eBay expands its existing payment management system in the Latvian market

By modernising its online marketplace and expanding its managed payments process, the global e-commerce website eBay created an even more streamlined and efficient shopping experience for its customers in the second quarter of this year. Starting in May, these changes will provide sellers with a simpler way to manage their businesses and offer buyers greater flexibility and more choice in payment methods. The number of Latvian sellers on the eBay platform increased by 21% last year, while the most popular product categories included automotive parts and accessories, electronics, fashion items, collectibles, and home and garden supplies.

"As we continue to expand and develop our online payments management process, we are pleased to welcome Latvian sellers to the improved eBay platform for businesses. Since September 2018, eBay has expanded its operations and gradually introduced managed payments in Germany, the United Kingdom, Australia, Canada, France, Italy and Spain, and this year we are actively planning to implement it in other parts of the world as well," comments Alyssa Cutright, eBay's Vice President of Global Payments. “We are committed to becoming the primary business partner for local e-commerce entrepreneurs by creating a modern, well-managed marketplace that improves the customer shopping experience and eliminates any inconvenience, while also providing a more convenient and streamlined selling experience. In the coming months, we will introduce these changes to all sellers on the platform; moreover, we have designed this process with the diverse needs of sellers worldwide as our primary consideration.”

"Latvia and the Baltics are among the key regions in eBay's portfolio of developing markets worldwide, and it is important for us to continuously improve the experience of local customers," adds Ilya Kretov, General Manager of eBay's Global Emerging Markets. “We are delighted that thousands of Latvian sellers will soon be able to experience a streamlined format for managing sales on our platform, while buyers in the region will be able to make purchases on eBay using their preferred payment method without worrying about the security of their data.”

In July 2020, major changes were introduced to eBay's payments management following the end of the platform's partnership agreement with the PayPal payment service. eBay can now expand its payments management globally, offering buyers greater choice and flexibility in making payments while also simplifying the business management process for sellers. In the first quarter of 2021, eBay processed 52% of its total payment volume through its global platform, and more than four million active sellers participated in the new programme. The company continues to move forward with the aim of managing sellers' day-to-day payments worldwide, introducing the new changes to most business users of the platform in 2021. By 2022, managed payments are expected to generate at least USD 2 billion in additional revenue and provide total revenue of USD 500 million.

Benefits for buyers and sellers using the eBay marketplace:

For buyers

● Greater choice and flexibility when making payments: By managing payments directly, eBay has introduced a range of new payment methods that buyers can now use, including credit cards and PayPal. Apple Pay will also soon be available as a payment option in the iPhone and iPad apps.

● A shopping experience that begins and ends on the eBay platform, regardless of how buyers pay for the items they have chosen. By managing payments, eBay can provide a streamlined shopping experience both during and after the purchase.

For sellers

● Providing suitable payment methods by offering buyers a wider range of payment options and allowing them to pay for goods in the way that suits them best.

● A centralised business management hub: In the future, sellers will find it even easier to manage their business accounts while conveniently viewing all information about their eBay businesses, including payment data, all previous transactions and customer interactions. This will also include a centralised customer service hub.

● eBay provides simplified seller protection.

● Payouts for purchases are issued regularly within two business days of payment confirmation, regardless of how the buyer paid, with the option to choose weekly or daily payouts.

More information about the introduction of managed payments on the eBay platform in Latvia and elsewhere in the world can be found here.