Online marketplace OnBuy has been investing millions of pounds into product improvements and localized payment options as the company gets ready to embark on its international expansion.
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This includes its long-standing collaboration with PayPal, which has been significantly improved with a new two-year agreement, while also upgrading to its latest PayPal Commerce Platform.
The upgrade improves the payment process for customers through a new streamlined checkout process powered by PayPal, enabling a simple and secure order completion experience for both PayPal and debit/credit card payments.
Sellers on the OnBuy eCommerce marketplaces benefit from knowing their funds are safe on PayPal, available for easy funds transfer, or can be used to pay for expenses directly from the PayPal balance.
“Brands and retailers alike are in safe hands with OnBuy. We are a partner to retailers and are proud to be a platform built on fairness and transparency. We will never be a retailer of product or compete with our vendors, and we mean that.”
“I was told on day one that creating OnBuy would be ‘impossible.’ I was told I was crazy to take on the ‘big players’. But it’s clearer now than ever that OnBuy is changing the way marketplaces work for retailers. We know that if we can deliver what’s needed for retailers to thrive, we can in turn deliver the best in choice for our customers.”Cas Paton, Founder and CEO of OnBuy
The newly-signed deal marks a significant milestone towards international growth for OnBuy as it expands the customer reach for its merchants, while also being able to attract new sellers in international markets with a globally trusted and familiar payment solution.
In addition, the improved platform will provide access to more payment solutions, credit solutions as well as other major products offered by PayPal.
Global support will also include localized payment options, meaning a streamlined user experience for merchants and customers alike as OnBuy is poised for multi-currency, multi-language, and multi-country expansion.
“The journey building our brand has been incredible so far, but we’re really just at the beginning. Our focus now is to finesse our platform, improve our product and pave the way for international growth. Our renewed collaboration with PayPal will help us commit to our promise to retailers by facilitating growth through simple, efficient and safe payment solutions,” added Paton.
OnBuy Marketplace Brings Transparency to Sellers and Buyers
With its disruptive approach to eCommerce, OnBuy has continued to succeed in challenging the status quo of online marketplaces in the UK.
For example, during last month’s big shopping period (week of Black Friday through Cyber Monday), Cas Paton revealed on LinkedIn that OnBuy managed to pull off a whole 30% more YoY from November 20, making November the biggest month ever for the fast-growing marketplace.
The company’s mission is to provide a fair and transparent marketplace that does not retail any products, does not launch its own branded products, and does not compete with its retailers. Unlike other online marketplaces, sellers on OnBuy are competing with other sellers, not with the marketplace itself.
This approach is resonating with merchants and customers alike and has also gained the attention of investors. Earlier this year, OnBuy closed on a £35 million Series A+ funding round, which will help the marketplace continue to innovate and expand internationally.
The company has set its sights firmly on reaching unicorn status in the coming years.
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