Chinese online payment company YeePay has partnered with online auction website EachNet.
YeePay will provide payment solutions for Eachnet's newly re-launched consumer-to-consumer online marketplace. As the sole payment provider working with EachNet, YeePay manages the money flows for EachNet's escrow payment service, which allows buyers and sellers to send and receive payments. YeePay also provides user identity verification service for EachNet.
The new EachNet was setup as a joint-venture between eBay and TOM Online. The new platform is specially designed for the China market with significant enhancements in user experience, providing a secure and enjoyable shopping environment tailored for the buyers and sellers in China. EachNet also partners with many named brands like HP, Logitech, Newman, Asus, BenQ and elite sellers to provide high-quality merchandise.
To win buyers' trust, EachNet provides an escrow service called An Fu Tong, where payments will be held until buyers are satisfied with their purchases. YeePay's payment service integrates with An Fu Tong and allows the buyers and sellers to send and receive money with bank cards securely and conveniently. Sellers must verify their identities before they can withdraw money from EachNet accounts. YeePay's service also allows EachNet to verify user identity through their bank information.