado Re*Worn, have shared how easy it was to switch over to the new experience. “My transition to managed payments was seamless — I updated my information, everything went through, and I’ve gotten my payments on time — for me it was flawless, and my business just kept going as usual,” Liz said. “Everything has been easy to use and navigate, and I love that I don’t have to go to two different sites to manage my business.”
Around our global and virtual offices, our teams are working to create world-class, delightful payments experiences on our marketplace for our customers — now, more than ever, as more people around the world are increasing their shopping online. Our teams are consistently examining customer feedback to fuel our new payments experience and meticulously refining the platform based on their input. As we continue to scale managed payments into new markets, we’ll add new features and enhance capabilities with our customers always in mind.
Through managed payments, we’re creating a simpler, more modern managed marketplace in service of our customers — all to empower people and create economic opportunity for all. By fully managing the end-to-end payments experience for our customers, our buyers win, our sellers win and our marketplace wins.
Follow our managed payments journey at ebayinc.com/payments.
This blog 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 athttps://investors.ebayinc.com or the SEC's website at www.sec.gov. All information in this release is as of October 28, 2020. Undue reliance should not be placed on the forward-looking statements in this blog, which are based on information available to the company on the date hereof. The company assumes no obligation to update such statements.