In July, I had a situation where I was stymied by the immediate payment option. I wanted to make sure that I explained why I love this option, and why you should too.
Immediate payment is a setting on eBay listings. It only works on Buy It Now items (sorry auction lovers), and only if they pay full price. I think that immediate payment helps drive actual sales instead of false hope!
I like immediate payment for several reasons, and they’re in the marketing arena. I don’t have data to back this up, but the feelings seem to “ring true.”
With mobile becoming more prevalent, we want to have the buyer who buys on a whim. Since those people are part of a growing audience, we want to make it as easy as possible (with no chance for regret).
I don’t know if this is a good thing or a bad thing. I rationalize it by reminding myself that the buyers are adults on the other end of internet, and they aren’t being forced to make these choices. With a good design, the eBay system can help nudge them along (or at least smooth out any possible bumps that would slow the buyer down).
The second reason I want immediate payment in place is definitely more emotional. I hate thinking about possible sales and being disappointed. I dwell on the “potential” sales I could have had but the buyer never paid. It’s a similar feeling to when I’m declining a close offer. What happens if I say “$30” and they say “$27?” Is that $3 worth it?
On top of this, I also feel like immediate payment works like a mesh screen. By requiring immediate payment, the buyer has to have money in their account. This lets me save some mental energy (something I’m sorely short on). When I have an item up with no best offer, a buyer will have to buy it and pay right then if they want the item.
I know this is a generalization, but I feel like if you’re having trouble coming up with $30 to buy a Tommy Hilfiger shirt from me, I’m OK with you not buying it. Who knows, maybe they’ll just buy it from the next guy, but this helps me sleep better at night.
Finally, I’m willing to be flexible. The way I handle this on the fly is much like in my Watch Count post. If a buyer contacts me, I’m willing to change the listing to help the out with the purchase. Because I have immediate payment on as the default, the buyer has to show some initiative by reaching out to me, and this has worked successfully several times in the past!
Immediate payment makes transactions go a little smoother and complete right away. When I hear that cha-ching sound and I see that it was bought for full price, I know that I can ship right away because the cash is on hand!
Image Credit: eBay Forums