4 States Probe Ebay Billpoint Payment Unit
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EBay Inc. said four states are inquiring whether the company’s Billpoint payment processing unit should be regulated under laws governing the transmission of money.
California, Illinois, Louisiana and Oregon have asked the world’s largest Internet auctioneer to explain why they shouldn’t apply regulations to Billpoint, also known as EBay Payments. An EBay spokesman said the company plans to “cooperate fully.”
Billpoint allows sellers on EBay’s Web site to accept credit cards and electronic checks as payments. EBay shares fell $1.81 to $57.40 on Nasdaq. EBay also said the Justice Department closed an antitrust investigation of the company without taking action.
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