UK marketplace OnBuy.com has partnered with global online payment specialists PayPal to provide the service’s payment gateway.
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 – there are more than 230 million PayPal users around the world, so offering it as our payment gateway helps to improve customer confidence because it’s a name they already know and trust.
Cas Paton, entrepreneur and founder of OnBuy.com
Customers of OnBuy.com 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.
OnBuy.com’s sellers are now covered by the PayPal Seller Protection scheme for eligible purchases. More than 20 million merchants across the world use the gateway service as it offers an effortless solution. Every transaction made is encrypted and monitored to prevent fraud, email phishing and identity theft.
PayPal Expansion to Other Marketplaces
As part of the separation agreement between PayPal and eBay, PayPal is able to pursue other marketplaces while eBay can implement its own payment platform.
This partnerships is yet another new marketplace PayPal is adding to its portfolio and as the original five year agreement runs its course, the payment company will likely add more marketplaces.
The benefits of these new partnerships are on both sides. PayPal can make up some of the losses it will experience from being the primary payment provider on eBay and smaller marketplaces such as OnBuy.com gain premium features such as buyer and seller protections and the large installed PayPal user base.
If you like to comment on this story, please use the comments section below. Or head over to our Facebook Group for Small Business Sellers and interact with other small business owners.