TradeMe Ping

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CruciasNZ

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#208996 8-Mar-2017 11:50

Source Article from Stuff

So, upon reading the announcement my thoughts are they have essentially replicated the functionaility of Pay Now, but TradeMe get to keep the funds in their accounts for longer. Has anyone heard anything on how quickly they claim you will be able to withdraw money from your Ping account? Pay Now is a real PITA because it can take up to 3 business days to recieve the funds, so I recently made the decsion to stop offering it because I tend to have auctions sell at points in time where I cannot spot the cost of the shipping while I wait for Pay Now to clear.

This seems like it will only benefit people operating as retailers, and those who are addicted to buying and selling as a hobby.

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#1732953 8-Mar-2017 11:50

Hmmmm. Here we go.

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tripp

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#1732967 8-Mar-2017 12:04

I say it's more like paypal. Ping will be replacing paynow later this year.

It will be all to do with them offering "buyer protection" now as they will have direct access to your creditcard / bankaccount / ping balance if someone does a charge back.

I have had OK results with paynow, I don't mind the fees etc and find the money does end up in your account after a few days however I am always worried about charge backs etc but I do find some buyers will only buy if you offer paynow (easier to put it on the credit card than tying up money from the bank account).

The only issue i have with paynow is the "once you get the email from trademe they have paid you need to send the goods". NO I will wait till the payment hits my bank account and then I will send the goods.

I would be interested to see what "seller protection" they offer in line with credit card fraud etc.

Make no mistake, this is not about keeping buyers/sellers safer, it's all about the fees and having access to cover their butt with charge backs.

CruciasNZ

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#1732970 8-Mar-2017 12:10

tripp:

I have had OK results with paynow, I don't mind the fees etc and find the money does end up in your account after a few days however I am always worried about charge backs etc but I do find some buyers will only buy if you offer paynow (easier to put it on the credit card than tying up money from the bank account).

The only issue i have with paynow is the "once you get the email from trademe they have paid you need to send the goods". NO I will wait till the payment hits my bank account and then I will send the goods.

I have taken a similar position Tripp, I often don't send until payment clears because that payment includes the shipping fees. The chargeback situation hadn't occured to me, but that must have burnt a fair few people - buy iPad, Pay Now, recieve shipping, Charge Back, close accounts. I can see how it would be really easy to commit fraud if you followed their current "thous shalt ship asap" policy.

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tripp

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#1732974 8-Mar-2017 12:15

CruciasNZ:

tripp:

I have had OK results with paynow, I don't mind the fees etc and find the money does end up in your account after a few days however I am always worried about charge backs etc but I do find some buyers will only buy if you offer paynow (easier to put it on the credit card than tying up money from the bank account).

The only issue i have with paynow is the "once you get the email from trademe they have paid you need to send the goods". NO I will wait till the payment hits my bank account and then I will send the goods.

I have taken a similar position Tripp, I often don't send until payment clears because that payment includes the shipping fees. The chargeback situation hadn't occured to me, but that must have burnt a fair few people - buy iPad, Pay Now, recieve shipping, Charge Back, close accounts. I can see how it would be really easy to commit fraud if you followed their current "thous shalt ship asap" policy.

Yes it's a lot harder for trademe to get money out of a bank account once it's there. They would just put your trademe account into a negative balance and then need to call you to try and get you to pay the charge-back back. With this ping system they don't need to talk to you at all, if there is a charge back they remove the funds from your ping balance or just charge a creditcard / withdraw from the bank account you have in your ping account.

It makes the sellers life a little hard when we see no payment details at all, we don't know what card is used, name on the card etc so there is no way to check if the person who won and email you is the same person on the credit card. You can bet trademe does not check this either. I would be surprised if they even check if the bin number on the card is a AU or NZ one.

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#1732977 8-Mar-2017 12:18

This line is also interesting

"The company had not required the cooperation of the banks to introduce Ping, but had called them on Tuesday morning to explain the service, he said."

So there are no real rules around how much they can withdraw from an account etc, no agreed authorisations limits with the banks. God help us if there is any phishing scam targeting ping and the user has credit card/bank account info saved.

Think TM need to start setting up 2FA with text to mobile for payments with ping

CruciasNZ

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#1732978 8-Mar-2017 12:21

I didn't click about those points either. I read it as a topup type system, not a PayPal system. I do not think I will be using it until I am confident there is protection against chargebacks - like chargebacks have to go through the same process as the current refund of success fees.

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richms

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#1732995 8-Mar-2017 13:13

tripp:

The only issue i have with paynow is the "once you get the email from trademe they have paid you need to send the goods". NO I will wait till the payment hits my bank account and then I will send the goods.

I hope you disclose that in your listings, because the whole reason I go for paynow sellers over others, even if it is more expensive is because it is easier and faster. If you go waiting for it to process then you have just taken away the biggest reason to do it over a bank transfer. If you are operating outside of what trademe say you should, then IMO they should not permit you to use the service.

Richard rich.ms

tripp

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#1733022 8-Mar-2017 13:25

richms:

tripp:

The only issue i have with paynow is the "once you get the email from trademe they have paid you need to send the goods". NO I will wait till the payment hits my bank account and then I will send the goods.

I hope you disclose that in your listings, because the whole reason I go for paynow sellers over others, even if it is more expensive is because it is easier and faster. If you go waiting for it to process then you have just taken away the biggest reason to do it over a bank transfer. If you are operating outside of what trademe say you should, then IMO they should not permit you to use the service.

Yet trademe own emails that they send after someone uses paynow does not say that.......

"Please ensure that the amount paid is correct and that the goods are shipped to the delivery address below. It is your responsibility to ensure that the goods are delivered within seven days."

7 Days.......

The product is always there within that time frame (unless the courier breaks their side of the agreement) :P

Until better checks are put in to protect the seller of high priced goods then you can bet that I will wait until the money hits the account.

I am not talking about product that are under 100. I tend to sell things that go for between $500 - $1500

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#1733036 8-Mar-2017 13:38

Naysaying is mainly pissing in the wind when it is based on a Stuff article.

It's a lot clearer if you check out the actual terms and conditions at Trade Me:

Ping is not much different to the present situation with a Pay Now account which is why Pay Now accounts will be replaced. There's more options and flexibility particularly being able to use the funds received to pay TM fees.

It is interesting that they are providing a direct debit feature which does require them to comply with the same banking rules as other companies.

The new system will be nowhere near as onerous to sellers nor helpful to dishonest people as some of the opinions suggest. Chargebacks have quite high hurdles to get over and these remain.

Personally, I always ship items on Pay Now and have had no problems. I use Pay Now a lot because I can buy overnight and the item will usually be sent the next day.

I used TM before Pay Now was introduced so I have a positive opinion of the improvements it has brought. I expect the new changes will further smooth seller and buyer administration. I've done quite a few trades (they gave me the t-shirt along time ago) and my biggest problems have been buying from dishonest sellers and slow postal delivery. TM fee refunds and payment disputes have not been an issue.

P.S. It is not the case that Trade Me have direct access to your credit card or bank account if a charge back is required. If the Ping account has no funds then the account balance will be negative and you have to provide the funds to bring it back to a positive balance. Trade Me is not authorised to take the money from your bank account.

tripp:

It will be all to do with them offering "buyer protection" now as they will have direct access to your creditcard / bankaccount / ping balance if someone does a charge back.

richms

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#1733041 8-Mar-2017 13:45

7 days is the point where people can start getting onto them for a refund, not where you should be aiming for.

Most sellers manage to ship same day or get it out on the next days courier in the evening run worst case. That is what I expect from anyone on there selling things on a habitual basis. When I took over a friends business while he was overseas and I was studying, its what we aimed for and achieved almost all the time.

Paynow was a huge improvement since idiot buyers couldnt handle references, or adding the item and the freight charge together and other things. One possible chargeback and it was someone whose kid used their account. Told them to return it at their expense and would refund it since they actually had the thing delivered. Never happened.

Few occasions had the email from trademe saying not to send something. Held off in those cases. Cant recall the outcome of it but they do tell you not to send something.

Richard rich.ms

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#1733079 8-Mar-2017 14:45

I haven't used Trade Me for so long I didn't even know about Ping until I saw this thread. I almost never use Trade Me any more but when I did Pay Now was an important factor in purchase decisions. If there was more than one seller of what I wanted (usually the case) I screened out all who did not offer Pay Now. I would only buy from one of those if I really wanted something and there was no Pay Now option. On more than one occasion, the lack of Pay Now was enough to prevent me from buying at all. This is a buyer perspective. I almost never sold anything on Trade Me.

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