Overstock adds Auctions Checkout payment service

Overstock.com has added the Auctions Checkout payment service to its auction platform, enabling sellers to accept credit card payments for auction sales without having a credit card merchant account.

Sellers will pay Auctions Checkout a $24 per month fee, plus a fixed fee of 24 cents plus 2.19% per transaction for the O-Auctions Checkout service. There is no fee or account creation necessary for buyers.

Winning bidders simply click on a “pay now” button to complete the payment process. When the checkout page is displayed, the buyer is asked to enter credit card information to complete the transaction.

Funds are automatically deposited into the seller’s checking account within two to three days. O-Auctions Checkout also can protect sellers against chargebacks.

Overstock decided to offer the Auctions Checkout service to provide an integrated payment system that connects the buyers and sellers, a spokesman says. “It offers a quick and secure way to complete transactions,” he says. “It’s also a good way for sellers to help improve sales.”