Ebay officially kicking PayPal to the curb.
bolivarshagnasty
Posts: 7,352 ✭✭✭✭✭
Ebay email asks earlier this afternoon if I would update my account with my banking info “for a more seamless buyer/seller experience”. Yeah, I don’t think so Scooter! 😂
2
Comments
Part of managed payments system?
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
I would never give eBay a direct link to my bank account unless it was one separated entirely from my actual monies and dedicated solely to eBay. Same would be true for paypal, etc.
I tried to explain to the nice lady from eBay customer service that PayPal is my Bank. I use it for 99% of all trasactions.
She kept trying to tell me that Paypal is not a Bank.
I kept telling her that PayPal is my bank.
A FDIC ruling says PayPal is not a bank. It’s why it can hold your money at will and doesn’t have to abide by normal banking rules. Yes I’m aware PayPal issues loans and credit cards too. I wonder how much money traded hands behind closed doors on that one.
Is the term 'managed payment system' or 'mangled payment system'?
Asking for a friend.
What’s the difference when talking about eBay?
Yeah, you're right. Sorry, lost my head there.
Your payments are changing, are you ready?*
eBay now manages the end-to-end selling experience, including payments.
This means:
•
You get paid directly to your bank account, not your PayPal account, regardless of how the buyer chooses to pay. We will initiate payouts within two business days of payment confirmation.
•
Your fees, expenses and charges will be automatically deducted. No more PayPal payments processing fees or separate monthly fee payments!
•
**
Most sellers will pay the same or less than before****
Learn more here.
Update your account details by April 25, 2021.
Please disregard this email if you’ve already updated your account details.
Get started ➔
FAQ’s:
Why is the way I’m getting paid on eBay changing?
We are updating the payments experience on eBay to enhance the buying and selling experience on the marketplace. We believe this is an opportunity to deliver a more seamless experience for both buyers and sellers, while offering a greater choice in payment and payout options.
Is there anything I need to do right now?
Please update your account details, including adding your bank account information, by April 25, 2021. Once you update your details, you will automatically offer all payment methods to your buyers, and we will initiate payouts within two business days of payment confirmation, regardless of how your buyer chooses to pay. Learn more here.
How are my fees changing?
Your eBay selling fees and expenses will be automatically deducted from your earnings before you get paid. The remainder of your earnings will go directly to your bank account, not your PayPal account. You’ll no longer have to pay PayPal payment processing fees and no more separate monthly fee payments. Examples of eBay selling fees include: insertion fees, listing upgrades, and shop subscription fees.
The "mangled payment system" sucks. Your funds are delayed getting in your hands by 3 or 4 days. At least with Paypal, you had immediate access which was critical at times. I still haven't figured out where is the list of all the charges for selling fees, etc. I continue to use Paypal for making payments as it still has benefits that the mangled system does not offer, especially in the security area.
Anyone here thinking of quitting eBay (at least from a seller perspective)?
If I can't pay with PayPal, I won't be buying anymore from eBay.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
In case of disputes, they can lock down your PayPal account. Since they don't have control over your bank account, would they just automatically debit the amount owed?
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Yes, I occasionally sold but will be on the side lines watching how this goes.
So I sell an item for $100 on Ebay. They take all fees and taxes up front. Sell me postage. My bank account gets the rest. Buyer returns item within a 14 day window. Anyone here believe that you'll be immediately credited for all of the fees incurred? With all we know about how Ebay has been protecting Buyers in the last few years, I have lost confidence in their system as a Seller.
I suppose I could call it quitting. I'm not a dealer though, just a hobbyist. I just sold a bunch of little stuff I wanted to get rid of there under the old method. If they ask my to link a bank account I simply won't. When the day comes to dump big pieces or the whole thing it certainly won't be through eBay.
Great transactions with oih82w8, JasonGaming, Moose1913.
This question may or may not go with this thread, but for those that keep a high balance in PayPal, is it FDIC insured? My guess is it's not.
Yea I don't sell a whole lot but I will still watch and see. One of the reasons I don't buy on amazon is they don't take paypal.
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No.
PayPal has never been a bank. That is how they got around banking regulation in the early days.
Every managed payment payout I've received has taken the same 24 hours that PayPal takes.
eBay has always instantaneously credit all FVF on returns. Why would it be any different?
I love managed payments. It is as quick to pay me as PayPal - 24 hours to transfer to my account. The fees are much cheaper than PayPal. I've had no trouble.
No pay with paypal ... No buy from ebay.
I just bought from eBay - and paid with PayPal, even though the seller was on managed payments. It's one of numerous payment options you now have. You have MORE flexibilty.
There is so much absolute misinformation about MP
They have the power of the purse and can hold your money. Litigation and/or arbitration is expensive. Even a few day hold when aggregated with millions in revenue can lead to a lot of interest.
I understand the idea of "float". But that's not the issue raised in the original post which referred to refunding of fees. eBay has always refunded fees immediately. There is no reason, other than paranoia, to assume that it will now CHANGE.
As for the hold on your money, PayPal does this now when there is an issue. I would expect eBay to act similarly.
Thank you. I didn't think so.
Ebay has placed holds on my payments until the buyer receives the item. I have found that irritating at best.
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When ebay broke off from PayPal they were on top now a PayPal is a much bigger company and really not being part of ebay is not a big deal. Ebay continues to struggle a d I doubt they will last with more and more competition. Let’s compare again in 3-5 years
Hello auction houses. If I can't use PayPal on eBay, hasta la vista, baby.
Wayne
Kennedys are my quest...
@coinstartled is that you?
i did the math
the old way - i kept 90.7% of the gross
this new way - i keep 91%
now i have to track what the buyer's are paying in taxes, since i have to pay 8.5% of their total. pain in the ass. big time.
and now i have to wait about 4 days for me to actually see the money in an account, as opposed to it being instantaneously. booo....
i don't get it, ebay owns paypal. why did they do this
eBay doesn't own PayPal.
And you're already paying PayPal a fee based on the taxes the buyer pays. How is this any different?
Ebay spun off PayPal years ago
oh
it was 6.15% of the gross of my sales to ebay, and 2.9% + .30 to paypal. what the buyer paid in taxes was irrelevant, it did not affect my bill whatsoever.
now it's 8.5% + .30 for the gross on my sale, and what the buyer pays in taxes.
this is what i learned yesterday, i could be wrong but that was the bottom line. and i've got to wait way too long to actually get paid. yes, managed payments sucks.
PayPal collects the entire amount due from the buyer including any sales tax due and the PayPal fee you pay is based on this total. An example:
2.9% of $33.80 + 30 cents = $1.28 PayPal fee
According to my email from Ebay I have until April 25, 2021 to update my account for ebay payments. I ASSume that means afterward I will not be able to use Ebay with Paypal.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
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I have the managed payments and so for so good, no issues and lower fees.
I'm not sure what you are doing. You can't get paid INTO your PayPal account. You can, however, use PayPal yourself through MP to buy things. Your customers can also use PayPal to buy things from you. But monies you receive reside in MP not PayPal.
Personally, I've had it for 3-1/2 weeks. My payments arrive in 24 hours (JUST LIKE PAYPAL). It does seem to take up to 24 hours (probably depending on how the customer paid) for payments to process. If I were getting daily transfers, it might end up taking 48 hours from purchase to payment but I don't care because my fees are 10% lower which saves me somewhere around $1000 per year.
For all of you who love PayPal, do you love them enough to give them $1000 per year gift?
So much bellyaching about eBay!!! I would bet that the eBay era has been a net positive for the vast majority of Buyers and Sellers.
You must not have a store??
With store:
Old way (6.15% + 2.9% = 9.05%)
New way (8.45%)
+$0.30 both ways.
And if you have Top seller discounts, it is now 10% of everything, including the "PayPal fee" so it ends up being 0.8% cheaper!!! Adds up! Extra $1000 in Big Daddy's pocket!!!
I don't understand why you have to pay any attention to the taxes. They take them out, fees and all, and your net is your net. PayPal was doing the same thing.
Do you have your Ebay account integrated with your personal checking account or did you open up another checking account?
The only difference is the extra 5.5% of the sales tax because eBay wasn't charging final value fees on the sales tax.
But I already did the math once. It remains cheaper until the sales tax rate gets up to around 15%.
Sure, but as you have previously noted, why complain about part of the fee being more when the overall cost is less? It's like preferring free shipping for an item priced $20 over being charged $5 for shipping for the same item priced at $10.
Hey, I don't care. I'm totally on board with managed payments. I've had no problems and it is cheaper. It's all good for me.
It was a little inconvenient when eBay labels was still coming out of PayPal. But now that it comes out of MP, it's a tidy little ecosystem which is actually easier for me to follow than PayPal.
People keep dreaming up problems they expect to happen. Other than a few bank account connection problems like you had, all of these imagined problems are imagined.
Today a zero feedback buyer buys a $450 item (not a coin) from my eBay store, pays via PP, then five minutes later says they failed to notice a certain designation that was literally the third word in the listing title, and asks me to cancel the sale.
So here's a couple of questions (I'm not yet on MP):
1) If I just cancel the sale, I assume I forfeit the 3% in PP fees. Is there a way to stick the buyer with that? (I've contacted the buyer with an explanation of the situation and asked them to absorb the fees; no response as yet).
2) If I were on MP, would eBay keep the payment processing fee in this situation or would they refund it after I cancel?
Thanks in advance.
I sell a lot, have a store, use MP, and all that jazz. I don’t really keep track of what the deltas are between PayPal and MP, in the end it just doesn’t matter to me. I sell on eBay due to the familiarity and customer base. I also don’t do it to make money, it’s a byproduct of the hobby I suppose. Weird hobby to have but I’m a weird person.
MP spits out my money every day, no more worries there. It hits my bank in about 1 full business day.
Although I’m not a fan of having a direct link to my bank account, I don’t lose sleep over it.
All is well in the world.
From here:
https://pages.ebay.com/seller-center/service-and-payments/simpler-fees.html
Unlike third-party payments processors, in the event of a full refund or cancellation, the variable percentage portion of the final value fee will generally be returned to the seller, while eBay will retain only the per order fee of $0.30.
YOU MEAN WE HAVE ANOTHER REASON TO LOVE MANAGED PAYMENTS!!!!!!!!!!!!!!!!!
Do they have fan T-shirts that I could wear?
Didn't PayPal also have a direct link to your bank account?