Le Bon Coin Adds an E-Payment Module
The French website for classified ads introduces a new feature. Le Bon Coin already implemented a cross-device messaging service, they are now rolling out an integrated payment system to make it easier for their users to transact. A way for this website to secure their leading position on the market for classified ads.
Le Bon Coin is the sixth most visited website in France. They are quietly adding a new secure payment service to their platform, along with their second Android app update.
Their users may pay online for the items they want to buy. Both parties must agree on the terms of the sale through the dedicated messaging service. The seller then sends a sale commitment to be validated by the buyer via specifying his payment card number. The amount is then stored to an escrow account until the buyer received the ordered item. Le Bon Coin acts as a trusted third party for these users.
Le Bon Coin relied on an external payment partner to craft this service, this partner is in charge of securing the transactions. For now, this option only applies to some categories (household linen, clothes, DVDs/movies, shoes, toys and games) but it should be made available for all items in the months to come.
Comments – Le Bon Coin: transformation process underway
Just like Airbnb or eBay, this leading French website for classified ads introduces an online payment system. Unlike mentioned examples, they remain free (for now at least) and no transaction fees apply. With this solution, Le Bon Coin tries to meet customers’ expectations. Indeed, their users started voicing their interest in such an option quite a while ago to avoid having to meet the seller in person to pay, or to rely on another website. By way of enhancing their range of offers for both individual and business customers, Le Bon Coin also plans to add other services to their platform for booking flats online. They would then challenge Airbnb directly. These rollouts are also consistent with encouraging results for 2017: more than 257 million euros turnover (+20%).
Due to this payment feature, the company also changes status, evolving from a website for classified ads to a marketplace, which, of course, entails new obligations/responsibilities. As instant credit transfer systems are becoming global, other opportunities could emerge including the ability to deal with higher amounts. It would ensure additional security for both sellers and buyers.