eBay is Replacing PayPal with Adyen
After 16 years of partnership with PayPal, eBay is phasing out their popular payment option. Coming as a huge shock to the ecommerce community, PayPal shares have already fallen more than 15 percent. For its replacement, eBay has chosen Adyen, a worldwide payment company stationed in the Netherlands.
This isn't an immediate annulment due to an existing agreement between eBay and PayPal that is valid until 2020. PayPal will remain a checkout option for shoppers, even though they'll slowly be phased out as the main payment processor. Ayden will gradually take over eBays payment system across North America before the end of 2018.
Their responsibilities will include processing, reconciling and handling transaction disputes. By 2021, Ayden will become eBays primary payment processing partner. eBay believes this is a necessary step towards improving the overall buyer/seller experience and creating a competitive advantage in today's fast-growing market.
Currently, PayPal customers are directed to an external website to purchase their goods from eBay. This is about to change allowing customers to shop, check-out and complete their transactions all within eBay. eBay's mission is to provide a streamlined payment option, tailored to meet the needs of both merchants and customers.
eBay Customers will receive further instructions throughout the transition. Merchants will also be informed of the next steps regarding store adaptation to accommodate the new payment module.
Shopify Introduces Shipping Labels on Mobile
Many store owners decide to be entrepreneurs because it allows them to have a flexible work-life balance. Meaning they can work around their schedule, and work from anywhere and anytime. In the spirit of flexibility, Shopify has rolled out Shipping Labels on Mobile.
Being able to fulfill orders directly from your phone will make it easier for users to manage their store wherever they are. US and Canadian merchants can already start using this newly added app feature. The application allows you to buy and print shipping labels, save them for later printing, and manage delivery progress. All from your phone.
Shipping Labels on Mobile still grants you access to the perks of Shopify Shipping and comes with all the added benefits of lower rates from Shopify shipping partners (DHL, UPS, Canada Post and USPS).
As soon as a buyer makes a purchase, you can immediately create a shipping label, choose your preferred shipping carrier, pay for the label and it's ready to print. With this extra app feature, Shopify anticipates a reduction in administrative tasks and a simplified user workflow.
To start using this new feature, download the Shopify app for iOS or Android. If you have already installed the app, simply update to the latest version to activate the Shipping Label on Mobile. You'll also need to make sure your phone is connected to printers using AirPrint or Google Cloud Print.
Amazon Acquire Ring to Boost Delivery Service
A video doorbell maker called Ring was acquired by Amazon to the tune of one billion dollars earlier this week, making it one of the biggest investment in Amazon history. Acquiring Ring is another milestone for Amazon towards disrupting the home security market.
The acquisition is presumed to help bolster Amazon Key, which connects a security camera with a smart lock and allows keyless entry for courier deliveries. Ring is an innovative video-enabled doorbell that streams activities outside a user’s home directly to a mobile phone or computer.
Ring users are able to clearly see in 1080p HD video, speak and hear visitors at their home, office, store or anywhere they might find themselves. It's also fully compatible with Amazon’s virtual personal assistant, Alexa.
Ring quickly became a hit as a home essential since their 2012 launched, with over two million customers within just a few years. The combination of Rings current customer base and Amazon Key is the quickest route to achieve Amazon’s delivery projections.
This acquisition is an exciting addition to Amazon’s portfolio of smart-home devices currently being sold on their site. A spokesperson from Ring told CNBC, “We look forward to being part of the Amazon team as we work towards our vision for safer neighbourhoods.”
Stripe is Dropping Bitcoin
Stripe, a payment option popular with millions of ecommerce merchants, is ending the use of Bitcoin on their platform from April 23rd, 2018. Volatility and lengthy transaction times are cited by Stripe as one of the reasons for the cancellation.
In 2014, Stripe became one of the first major payment processors to adopt Bitcoin payments. The hope was that it would become a decentralized payment alternative for online transactions across the globe, assisting people without access to credit cards or general payment prohibitions.
Fast Forward to 2018, Bitcoin has morphed into an asset rather than a means of exchange. Bitcoin transactions often take hours due to the verification process. Causing delays in payments being cleared and an increase in the number of remittance failures. There's also a potential for Bitcoins to reduce in value between when a payment is sent and received.
Companies accepting Bitcoin on Stripe are seeing a significant reduction in revenue, leading merchants to drop the payment option. Stripe has already started the transition, giving users enough time to swap out Bitcoin
Stripe remain optimistic that cryptocurrencies will become more viable in the future. But for now, it’s goodbye to Bitcoin.