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Allstar

Is bobPay now mandatory and the default payment method for sellers listings?

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Allstar

It appears that bobPay has very recently been made mandatory and the default payment method?

I previously did not enrol in the bobPay program and it wasn't active on my listings but now it appears since this week its the default method.

It's just an extra hassle I don't need, nevermind the fee's I have to pay Bob for the luxury of holding my money interest free whilst still earning interest on it from their bank :shock:

sigh...

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Allstar

There is the reason in black and white why bobPay is so profitable for Bidorbuy:

 

(vi) all interest accruing on any amounts held by bidorbuy for you from time to time, including interest accruing on any Withheld Portion (as described in clause below), shall accrue for the benefit of bidorbuy, and you shall have no claim whatsoever in relation to such interest amounts.

 

And that is also probably the reason why you are encouraged to hold funds in bobPay and wait until the total is above R3000, or pay a R5 fee after the first monthly free withdrawal.

 

Be interested to know how many millions at any one time is being held in the bobPay accounts generating interest?

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staccato
There is the reason in black and white why bobPay is so profitable for Bidorbuy:

 

(vi) all interest accruing on any amounts held by bidorbuy for you from time to time, including interest accruing on any Withheld Portion (as described in clause below), shall accrue for the benefit of bidorbuy, and you shall have no claim whatsoever in relation to such interest amounts.

 

And that is also probably the reason why you are encouraged to hold funds in bobPay and wait until the total is above R3000, or pay a R5 fee after the first monthly free withdrawal.

 

Be interested to know how many millions at any one time is being held in the bobPay accounts generating interest?

 

I agree! You can still offer direct EFT to your account but most buyers ignore it and pay BoBpayEFT. I don't like to be "managed" but either one accepts or don't sell on BoB.

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Allstar

Thanks for your views Staccato, how do other sellers feel about this move?

 

I understand its good that sellers new to Bob are initially obliged to use bobPay, helps curb fraud and helps buyers feel safer ordering from sellers with few or no ratings.

 

But sellers who are verfied and been selling for years bobPay offers no advantage whatsoever - just more hassle and fees, its not a "service" becuase I don't need it, it gives me no added value. I can wait an extra day for the payment from banks other than my own to reflect, no buyer has ever complained about that - ever.

 

This only benefits Bob due to the enormous funds they now hold to earn interest from, if bobPay was designed as a tool for me the seller to use to my benefit then it would be an opt-in not mandatory as it is now.

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Colin_P

The benefit for you as a seller is that it makes your buyers feel more comfortable. Yes, I know you probably don't see that as a benefit, but without buyers happy to trust the system you'll never sell a thing.

 

And how much is it actually costing you, in Rand terms, a month? I suspect not all that much.

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qball

Why is bobPay mandatory?

 

 

First off, buyers find it easier to make payment this way, and feel it provides more trust to the transaction, they feel more comfortable making payment to bidorbuy as opposed to a seller directly. It adds convenience, ease of payment and speed in clearing the payment for them. We are trying to make it easier and better for buyers to make payment and conclude their transactions. This does benefit you the seller, as the money clears a lot sooner and we can advise you that the funds have cleared as opposed to waiting up to 2 or 3 days for money to clear into your account. It also helps as they only have to create one beneficiary when making online payments on their side, as opposed to multiple beneficiaries, thus eliminating mistakes, errors and adding convenience.

 

We are also concentrating very heavily on mobile applications, and payment methods need to be easy to use and convenient for buyers to pay for their purchases, bobPay allows for this to happen easily and quickly for mobile users of the site.

 

We also introduced bobBucks vouchers to the system, linked in with bobPay, this in order for sellers to accept payments via vouchers and again, to make the payment easy and convenient for buyers. This has proven to be very popular with buyers and people wanting to use their credit cards where sellers do not offer credit card, as well as for gifts.

 

Finally, we write off loads of bad debt from sellers who do not pay their fees. This also allows us to recover fees instantly to offset any defaulting sellers. This is covered in our terms of use which all users agree to and are bound by.

 

We want the purchase and payment process to be as seamless and convenient for the buyer as possible. We realise this may cause some minor issues for sellers, however the benefits far outweigh these issues.

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Digital Wolf

I am also a seller by-the-way, but would like to give a buyers point of view:

 

I only buy items that have Credit Card or bob EFT options, as soon as I see that those aren't available I try find something else even if it's R100+ more. Why? I can pay in seconds using my cellphone banking app as I have bob as a beneficiary or with my credit card details which I have memorized.

 

When someone doesn't offer those options it means I have to write down all the details, log into my internet banking, enter all your details CORRECTLY, wait for my OTP, then pay and then save my proof of payment to send to the seller. It's a hassle. Thank goodness I'm not with ABSA, have you seen what those OTP/RVN number-letter-lowercase-uppercase code combinations look like!?

 

Fine, don't offer bob Pay but don't expect me or like minded buyers to purchase from you - it's inconvenient.

 

Please try see this from the buyers side.

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voldermort

So 99% of my time on BoB is spent selling - once in a blue moon I will buy BUT when I do buy, I look for BoBPay options (selfish I know but BoB is already added as a beneficiary to my list & I couldnt be bothered adding new beneficiaries) so in lieu of my selfish attitude I decided to willingly add BoBPay to my payment options & really, it is no problem at all.....the money is usually in your BoB account within minutes (you receive notification advising you of this), it is quick & easy & the R5??? (I think) commission that is subtracted is minimal. Even if you take under R3000 2x weekly from BoB that is R40 p/m which is less than some sellers charge to post an item weighing 100g.....really for me personally, it is not an issue.

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Rambeo

I agree with Digital Wolf and Valdermort. As most of my purchases are made and paid on a mobile app. So this makes life so much much easier as I too have BoBpay as a beneficiary and need only memorize a 6 digit ref number and the amount. Talk about easy shopping. Thanks BidorBuy for making this so hassle free.

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NooNooBug

All down to personal choice... we as Sellers CHOOSE to sell on BoB because we want to and it works for us, including the rules etc, If you do not agree then you are free to sell elsewhere. I for one prefer to have payments to bobpay and find the fees minimal and worth it. I also do not need to worry about making a payment to Bob for my fees as that is taken care of immediately, which I like. I agree that it is also so much easier as a buyer too, just makes one part of life a little quicker & easier. I personally like Selling & Buying on BoB ....and I also tend to prefer Sellers that offer bobpay !

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Pathway

I love Bobpay both ways, buying and selling. It's easy, and gives me some recourse, other than 'he said she said' if there's a query. As a buyer, I have a ref number to prove payment, as a seller, I have Bob's word for it that the money has been paid. Both ways, there's a third party involved. And so what if Bob is getting a few cents interest from me? Since I joined Bob, many years ago, the only thing that has gone up, is adding a R5 fee to Weekend Specials, all other costs have remained the same. I can't say that of any other place I do business with.

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cp27
I love Bobpay both ways, buying and selling. It's easy, and gives me some recourse, other than 'he said she said' if there's a query. As a buyer, I have a ref number to prove payment, as a seller, I have Bob's word for it that the money has been paid. Both ways, there's a third party involved. And so what if Bob is getting a few cents interest from me? Since I joined Bob, many years ago, the only thing that has gone up, is adding a R5 fee to Weekend Specials, all other costs have remained the same. I can't say that of any other place I do business with.

 

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men

BOBPAY is not feasible for small items that you pay promotional costs for and BOBPAY fees, this amounts to R10 add costs

BOBPAY delays transaction when seller and buyer use the same bank

.

With regards to buyer security, I have sold over 1300 items and less than 30 were via BOBPAY, highly rated sellers with products at good prices will always sell.

Until recently since BOBPAY has been listed above my eft details I have noticed an increase in its use by the buyers

 

Bidorbuy does nothing to verify buyer details and ensure that sales are not cancelled by defaulting bidders, yet they want to secure their fees through BOBPAY,

 

BOBPAY only has bidorbuy's interest in mind.

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qball

It is mandatory, this will not change.

 

I disagree with your assessment of the situation.

 

There are hardly any delays when it comes to paying out a seller, unless it's due to a technical issue beyond our control. Not all users bank with the same banks, by using bobPay it actually speeds up the clearing process and payment is confirmed usually within 30 minutes, you would not get this if the buyer banked with another bank other than yours. As long as we have confirmed payment, the goods can be shipped thus expediting the entire delivery process and adding more convenience to the buyer and raising your level of service by doing so. It also helps reconcile your payments received as everything is recorded on the order and can be matched and allocated more easily on the bob system, thus creating more conveniece for you as a seller, as opposed to trying to wait and match payments manually on your side.

 

I think you miss the point entirely Men - it's convenience for the buyer. Should you use the auction option you assume all the risk and if a bidder defaults, then you must take the legal action required. This has nothing to do with bobPay. Please also note that a bidder can also ask for their bid to be deleted at any stage of the auction according to the CPA. Verifiying a bidder DOES NOT guranatee payment or conclusion of a sale. You are given tools to deal with defaulting bidders - negative rate them, SNC's etc.

 

If you missed the benefits here they are again, I'm sure you can see it is far mor beneficial to the buyers and sellers - we do not charge for bobPay, it's a free service, and yes, it does make recovering bad debt BY SELLERS easier, if payment goes through bobPay.

 

The advantages of using bobPay-EFT for Sellers and Buyers include:

 

  • No high credit card processing charges.
  • There is currently no charge for the service. In future, it may however be necessary to charge a nominal fee for this service due to the bank charges and admin overheads required to run the system.
  • No risk of charge backs as is the case with credit cards.
  • Automatic reconciliation of payments received, usually within 30 minutes (an email notification is sent to the Buyer and the Seller once payment has been received, and the payment status of the order on the bidorbuy system is set to ”Payment Completed” so the Seller can ship the goods knowing that the funds have been received).
  • The Buyer links directly to their internet banking portal so payment can be made quickly (Buyer logs in to their internet banking, thus security is not an issue).
  • Speedy confirmation of payment if the Buyer pays via EFT from one of the big four banks.

 

Hope this broadens your view of the world a little bit more...

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qball

BTW - the costs you refer to are advertising costs and should come out of your GP or capital. This has nothing to do with bobPay as it costs nothing to use... you are using auctions and if you don't get your price that is the risk you take when placing an item on auction - try using Buy Nows, where you can build your costs into the product price, like other retailers do...

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Vinyl Lady Decals

I personally love using Bobpay, my sales increased radically once I started using it, it gives buyers a more secure feeling, even if that is only psychological. It also makes bookkeeping a whole lot easier.

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YiaYia1

I am a buyer and seller on BOB. Have no problem with the payment method. I understand that it is very important to use the relevant reference number when paying for an item. Received an email on Sunday, rudely refered that in the future use a reference number when paying. I have proof on my bank account that a correct reference was used. So it is clear that mishaps can happen with BOB 's payment method

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qball
I am a buyer and seller on BOB. Have no problem with the payment method. I understand that it is very important to use the relevant reference number when paying for an item. Received an email on Sunday, rudely refered that in the future use a reference number when paying. I have proof on my bank account that a correct reference was used. So it is clear that mishaps can happen with BOB 's payment method

 

Sometimes the banks do not enter the reference correctly, we often see this on cash deposits where the cashier/teller does not put the reference in properly, alternatively, it may be a delay with the bank. 99% of bobPay payments are confirmed within 30 minutes or less. If the incorrect or incomplete reference number is used, it WILL delay the process, as the system cannot auto-match the payment as a result, so it is imperative that the reference is correct. We have particular delay issues with Std Bank, especially over month end and pay day, this is an issue that we cannot get Std Bank to fix.

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NooNooBug
We have particular delay issues with Std Bank, especially over month end and pay day, this is an issue that we cannot get Std Bank to fix.

Seems Standard have constant ongoing issues with their systems that affect more than just BoB ....don't feel alone !

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