Tuesday , March 19, 2019

Vinyl Lovers Find An Easier Payments Experience With Discogs Payments

Discogs, a Web site and app that’s on a mission to build a comprehensive music database and marketplace, launched Discogs Payments this week for its U.S. online buyers and sellers of vinyl records and CDs.

The integrated checkout, backed by Adyen, a Netherlands-based processor, is in addition to a system that uses an account with a third party. Now, U.S. users can choose between the two.

“We now have integrated checkout right on the site that doesn’t require an account with a third party,” a Discogs spokesman tells Digital Transactions News in an email. “And there’s tremendous potential from here. Through our partnership with Adyen, we have a whole suite of payment methods available to us that we’ll be able to integrate into appropriate markets as we expand.

The new checkout page for U.S. buyers using Discogs Payments. (Image credit: Discogs)

“We’ll be able to meet buyers on their terms with regards to how they want to pay, which should open up more opportunities for our sellers. On top of that, the control and visibility we gain into our transactions is phenomenal. I think we’re just scratching the surface at what we can do, but it’s exciting to be adding sellers in the U.S. and seeing the option on more and more checkouts.” Sellers pay the processing fee of 2.7% plus 25 cents. That is less than the 2.9% plus 30 cents fee currently paid for PayPal transactions.

Discogs says the Adyen MarketPay product is well-suited to the Discogs Marketplace. Future improvements include adding cross-border transaction capability, enabling functionality in the Discogs apps, and eventual expansion to Europe and other markets.

Though the service just launched, Discogs says new buyers have opted for the integrated checkout at a rate three times greater than the rate of its repeat buyers.

“We’ve already seen roughly half of our Platinum Sellers adopt the product,” it says. That speaks to the fact that Discogs’ sellers see an opportunity to reach new buyers through an integrated checkout service, the spokesman added.

Discogs counts more than 30 million vinyl records and more than 10 million CDs available in its marketplace. Via its app and Web site, consumers can upload their music collections, discover new music, and add to the company’s database, which catalogs more than 9.9 million recordings made by 4.3 million artists. Discogs is owned by Zink Media LLC, Beaverton, Ore.

Adyen has been expanding its position as it competes with other providers, such as PayPal Holdings Inc. and Stripe. This week, it took another step toward a planned stock sale.

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