Payvment puts $1.1M in its basket to power online shopping carts

Payvment, a service that lets you add a fully-functional shopping cart to your web site or Facebook Page using PayPal as the payment mechanism, has just landed $1.15 million of a targeted $1.7 million round of equity and preferred stock sales, according to a filing with the SEC.

Payvment uses PayPal’s Adaptive Payments API to let anyone set up an e-commerce site and start selling their goods or services online and the popular social network. The company makes setting up an online shopping cart as easy as copying and pasting one line of code.

It’s free application for Facebook takes the concept one step further, allowing users to upload, manage and organize inventory in a way that makes it easy for prospective customers to search and browse. It also handles shipping information and makes setting up terms of service simple enough for people with no prior e-commerce experience. Basically, it creates an online store within Facebook for you in a matter of minutes.

To prevent shopping cart abandonment (it happens a lot when shoppers unwittingly click off of web sites), the service remembers what customers have added so that it’s there waiting for them the next time they use a Payvment shopping cart. Users can also select whatever currency they want, but can also make international sales with Payvment doing all the heavy lifting on the conversions.

Launched just last November, Payvment previously raised $250,000 in seed funding. It’s based in San Francisco.


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