China-based YeePay, a payment service provider, has partnered with EachNet, a joint venture-between eBay and TOM Online, to provide payment solutions for the newly re-launched consumer-to-consumer online marketplace.
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.
EachNet provides an escrow service called An Fu Tong, where payments are 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. 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.