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eBay Is Dumping PayPal For Dutch Rival Adyen (cnn.com)
schwit1 shares a report from CNN: EBay, one of the world's biggest online marketplaces, announced Wednesday that it's dropping PayPal as its main partner for processing payments in favor of Dutch company Adyen. In 2002, eBay paid $1.5 billion to buy PayPal, an online payments company whose founders include Silicon Valley heavyweights Elon Musk and Peter Thiel. It proved to be a very successful investment. When eBay spun off PayPal in 2015 -- something investors and analysts had urged it to do -- the payments company's market value was close to $50 billion. It's now above $100 billion. Based in Amsterdam, Adyen already works with other big tech companies including Uber and Netflix. It says it handles more than 200 different payment methods and over 150 currencies. The shift will start gradually in North America later this year and eBay expects most marketplace customers around the world to be using the new system in 2021.
PayPal is just awful. High fees, crap service, tax dodging and the dispute resolution is a joke.
These new guys can't be any worse.... Can they?
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SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
AC the "why" is in the payments from gift cards, other payment systems.
Why accept CC when lots of people may want or can only use a gift card. The ability to work with a network of gift cards globally open up the gift card, bank payments, e-commerce payment systems and the CC market.
More nations, more banks, more gift cards, new payment systems.
Domestic spying is now "Benign Information Gathering"
The why is simple - the flow for paying with PayPal is terrible. It involves logging in multiple times to multiple different services, being bounced off eBays web page, to pay pal's web page, all kinds of crazy shit going on. This lets ebay just have a sane payments form like every other eCommerce site ever.
eBay and PayPal separated about 3 years ago. They are completely unrelated companies now. The only business between them was a (public) 5-year operating agreement to keep Paypal as the primary option. That expires June of 2020. The agreement allows a small percentage of transactions to be processed outside Paypal in 2018 and 2019 (obviously to allow time for development of an alternative).
Source: eBay employee, but not of privileged information. The above was all made public during the public earnings call this week.
Ironically, they accept paypal too :p - https://www.adyen.com/pricing/...
It's not a typo if you understood the meaning!
North American companies used to quote my customers about 3%. EU ones quoted andout 1/2%, but wouldn't or couldn't do business in the US and Canada.
davecb@spamcop.net
It hasn't been that way for some time, every item I bought last week didn't require me to then go log into PayPal, I selected it as the option then clicked pay and I was done.
Most likely you previously clicked the option that obviating the need to log in to PayPal from then on. That features has been available for several years.
Not so long ago ebay was forcing you to use paypal,
Because eBay and Paypal were effectively the same company. They split in 2015, and as part of that split they had an operational agreement that eBay would process at least 80% of its payments via Paypal (see https://www.finextra.com/newsa...).
Now that eBay is becoming a true free elf, they are looking to cut costs by using another payment processor.