eBay Enhances Services With Acquisitions
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Online auctioneer eBay Inc. this week announced two acquisitions which will speed the time it takes to settle person-to-person transactions and add a high-margin line to its offerings.
eBay late Tuesday announced it had purchased Billpoint Inc., which facilitates person-to-person credit card payment over the Internet, as well as Kruse International, an auctioneer of collector cars worldwide, in a $275 million stock deal.
With Billpoint, eBay said it will be able to provide buyers and sellers with a secure, easy way to make use of credit card transactions. Until the acquisition, buyers and sellers relied primarily on money orders or checks to conduct transactions. With Billpoint, eBay said sellers can instantly accept credit cards and other forms of payment.
"We are committed to providing the eBay community with the simplest and easiest way to trade online," said Meg Whitman, president and chief executive officer of eBay. "Streamlining person-to-person trading is a core part of our strategy and Billpoint will offer shoppers a convenient and easy-to-use payment solution that will serve the needs of the eBay community at large."
The Kruse acquisition is part of eBay's effort to build up its big ticket merchandise area, Whitman said, as well as appeal to online collectors.
"[eBay and Kruse] bring together diverse and fragmented groups of customers who are very passionate about selling and buying unique items they can't find anyplace else," she said.