This week we began rolling out our new instant payment system, Ping, to some members who applied for early access. To find out more about what Ping is and how it works, check out our help pages or tutorial video.
Below are some answers to the common questions we’ve been asked about Ping and clarification on what Ping means for you.
Ping is our new instant payment system. 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.
Why did you create Ping?
We want to improve the Trade Me experience for all of our members, whether they’re buying or selling.
For lots of our members, the hassle of swapping bank accounts or jumping over to internet banking to pay the person they’re trading with is a pain point, and potentially a barrier to using Trade Me. Ping cures the pain and will make the process of buying and selling easier and faster.
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 will save you time as it will reduce 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).
- 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, 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 still developing Ping to make it extra awesome. Over time we’ll be working on the following:
- Refunds for Ping payments (bank account refunds will become as easy as credit card refunds). Sellers will be able to issue multiple refunds per transaction.
- Updates to the Ping ledger including more search filters, ability to export transactions and GST receipts.
- Ping will be integrated with listing tools.
- Plus a bunch more stuff that will make Ping better and easier for you.
Why am I being charged 1.95% (or 1.65% for Top Sellers) to receive bank transfers?
There is a fee involved with bank transfers through Ping because this type of payment (instant payment confirmation from a bank account) is unique and not commonly offered online. Unlike a direct bank transfer, bank payments with Ping ensure sellers receive the money instantly into their Ping balance.
This allows you to easily track the payment and ship the goods faster. Like Pay Now, Ping provides safety and certainty for both the buyer and seller.
Providing a credit card-type payment experience to a larger audience comes with costs, and risks, which we are covering on your behalf to help make for a smoother buying experience on Trade Me.
You can still select bank transfer as a separate payment option, but it will be up to the buyer as to whether they use Ping or a traditional bank account transfer method.
What happens if I apply for early access to Ping?
We recommend big sellers do not sign-up as early adopters of Ping, as it doesn’t have all of the bells and whistles yet. We don’t want to create any hassles for you, and encourage you to hold fire until we have the right functionality in place.
We wanted to let all sellers know about Ping and give everyone the choice of early adoption, but there are a few things to be aware of if you do decide to apply for early access:
- It’s currently not integrated with listing tools. We’ll be in touch with sellers who use a listing tool again when Ping is ready for them to use.
- As Ping is not replacing Pay Now for a long time, you’d need to manage both your Ping and Pay Now ledgers. This would also mean that you would 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 will be no breakdown or split to show you how many were made via bank transfers versus how many were made via credit card.
- At the moment you won’t be able to process Ping refunds on your end as we’re currently building this functionality. You’ll need to get in touch with us if you need to make a Ping refund so we can do this for you.
- For any sales made using Ping as the payment method, your buyer won’t receive the payments instructions email. This is something to be aware of if you include important information in your payments instructions, such as return policies or pick-up addresses. These will need to be emailed to the buyer separately.
- You’ll need to have at least one other payment option on your listings in the meantime, as Ping is not yet available to all buyers. To accept card payments from all potential buyers, we recommend adding Pay Now as well as Ping until all members have access to Ping. Note that buyers will only see one of these payment options – if they have access to Ping, they won’t see the Pay Now option.
Rest assured, all of the above will be ironed out and ready to go for when Ping replaces Pay Now, and we’ll keep you in the loop on when to expect this.
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 will eventually act 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.