eBay launched its Billpoint payment system yesterday. The system will allow sellers on the auction site to accept payments via credit card. Buyers will enter credit card numbers, click a button, and electronically send money to a seller’s checking account.
For the next three months sellers will not see any related charges by using Billpoint, but after that, 3.5 percent of a transaction amount plus 35 cents will appear on the seller’s credit card.
eBay hopes that Billpoint will cut down on the amount of time it takes to complete transactions on the site. Until today, sellers had to wait for a personal check or money order to arrive in order to complete an auction. eBay tested Billpoint among its most active listers who sell more than $1,000 a month in goods.
eBay owns 65 percent of Billpoint while Wells Fargo owns the other 35 percent.
