The move to PayPal means that both buyers and sellers can benefit from a robust level of security and protection, as well as offering buyers more payment options such as their existing PayPal balance, linked bank account, and supporting most major credit and debit cards.
“This is fantastic news for OnBuy.com and in turn everyone using our platform – globally there are 22 million PayPal users so offering it as our payment gateway helps to improve customer confidence because it’s a name they already know and trust. We’re really looking forward to seeing how this further improves the experience for our sellers as more users will be confident in the site thanks to PayPal’s existing credibility.”
– Cas Paton, Founder, OnBuy
Customers of the online marketplace will benefit from the new partnership as they will have access to PayPal’s Buyer Protection scheme, offering assistance from the platform’s expert dispute resolution team. Similarly, OnBuy sellers are now covered by the PayPal Seller Protection scheme for eligible purchases (Top Tip: Ship via a service with online tracking and you should win any item not received cases).
This announcement comes as part of a massive year of growth and development for the online retailer, including hundreds of new sellers joining the platform, with many witnessing exponential growth in sales.
What makes the Onbuy PayPal partnership unique?
This appears to be the first time PayPal have worked with a marketplace outside of eBay with PayPal for Marketplaces. PayPal for Marketplaces is still a limited-release solution available to select partners for approved use cases and OnBuy appear to be first, certainly in the UK, to go live.
What makes this unique is that all other marketplaces act as the merchant of record but with OnBuy, you the seller are the merchant of record which means you get paid the minute the sale is paid and the funds are immediately in your personal bank account.
The bid deal with this is that you control your finances – other marketplaces may offer PayPal but they’ll also get your payments until they disburse them and some marketplaces take up to two weeks to pay out. OnBuy, as far as we are aware, are the only marketplace other than eBay where the payment is passed directly to you in your PayPal account giving you immediate access to your funds to spend or withdraw to your bank account.