Online auction firm eBay says yes to credit card payments

Online auction company eBay will let sellers take credit card payments over the internet.

Written by Jan Howells

vnunet.com, 02 Mar 2000

Online auction company eBay will let sellers take credit card payments over the internet.

The firm is linking up with US bank Wells Fargo to provide the service through Billpoint, an online payment service it acquired last year for $86m (£54m). Wells Fargo will get a 35 per cent stake in Billpoint.

EBay hopes Billpoint will speed up transactions at its auctions. Currently, buyers have to send cheques or money orders through the postal system, which can take several weeks.

EBay will charge customers a 35 cent transaction fee for using the credit card service and a 3.5 per cent commission on the sale. The company has some 10 million registered users.

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