Social media commerce platform Payvment is to shut down, moving its 200,000 Facebook merchants over to competitor Ecwid.
Facebook payments service Payvment is due to cease support for traders on 28th February, giving merchants a month to switch their accounts over to rival platform Ecwid. E-commerce software providers Ecwid also has a Facebook presence, alongside a total of 250,000 merchants conducting financial transactions.
Meanwhile Payvment staff are due to move over to another company, the firm indicated in a statement, likely to be another payments software provider, Intuit.
It is hoped that the switchover to Ecwid will limit the disruption to those using Payvment’s services, enabling them to continue trading once the service shuts down on March 1st, along with partner site Lish.com.
“Payvment’s sellers are pioneers in social selling, creating loyal relationships with Facebook customers by using the latest social media technology and techniques,” said Jim Stoneham, CEO of Payvment. “Ecwid’s e-commerce technology will not only enable our merchants to keep selling on Facebook, but also allow them the opportunity open up new channels by placing a store anywhere their customers shop online.”
"Over the past two years, we've grown the Payvment seller network to over 200,000 members and delivered a succession of powerful social commerce capabilities to drive product discovery on social networks."
Facebook commerce, or f-commerce, is aimed at suporting sales to customers without leaving the social media site. Although the jury is still out on the success of the payments method - with major retailers turning their backs on Facebook storefronts - it is considered by some to enable a new generation of e-commerce for smaller business transactions.
Facebook recently revealed that it would be increasing its efforts to keep its users on its site, with the introduction of its search tool, Faceboook Graph.