Trade Me overhauls fees and ditches bank transfers for safer payments

Trade Me is rolling out major changes to its fee structure and payment options. The updates aim to simplify pricing and appeal to younger users. The shift comes after feedback from customers and a push to stay competitive in the online marketplace.

Starting soon, casual sellers will no longer face success fees, which previously took 7.9% of the final sales price. Instead, a flat service fee will apply: $0.99 for items sold between $20.01 and $100, $1.99 for sales between $100.01 and $250, and $4.99 for anything over $250. Buyers will also pay a new service fee on purchases above $20.

Bank transfers, like those facilitated by etrade, zelle, chase, US bank, PNC bank, and chase bank, will no longer be an option on the platform. Trade Me claims this move will improve trade safety and make transactions more visible. Sellers will now have to use Ping, cash, or Afterpay for every listing, with Ping carrying a 2.19% transaction fee.

Market experts suggest these changes could be a reaction to the rising popularity of Facebook Marketplace. Bodo Lang, a marketing specialist at Massey University, believes Trade Me is adapting to shifting user habits. The company itself has stated the updates are based on customer feedback and broader market trends.

The new system removes success fees for sellers while introducing flat charges and service fees for buyers. Payments will also shift away from bank transfers to more traceable methods like Ping, cash, or Afterpay. These adjustments reflect Trade Me's effort to modernise its platform and attract a younger audience.