Online auction site PropertyRoom.com announced it will begin accepting payments for completed auctions on behalf of all sellers on its site. It joins Amazon and uBid, which also require that they be the payment processors for all third-party transactions on their respective sites.

According to PropertyRoom.com, the new payment option works like a traditional escrow service. For sellers, PropertyRoom.com will hold payment and verify buyers' identities and payment method. And payments are not released to merchants until buyers receive their items as ordered.

Tom Lane, founder and chairman of PropertyRoom.com, said, "Sellers will have full protection against fraudulent credit cards and will no longer have to manage the payment process. Bidders will continue to have complete assurance that they are getting what they pay for and that they will not have their personal and financial information compromised."

Lane also said that PropertyRoom will guarantee payment on completed orders for merchants. PropertyRoom began allowing sales from third-party merchants on its site last year, and does not charge listing fees to merchants.

In the coming months PropertyRoom will be rolling out other features for merchants, including advanced shipping integration and the ability for winning bidders to combine multiple orders from individual merchants.

http://www.propertyroom.com