Introducing Bike Hub Pay: Buyer & Seller Protection

[Andrew Steer]

Brilliant offering that is much needed... and great that it is all in house. Well done

[Dieter ( ͡° ͜ʖ ͡°)]

I think it brilliant, however I have not bought items that were more than R3000 which would make the R100 minimum Charge, otherwise brilliant system.

Yeah that seems in line with most escrow offerings. TradeSafe's and Standard bank's is R115, Paysho R69, Truzo R29. 

 

The percentage fee is much higher than the sliding scales other escrow places have. The highest starting at 1.5%

 

If anything is remotely fishy these services should be used and it's great that it's built into the platform.

[Nick]

I think it brilliant, however I have not bought items that were more than R3000 which would make the R100 minimum Charge, otherwise brilliant system.

 

We're hoping to offer a more affordable fee for cheaper items in time. At the moment, we are intentionally focussing on the higher value items. Currently we need to improve scale and efficiencies to drop the minimum fee. We also need to test the service in the wild before confidently opening it up to the higher volumes that a lower fee for cheaper items will inevitably bring.

[Matt]

What if buyer uses CC and does a charge back?

Chargebacks are a risk we considered. Most card companies would require that the buyer has already lodged a dispute with the merchant (Bike Hub in this case). 

 

Where a charge back is requested the card company would investigate and we'd have the opportunity to provide proof of delivery on the transaction as agreed between the parties. We're confident that we'd have sufficient proof of this to demonstrate that a chargeback request is unreasonable.

[Matt]

Yeah that seems in line with most escrow offerings. TradeSafe's and Standard bank's is R115, Paysho R69, Truzo R29. 

 

The percentage fee is much higher than the sliding scales other escrow places have. The highest starting at 1.5%

 

If anything is remotely fishy these services should be used and it's great that it's built into the platform.

This is a fair point regarding the fees and where you compare this to the standalone escrow offerings we will be more expensive. Bike Hub is providing more than just a protected payment service, we offer the listing platform too allowing buyers & sellers to meet.

 

A better comparison though would be with the likes of eBay, or locally BidorBuy. In these marketplaces a success fee of 8-10% applies before any transaction fees, which typically includes some form of transaction protection.

 

That said, we are considering approaches to ensure the fees remain reasonable across the price bands. As Nick mentioned above, the R100 minimum does make it less attractive for lower value items at present but we'll address this in time.

 

Users will be free to use other services, but we're confident Bike Hub Pay will provide greater convenience and an all-round better experience. 

 

 

[Sid the Sloth]

This is awesome!!! I have chewed people's ear off about something like this on many a ride... I have had great experiences with fellow hub users but I know there are some bad apples out there. Next up is a deal with a courier service where we get a small discount and you guys can charge a small commission for the set up... I have spent far too much money at Postnet. 

 

Good job guys.

[Matt]

This is awesome!!! I have chewed people's ear off about something like this on many a ride... I have had great experiences with fellow hub users but I know there are some bad apples out there. Next up is a deal with a courier service where we get a small discount and you guys can charge a small commission for the set up... I have spent far too much money at Postnet. 

 

Good job guys.

Thanks! 

 

Courier integration is next up on the road map. We expect this will be key to the broader success of the service to super charge the convenience factor.

[Sid the Sloth]

Thanks! 

 

Courier integration is next up on the road map. We expect this will be key to the broader success of the service to super charge the convenience factor.

If you guys ever need a student to help out around the office hit me up... I am free from today until mid March 

[Hairy]

Well played Bikehub Team

[MORNE]

You mean we can shop on the other side of the mountain now ??

[Charsky]

Nice one! Go go bikehub! 

[KevinHow]

Why not go one step further and compete with Postnet on the shipping of items domestically.

 

Postnet charge R100.00, for items up to 5kG, however having it all under "one roof" would be an advantage, or am I getting ahead of myself....!

[Nick]

Why not go one step further and compete with Postnet on the shipping of items domestically.

 

Postnet charge R100.00, for items up to 5kG, however having it all under "one roof" would be an advantage, or am I getting ahead of myself....!

 

It's great to get the feedback and ideas. Thanks.

 

All in good time 

[Kranswurm]

Unfortunately, there is a lot of entities trolling the web with no honest & pure intensions.

 

This excellent, thanks guys.  Will provide protection for both buyer and seller ...  

 

PS: I suppose you cant make it mandatory?

I disagree with that.I want the option as a seller 

[TheoG]

I disagree with that.I want the option as a seller 

 

Yes I agree, that's why the "cant" is in there ... 

 

And also Matt or Nick confirmed they are not planning to make it mandatory.

Edited November 30, 2020 by Theog

[daniemare]

Great Development.

 

Regarding the credit card fee paid by the buyer-how does this gel with PASA (payment association of South Africa) strict “no surcharging”?

 

In line with this, my understanding is that all banks’ agreement with service providers highlights this prohibition.

 

I see that Bike Hub provides a service and is not the seller, but was just wondering all the same.