UK-based online marketplace OnBuy has introduced direct payment into UK bank accounts for the first time since its launch in 2016.

It has also introduced WorldFirst and Payoneer, which will be beneficial for overseas sellers, who are often affected by high international payment fees.

The move means that sellers no longer need to connect PayPal accounts in order to sell on the platform, removing a blocker that has been a deterrent to some in the past.

Cas Paton, CEO at OnBuy, says: “We are more committed than ever to transform the online retail experience for the better, and our marketplace will now offer sellers more streamlined processes and even better customer service from our team based in the UK.” 

“OnBuy prides itself on working with sellers and championing their success, and the introduction of WorldFirst, Payoneer and direct bank payment is just another example of how seriously our business takes this mission.”

“Our sellers have asked for a stress free selling experience, easier payments, and access to direct support, and we have listened. This is the first of many big plans OnBuy has in the works for 2023 – so watch this space.”

Nuvei, PayPal and Klarna

Last week, OnBuy went live with new payment services, Nuvei, PayPal, and Klarna.

In a LinkedIn post, Paton said: “So this week is a big week for OnBuy and me personally... what 12 months it's been to get here. This week we'll launch our new payment services and go live with Nuvei, PayPal and Klarna, which is going to be awesome. I can feel it!”

He added: “Since Christmas 2021 we announced we were going to do this. After planning, this project of moving OnBuy to 'Merchant of Record' (MoR) has been an all-consuming, hellish project, which has seen us park most other work, stagnate the business, and essentially completely rebuild the platform and the way we do payments, not only with customers, but with sellers as well.”

“It's the first time we've ever been this close to customers, sellers and really jumping into 'Mature Marketplace' territory. This move was inevitable, unavoidable, but a bit like going through marketplace puberty - annoying and can’t wait for it to be over. There isn't a single person at OnBuy that hasn't been affected by this in at least a big way.”

Everyone in the company is, essentially, sick of this project, Paton observed.

It has consumed almost all of the firm’s web development capacity, and meant every single team has struggled to get anything done.

Paton said: “We've downsized some teams along the way as we cannot support them properly without more resource, we've exited opportunities as we have no resource, we've lived with bugs and issues - because we have no resource.”

“No resource has been the default term for about a year - so much so, that our teams have stopped reporting issues, requesting features, or asking for improvements. Do it without dev has been a constant game of effort and workarounds... and kept us on our toes.”

“But this is the start of some great things about to go live. It's the start of the most exciting era at OnBuy and it's going to allow us to immediately move onto many new and exciting things.”

Once this goes live, it will be the start a burst of activity on OnBuy.

Paton concluded: “Our business is about to get very interesting, more than it is already! Our team have worked flat out to near exhaustion to get us to this point, and now we're going to drive forward with all of our plans - this is what they call the fruits of labour, where everything comes together.”

“Last big push for this MoR project and OnBuy and we're ready to scale out even faster. Watch this space!”