Have you heard about Facebook Marketplace? The new way to trade!
Facebook have been busy recently, attempting to emulate the successes of eBay and Amazon rolling out the new Facebook Marketplace! It’s an interesting move for the social media giant, which some may find surprising, but for Nochex Merchants it’s another great way to grow your business, especially through local sales, so how does it all work?
Although termed a ‘Marketplace’, it operates a lot like a classified ads page. A seller simply lists the items for sale through their Facebook App, with pictures and information that can be uploaded on their device. The buyers can then view the item, and direct message the seller to negotiate the sale.
The sales procedure
This is where things are not so clear. As Facebook Marketplace is operating as a classified ads website, the payment/sale process can be a little confusing. Facebook does not facilitate the payments, so it is up to the buyer and seller to arrange a payment process – this could be meeting with cash and exchanging physically, or it could be through sending the buyer a Nochex Payment Link, which is available for all existing Nochex Merchants.
What you need to know
As Marketplace is a new feature, there’s a lot to learn. Remember, if it sounds too good to be true, it usually is. Be sure to ask the right questions – does the laptop come with installation CDs? Has it had a virus scan? These may reflect the price listed, so make sure you understand what it is you’re paying for! Facebook is a peer-to-peer shopping platform, so Facebook does not offer any buyer/seller protection, and there is no refund policy.
David Emm, a cybersecurity expert from Kaspersky Labs told the Telegraph, “It also presents the risk of face-to-face meetings in local areas, which has the potential to be taken advantage of by criminals… It’s also easy to post a nice picture of something and charge money for something even if the real goods don’t exist, or they are stolen or illegal.”
Facebook recently apologised for their error in judgement, when illegal items such as drugs, guns and even baby hedgehogs were listed in people’s local areas.
“We are working to fix the problem and will be closely monitoring our systems to ensure we are properly identifying and removing violations before giving more people access to Marketplace. We apologise for this issue.”
Facebook e-money license in Ireland
Recently (October 2016) Facebook secured an e-money license in Ireland, which may lead to an expansion of their current marketplace. This may mean that Facebook users can pay through the Messenger App for various peer-to-peer mobile payments. You can read more about Facebook’s e-money license on the Tech Crunch article here.
If you’d like some more information on how Nochex can help you and your business process through Facebook Marketplace, get in touch using the contact information below.