A new online marketplace, launched to rival Amazon, has agreed an exclusive partnership with global payment processor WorldPay, which it claims will ensure both sellers and customers using the site are protected by new fraud prevention and security benefits.
The OnBuy marketplace is due to launch in November 2013 and plans to challenge sites such as Amazon to become a primary website for business sellers to trade their goods online.
OnBuy offers traders a cost-per-sale fee structure and a monthly subscription to use the site. OnBuy has waived the fees associated with sales and subscription for all who sign up, until the site starts transacting. Vendors are being targeted prior to the launch event to occupy the OnBuy ‘Outlets’. They include popular product genres such as DVDs, Games & Music, Crafts & Handmade and Toys and Games.
‘The British Marketplace’ said it plans to present millions of products to the public. OnBuy said it also aims to aid the recovery of the UK economy as well as abide by the tax terms currently under enquiry with other marketplaces operating within the UK.
Its partnership with WorldPay is claimed to provide a high security check system that processes up to 200 different types of checks (depending on the country in which the transaction takes place) when processing a payment, reducing the risk of fraud substantially. These checks are carried out almost instantaneously, ensuring users incur virtually no time delay.
Cas Paton, managing director of OnBuy, said: “OnBuy has already implemented a set of customer protection terms that guarantee purchases, but this partnership is the icing on the cake. Bringing WorldPay on board helps ensure our payment processes are secure and reliable and reassures customers they have the highest level of protection when they purchase from us.”
Rupert Lowery, chief digital officer at WorldPay, said: “We’re happy to be supporting an exciting project and wish OnBuy success at launch and beyond. We’ve worked closely with the team to ensure the payments package is optimised to the needs of OnBuy’s sellers and customers and I’m confident that this marks the start of a strong partnership.”
OnBuy customer protection terms fully protect customers should they experience a problem with a seller; essentially eliminating the risks associated with buying online.
The partnership has enabled OnBuy to arrange its seller fee structure to include and absorb any transactional fees that are usually associated with selling on other marketplaces, such as eBay.
Paton said: “Many marketplaces have made a great deal of effort to hide several extra fees, which make it difficult for sellers to calculate their expected profit, but we’re now in a position to remedy that. Working with WorldPay only strengthens our confidence in revolutionising the UK marketplace and our hopes to aid the recovery of the UK economy.”