OfferUp Debuts 'Hold Offers' Feature To Reserve Items and Reduce Flaky Buyers and Sellers

Company is the first local peer-to-peer marketplace to integrate mobile payments, including Google Pay and Samsung Pay

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Jul 18, 2019, 09:05 ET

SEATTLE, July 18, 2019 /PRNewswire/ -- OfferUp, the largest mobile marketplace for local buyers and sellers in the U.S., today announced it has released Hold Offers, an industry-first feature for mobile marketplaces that allows a buyer to reserve an item they want by making an offer with a digital payment. Hold Offers improve the buyer-seller experience by giving sellers assurance that the buyer is serious, and provide both parties with the convenience and safety of integrated digital mobile payments.

Along with Hold Offers, OfferUp is also the first local marketplace to offer integrated mobile payments, including Google Pay, and Samsung Pay for person to person transactions. More than 90 million Americans use mobile payments to conduct day-to-day transactions, which means it's now more convenient to pay digitally for items bought on OfferUp's marketplace.

According to a nationwide survey, one of the most discouraging aspects of peer to peer marketplaces is flakes. More than half of Americans have had buyers cancel their meet-up at the last moment and nearly the same have had buyers 'ghost,' or become unresponsive after showing initial interest. OfferUp is tackling this crucial pain point head-on with Hold Offers.

"OfferUp is bringing transparency and accountability to local transactions with Hold Offers. If I see a must-have item, I want to stand out as a buyer, so making a Hold Offer shows a seller that I'm committed. And as a buyer, I don't have to deal with the hassle of going to the ATM for cash or juggle multiple apps for payment,'' said Nick Huzar, CEO and co-founder of OfferUp. "Hold Offers is a giant leap towards building the simplest, most trustworthy marketplace because we're giving people more tools to have a successful exchange experience."

How To Use Hold Offers

Hold Offers allow buyers to lock in a great deal and surfaces serious buyers to sellers. Buyers can secure a difficult to find item by committing to an offer in advance, with a credit card, Google Pay, or Samsung Pay.
When a buyer finds an item they are ready to purchase, they can tap "Hold for Pickup," select their preferred mobile payment method, and the app will automatically send a notification to the seller with their request to hold the item.
In exchange, sellers agree to hold reserved items exclusively for the buyer to pick up in person.
When the seller accepts the Hold Offer, the buyer is notified that the seller is agreeing to exclusively hold the item for them, and the buyer's credit card is authorized. The item is also marked "sold" to notify other engaged buyers the item is no longer available.
When the buyer and seller meet up for the final item inspection, they can adjust the price in the app if they decide on an alternative value.
When a buyer is ready to pay for their item, they tap "Pay" and a unique QR code is brought up on their screen. The seller scans the buyer's QR code with their phone and the transaction is complete.

Hold Offers was in limited beta, but is available today in every market across the U.S. Buyers and sellers are already reporting its benefits:

Allison K., a buyer from Snohomish, WA, said, "Hold Offers makes buying things so much easier and more secure. When I find things while browsing the app at home, I can have them held while my husband finishes up work, and then he can pick them up on his way home."
Alan R., a seller from Sunrise, FL, said, "It's easy to pay through the app and be comfortable knowing that the item will not be sold to someone else prior to picking it up."
Colleen B., a buyer from Puyallup, WA, said, "It's easy to secure the purchase without worrying that it will be sold out from underneath you before you can meet up with the seller."
Kara K., a seller from Toledo, OH, said, "Hold Offers makes the buying/selling process more reliable. I feel like a person is less likely to waste another person's time - for instance saying they are interested but never following through."

For more information, go to https://blog.offerup.com/.

About OfferUp
OfferUp is dedicated to building the simplest and most trustworthy way for people to buy and sell in their communities. As the largest mobile marketplace for local buyers and sellers in the U.S., the company's iOS and Android apps have been in the top five most popular shopping apps lists for more than three years. The privately held company is based in Bellevue, WA and backed by top investors including Andreessen Horowitz, Warburg Pincus, GGV Capital, T Rowe Price, and Coatue Management. For more information, visit our website and follow us on Twitter and Facebook.

SOURCE OfferUp