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  # 1733126 8-Mar-2017 16:04
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Geektastic:

 

This really does sound like Paypal.

 

Why did they not just use Paypal?!

 

 

 

 

With money in their accounts they can float it on the money market and benefit from the interest you would otherwise have got by withdrawing it to your bank account.





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  # 1733152 8-Mar-2017 16:41
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But most transactional bank accounts pay very little interest.

 

As a seller that is not a significant issue for me. On average Pay Now funds arrive faster, even with TM's 3 day delay, than waiting for buyers to use Internet banking - they often take 5-10 days. I expect that the additional benefits of the Ping account will mean that more users will use it. This will have the effect of improving average payment speed so I'll probably be better off.


 
 
 
 


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  # 1733215 8-Mar-2017 18:55
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richms: Because they own this and don't own PayPal?

 

 

 

So what? This is just typical re-invention of the wheel.






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  # 1733237 8-Mar-2017 19:37
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Geektastic:

 

richms: Because they own this and don't own PayPal?

 

 

 

So what? This is just typical re-invention of the wheel.

 

 

The want the 1.xx% "transaction fee" that the seller has to pay to use it.


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  # 1733238 8-Mar-2017 19:40
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I expect that the next step will be them selling it to local online merchants who at the moment either have to use poli or deal with morons who cant put a reference on deposits.

 

As it stands places like pb tech always stop bank deposits when there are sales on, was told that its because they have a huge number of orders that people choose deposit on and then never follow thru with and it would screw the sale up for people who will actually buy things.

 

If they get ping as a payment method then it will open it up to many more people who either dont have a card or dont want to use it etc.





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  # 1733277 8-Mar-2017 20:26
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Hammerer:

 

 

 

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.

 

 

 

 

 

 

You might want to read this  trademe wants a direct debit authority if you buy using the system and don't use a credit/debit card.

 

"The seller will be paid instantly and we’ll notify them of this. However, as this service uses direct debit payment instructions, you won’t see the money debited from your bank account instantly (it may take a couple of days)."


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  # 1733314 8-Mar-2017 21:03
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richms:

 

 

 

...

 

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.

 

 

 

 

 

 

I ran our work TradeMe store for a while and we had this happen a couple of times each month. We'd get an email from TradeMe saying we can't verify owner of the card blah blah don't ship this order thx. 

 

Trouble was, we used a system called TradeVine which automates everything, we just approve orders that have been paid and it syncs to our shipping system for the warehouse to dispatch. Usually those emails from TradeMe arrived hours after the order was approved and in a lot of cases even after it was dispatched. So when they would say in a follow up email that the transaction couldn't be verified and was cancelled we were a little peeved, but I gave that to someone else to handle and I'm not sure what ended up happening with those. I could definitely understand for that reason alone why some sellers would hold off until they had the money in their own account when TradeMe pulls stuff like that. 

 

 

 

 


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  # 1733386 8-Mar-2017 23:21
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tripp:

 

Hammerer:

 

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.

 

 

 

You might want to read this  trademe wants a direct debit authority if you buy using the system and don't use a credit/debit card.

 

"The seller will be paid instantly and we’ll notify them of this. However, as this service uses direct debit payment instructions, you won’t see the money debited from your bank account instantly (it may take a couple of days)."

 

 

I'm not sure why you removed your original quote. I've added it back in to show that I am responding to your qualification "if someone does a charge back" against a Ping account holder as a seller. What you're now referring to is a Ping account holder using that account for buying. That is a very different scenario.

 

Although I was aware of it - in the terms and conditions which I read and provided links to earlier in the topic/thread - it didn't relate to your focus on buyer protection so I left it out. By the way, I refer to the T&Cs rather than the help pages because they are more important in forming the basis of the contract with Trade Me, e.g.

 

http://www.trademe.co.nz/help/884/ping-terms-and-conditions

 

Direct debits – Bank account payments via Ping

7.1 In the event a person wishes to set up bank funded payments via Ping, to enable purchases to be paid out of their bank account rather than from their credit/debit card, the member must agree to the Ping direct debit terms and conditions.

 

 

Credit card charge backs and direct debits are very different transactions. To get a charge back as a refund to their credit card account, buyers "apply for" and may be "granted" a charge back by the bank. In comparison, a direct debit does not require specific approval for the transaction and it is easier for the account holder to reverse in New Zealand, e.g. " if I am not reasonably satisfied that the authority authorised my bank to debit my account with the amount of the direct debit." Credit card chargebacks are more difficult to reverse.


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  # 1733391 9-Mar-2017 00:32
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I find the reporting of this quite confusing. However from my decryption of the article, but it appears that sellers don't like this new rule, because it appears that if they offer credit card, that both credit card and direct bank payments can use this ping system, so they attract a 1.95% fee on both, if the buyer pays using ping. Under the current system, only credit cards attract this fee, and not direct credits. But if people only offer direct credit payments, and they don't go through the ping service for either credit cards and bank payments, then the seller doesn't attract that fee. Maybe the solution is just not to offer credit card payments at all. The other downside is the newish buyer protection, which I could see being a pain for private sellers who sell via credit card, and is a problem I have heard sellers have had with ebays system. eg Someone buys something that had a $1 reserve, and they end up paying far too much for it, and have buyers remorse, and they complain that it doesn't work and it isn't worth what they paid for it. Or something is sold 'as is' and untested or with a fault, and the buyer didn't do due diligence, and purchased it and found it wasn't right for them. I for one will be disabling credit card, because some buyers are a pain to deal with, not that I do much selling on it


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  # 1733405 9-Mar-2017 01:42
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All I can really see it doing, is keeping buyers bank account details nice and private from the seller.

 

There's all this talk about instant payment. Yeah, an instant number on a Ping Account balance, but it won't be an instant number in the bank account. Unless they're doing something special, I'd imagine it still takes a business day to process if you 'transfer out' money' so you can cover shipping costs etc... This is no different from direct credit/online banking from a sellers point of view, that I can tell.

 

If you top up using a credit card, the transaction fee won't be making them any money, as I'd imagine the likes of VISA still take their surcharge on the transaction to top the account up.

 

It looks like a step in a better privacy way of dealing with a funds transfer. That, and hoping they'll end up with more users money in their interest bearing accounts. If people top up using normal bank accounts, then they'll make a transaction fee.

 

I use bank transfers for maybe 1 in 15 transactions. I always prefer Pay Now and Buy Now for most of them.

 

When money is held for 3 days for Pay Now payments to sellers though, does Trade Me hold on to it for those few days or is that just the time the credit card companies take to process payments? I always thought it was a safety net for the buyer of some sorts.

 

It does me ask, other than hiding bank details (if it does that), what other point is there to it? Do they really want to take on the responsibility for debt collection if users are sitting in negative balance? Or are they going to introduce some nice big fat fee's for negative Ping balances? Because that would make sense.

 

 


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  # 1733406 9-Mar-2017 01:55
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Generally direct credits seem to go through within a few hours these days between banks. I don't see why people just don't use direct credit, it is so easy. The only downside is if you type in the wrong bank account numbers unless the seller is preregistered with the bank as a bill payee.


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  # 1733529 9-Mar-2017 10:03
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mattwnz:

 

 

 

 

 

Generally direct credits seem to go through within a few hours these days between banks. I don't see why people just don't use direct credit, it is so easy. The only downside is if you type in the wrong bank account numbers unless the seller is preregistered with the bank as a bill payee.

 

 

 

 

Now they are quite fast. A friend at BNZ described the speed increase for me a few months back:

 

Following direction from someone (the Reserve Bank possibly - I can't recall) all NZ banks were required to speed up the amount of time taken for credits to appear in your account as cleared funds.

 

The quid pro quo of that is that the system of 'shadow limits' where (unseen by you) banks that knew you were always paid on the 4th allowed payments to leave your account on say 3rd despite insufficient funds, was ended as well. So now payments leaving your account will only go if the money is there on the day.






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  # 1733545 9-Mar-2017 10:40
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mattwnz:

 

Generally direct credits seem to go through within a few hours these days between banks. I don't see why people just don't use direct credit, it is so easy. The only downside is if you type in the wrong bank account numbers unless the seller is preregistered with the bank as a bill payee.

 

 

It's not easy. Buyers have to add things together if they bought more than one thing (Since trademe still do not allow for creating an invoice or editing delivery costs for multiple purchases) and then also manage to type the correct reference (Or just put "trademe" since thats so useful) and the account number. They have to remember to do that after committing to buy something.

 

Ping will let things not be "sold" untill they are paid (hopefully, if trademe dont manage to cock it up like they do so many other things) so the problem of chasing unpaid listings will hopefully go away.

 

You have to remember that the average person is pretty stupid, and there are a hell of a lot more stupid than that using trademe. Until you have put in some decent time on there selling low cost items then you really have no idea how many different ways peoples stupidity can waste so much of your time on the sale that it is just not worth the small profit on it.





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