Selling app Mercari has launched a new feature, which will enable online sellers to cash out instantly.
Through the new Instant Pay feature, sellers can transfer their balance instantly to a bank account. They will be charged $2 as processing fee.
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By GlobalDataThe amount that can be transferred on a monthly basis is capped at $500.
Mercari claims to be the first online marketplace to provide the feature.
Traditionally, processing for such payments takes three to five days to complete.
In this context, Mercari cited a study that found US households having over 5.3 billion items collectively worth $93bn that are not used.
Mercari US CEO John Lagerling said: “Mercari is on a mission to make selling easier than buying — and now with Instant Pay, we’re making it easier to get paid, too.
“Mercari’s sellers are real people; they shouldn’t be limited by banking standards that were built for businesses. So we’ve changed the model from five days to five minutes.”
For eligibility, sellers need to conduct a pre-registration/verification of identity process.
Through this process, sellers can obtain a Mercari ID Check badge.
Lagerling added: “We created ID Check to further improve trust among our community members by inviting them to undergo a voluntary verification process.”
