Trade Me launches ‘faster, easier’ payment system

09 Mar 2017

Trade Me (NSX: TME), New Zealand’s leading online marketplace and auction site, is retiring its Pay Now payment system in favor of a new, “faster, easier and safer” system called Ping.

Ping will continue to allow buyers to pay for items by credit and debit cards, but will also add the options to make instant bank transfers (payments), or to pay with credit stored on a Trade Me membership.

Jimmy McGee, Trade Me’s head of commercial, said the new system will mean “no more mucking around with bank accounts”.

Ping is a massive upgrade on how our members pay for items on Trade Me. We know it’s been a pain point for our members to have to swap bank details (between buyer and seller), enter the account detail when doing online banking, and then wait for funds to clear.”

With Ping, buyers can select their preferred payment method, and the funds will appear instantly in the seller’s Ping balance. So, the seller can send the buyer’s item/s right away.

Trade Me’s new, ‘faster and easier’ payment system.

However, some sellers have complained that the new payment system eats more of their profits with fees, as Ping charges a 1.95-percent transaction fee for accepting bank payments.

Previously, sellers could accept bank payments, which didn’t attract a transaction fee, through Pay Now.

Responding to the complaints, McGee said: “If [sellers] want to accept payments by bank deposit only – and do the money transfer for free – they remain totally empowered to do that via the payment options they choose.”

But, McGee pointed out the biggest convenience of Ping is that the money arrives instantly in the seller’s Ping account.

It will also work in conjunction with the company’s Buyer Protection service, which was launched last month, making it safer for buyers who make bank payments.

“Ping increases the reach and safety net of Buyer Protection, because for the first time we’ll also be able to cover bank payments, as we will be able to see the transaction end-to-end,” McGee said.

Ping will be rolled out to the 5,000 existing Trade Me members in the next week, before reaching the entire Trade Me base in the next month.

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Angela Hawksford

Angela is a writer and journalist based in Sydney, Australia. She has extensive knowledge of the Australian real estate industry, having started her career in real estate advertising at News Limited newspapers, where she worked across a number of different mastheads in Sydney. She s also worked in television, magazines and online, and regularly contributes feature articles to The Sydney Morning Herald, MiNDFOOD and The Newcastle Herald.Angela also works as a content writer, creating written content for a number of SMEs across an array of industries, including real estate, education, technology and digital media.