Intuit buys Payvment, closes down Facebook commerce platform (Updated)

Payvment CEO Jim Stoneham did not say where his company was headed, only that it was ending its relationship with Facebook.

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Staff Silicon Valley Business Journal

Update 1:00 PM: Intuit has confirmed that it was the buyer for Payvment, in what looks to primarily be an acquihire. Intuit representatives gave the following statement to TechCrunch: “Intuit has acquired a team of highly skilled developers who will be of great value to the social teams at Intuit.”

Payvment Inc. said Monday it and its companion site, Lish.com, will close down their Facebook commerce platforms, All This Digital reported.
The sites will be closed on March 1. The Palo Alto-based e-commerce platform provides a service through which retailers can create their own storefronts on Facebook. It operates 200,000 storefronts on the social media giant's site.
On its website, Payvment told customers it had one month to transfer accounts to competitor Ecwid, a San Diego-based storefront provider for Facebook.
CEO Jim Stoneham said Payvment was "not going out of business," but that the company would be joining another team, All Things Digital reported.
The Next Web reported Payvment had been a market leader in Facebook-based commerce, or F-commerce, and if the company was struggling to make the business work, F-commerce might not be a moneymaker yet.

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