In March we told you about our new instant payment system, Ping. At that time Ping wasn’t ready for Top Sellers to use, however since then we’ve added a bunch of features and it’s now ready for Top Sellers to start using.
We’ll email you in the coming weeks when we’re ready to activate it on your Trade Me account.
As a seller, you’ll receive money instantly into your Ping balance regardless of whether a buyer has paid with their bank account, credit/debit card, or Ping balance. You can then use this money in your Ping balance to pay for items on Trade Me, or transfer it out to your bank account.
We now have tens of thousands of customers using Ping, and we’re adding more each week. We’re getting great feedback from buyers and we’re currently seeing higher conversion rates on listings that offer Ping.
What are the benefits?
By removing barriers to purchase and making payments faster, we expect Ping to increase transaction volumes, meaning more sales for sellers who accept Ping payments.
Ping, along with our courier booking service and Buyer Protection, are all aimed at making it easier to buy and sell on Trade Me.
A snapshot of Ping’s current benefits include:
- It’s fast. As a seller you’ll receive bank payments instantly, just like credit card payments.
- Ping should save you time as it reduces the need to search for payments in your bank account.
- Ping enables you to ship goods straight away. There’s no more waiting for funds to clear into your bank account as the money will instantly show in your Ping balance.
- If a buyer’s bank payment defaults or doesn’t go through, we’ll take care of this with the buyer and it won’t affect sellers. You’ll be able to send the goods and will still have the money in your Ping balance (and that’s where it will stay).
- You can now make as many refunds on a sold item as you need to up to the value paid; Pay Now only allows one refund per item.
- There are improved balance withdrawal options for sellers – either on an automated daily basis or manually when it suits you.
- Every Trade Me member will be able to buy and sell with Ping – over time we’ll put it on all accounts, with no signup required.
- Ping will provide split payments for buyers, meaning they’ll be able to pay with a combination of Ping balance and either their bank account or credit/debit card.
- The Top Seller discount applies to Ping transactions, bringing the 1.95% fee down to 1.65%
What are the future plans for Ping?
We’re working on many new features, and also making sure that Ping will work well with listing tools such as Tradevine.
Should I use Ping?
Ping is open for business, and we’ve give you access to it as soon as we can.
If you use a listing tool, we’ll be in touch with you when Ping is ready to go on your listing tool. In the meantime, there are a few things to be aware of:
- As Ping is not replacing Pay Now for a while, you’ll need to manage both your Ping and Pay Now ledgers. This means you’ll have two bank payments made to you – one from Pay Now and one from Ping.
- Your Ping ledger will simply show payments made with Ping. There’ll be no breakdown or split to show you how many were made via bank transfers versus how many were made via credit card.
- Buyers who use Buy Now to pay for items immediately with Ping won’t see your payment instructions in their confirmation email. If you include important information in your payment instructions, you may want to include this info in your listing description or email the buyer separately. Payment instructions will be sent as usual for other payment types. Listings won via auction or Fixed Price Offer will still be sent a link to your payment instructions.
- As Ping is not yet available to all buyers, we’ll automatically enable Pay Now on listings with Ping. Buyers will only see one of these payment options – if they have access to Ping, they won’t see the Pay Now option.
I don’t offer buyers the ability to pay via their bank account. Why do I have to allow people to pay me this way with Ping?
Ping allows you to experience the benefits of Pay Now by providing access to a wider pool of buyers. It’ll work the exact same way as a credit card payment, and refunds work in the same way too.
I’ve got more questions about Ping...
We’ve also got a Message Board thread if you’d like to chat about this post with other sellers.