ProPay, a company that specializes in credit card processing and electronic payment services for businesses, has announced prices for eBay users.
The information was released Tuesday, ahead of ProPay's launch as an alternative payment option on the auction site later this month.
As eBay announced in August, it will soon take only electronic payments. Part of that plan includes bringing on an additional electronic payment service to compete with eBay subsidiary PayPal and thus ease concerns over eBay's total control over payment processing. Aside from accepting credit cards, eBay's solution involves giving sellers the option of using ProPay's service.
ProPay was quick to point out that it doesn't want to be considered a full-fledged PayPal competitor and instead wants to position itself as a company that caters to power sellers who plan to accept credit cards. That may be a good idea considering that sellers will be required to pay monthly fees on top of transaction costs--something most PayPal users aren't required to do.
For eBay Silver power sellers and higher, ProPay unveiled its eAuction account, which will be available once ProPay goes live on eBay. It will carry a $24 annual fee or a $2 monthly charge, but the company is offering a $24 credit for sellers who process $3,000 or more with ProPay during their first six months using the service. The plan will carry transaction fees, but ProPay wouldn't reveal those figures. It would only say that the fees will be comparable to those
For those needing more than just the basics, ProPay will unveil the eAuction Pro account later this year for eBay Silver power sellers and higher who not only sell goods on eBay, but also need specialized services for processing credit card transactions in other areas.
The eAuction Pro Account will offer all the features available in the standard eAuction account and add an online virtual terminal, touch-tone phone processing, e-mail invoicing, and a secure card reader that will immediately send the cardholder's information over an encrypted connection to ProPay's virtual terminal to verify funds. According to ProPay, the fee for the Pro account will be $240 annually, and the transaction fees will be identical to those charged in the standard account.