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The Final Value Fee amounts to 10% of the total amount of the sale, which is the price of the item plus shipping charges.
The company officially changed the name of its service from Auction Web to e Bay in September 1997.
Originally, the site belonged to Echo Bay Technology Group, Omidyar's consulting firm.
The company manages e Bay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide.
In addition to its auction-style sales, the website has since expanded to include "Buy It Now" shopping; shopping by UPC, ISBN, or other kind of SKU (via Half.com); online classified advertisements (via Kijiji or e Bay Classifieds); online event ticket trading (via Stub Hub); and other services.
The resulting price increase (from $30/month to $250) forced him to start charging those who used e Bay, and was not met with any animosity.