Intuit Acquires Facebook Ecommerce Platform Payvment’s Team, Tech, And Patents While Ecwid Takes Its 200K MerchantsEarlier today Facebook ecommerce platform Payvment announced it was shutting down and transitioning its 200,000 merchants to competitor Ecwid , but we’ve just discovered that’s because Intuit is acquiring Payvment’s team, technology, and patents. Update: Intuit has confirmed its purchase of Payvment to TechCrunch, saying “Intuit has acquired a team of highly skilled developers who will be of great value to the social teams at Intuit.” This morning, a message posted on Payvment’s website noted the team is “joining a new company,” and the platform will end its operations on February 28th. But we spotted some Payvment employees had switched their LinkedIn profiles to note Intuit as their new home. Sources confirmed the company Payvment hinted at was Intuit, who has bought its technology, talent, and IP.
Facebook acknowledged in a regulatory filing that it might reduce the percentage fee it takes from developers building on its platform if it expands its payments business beyond games. Currently, the social network requires social games to use Facebook Credits, of which it takes a 30 percent cut of revenue when players buy virtual goods.
Facebook is bringing a boatload of apps and actions onto the social network.
To be honest, there aren’t a whole lot of Facebook commerce success stories — at least not yet. Facebook storefronts are still relatively new, and most people don’t view the social network as a transaction platform, especially since most third-party Facebook storefront software doesn’t actually allow transactions within Facebook.