eBay is now fully transitioning away from PayPal and having their sellers revenues deposited straight to the seller’s bank account, not through Paypal.
This option is not yet fully rolled out and only some sellers currently have this option. Presumably it’ll roll out for everyone in the coming months.
From what I can tell, the fees with eBay processing payments are lower than with Paypal processing: for example, most items on eBay have a final value fee of 10.2% + Paypal’s 2.9% fee (total of 13.1%) whereas under the new system the total fee is 12.55%, a savings of .55% in fees. Please correct me if this info is wrong. (See this comment.)
Hat tip to reader myi
View Comments (85)
my friends sells on my account can i put his banking information so he could get his payout directly without me needing to zelle him money every time he sells something or am I risking ebay restricting my account?
Looks like Ebay will sometimes ask for the bank statement.
https://community.ebay.com/t5/Ask-a-Mentor/Upload-bank-statement-to-verity-my-bank-account/qaq-p/31998994
Looks like you can skip SS#, DOB, and bank account info. But, once something sells you will need to provide that.
I've had 2 sales since this has gone into effect and I've been charged ~15% on both of them.
The 12.55% is on most items but some higher end items are 15%. Mine came out to 15% not because it was higher end but because the 12.55% is also taken from the tax now and then the $0.30 on top of that brought it to 15%. In most cases it's an overall higher percentage than what they were doing before. Plus no more extra rewards like CC points for paying off the fees.
eGay needs to die!!!!
I think soon they're gonna withhold federal and state tax if you don't submit a bill for what you sold.
Sellers hate it.
Amazon and Walmart charge flat 15% fee on most items sold. That fee is also charged on shipping and sales tax I believe.
Making this sound like a deal is really strange. It's being forced on everyone so there's no "choice" involved. Seller fees are now taken out of your payouts rather than able to be paid by credit card which means no cash back or minimum spend utility. There's no microtransaction consideration on eBay now so if you sell something for $5 you're paying that 30 cent flat fee instead of the PayPal 5 cent flat fee which means your payment fee alone is massively increased. Weird post.
Your fees are netted with the sale so you cannt pay the eBay fees with credit card anymore, unless its a fee and you dont have money in your account to net (like insertion). so you the opportunity cost of getting CC rewards is gone as well.
I've been selling on eBay for 20 years, but just cancelled all auctions. Paypal was the only saving grace of selling on eBay, at least (in my experience) I could get a literate human on the phone if I had a problem. Not the case with eBay. Now they want my SS#, bank account #, etc?? So now they can mess with my credit report??? Nope.
We opted out of this managed payments from the get-go. The first e-mails said, "fewer fees". Now they are saying "the same or better". Why would anyone trust them for anything?
The worst part is that UPFRONT they are saying they will hold your payment for "3-5 days". Why?? Everything is instantaneous now, everything. But eBay wants us to think they are having to process payments a la old school paper checks? And we all know 3-5 days will slowly morph into 10-14 days.
And why would I ship an item out that I haven't yet been paid for? And do you think buyers are going to understand this and not give negative feedback for slow shipping when they have grown accustomed to next day shipping from Amazon? Pile this on top of the USPS issues.
And if someone files a complaint, now eBay has access to your BANK ACCOUNT to withdraw money? All this while knowing I cannot get a literate live person to talk to on their end??
This is just the tip of the iceberg with my utter disgust and repulsion of eBay. And I've been at it for 20 years, and they just get exponentially worse and worse.
I wish Paypal would come out with a "PayPal Stores" feature, where you can have a simple STORE on their site, or something like that?? The name is already out there and people would check it out. The field is too muddied with other options, that buyers don't know where to go besides ebay.
eBay was awesome when it first started. Yes, there was the rogue bad experience, but by and large it was peer-to-peer and a great site. Not anymore.
I agree, especially on the giving out social security number, bank account, and all this other data. I wish I had known about these changes, I would have sold some extra stuff I've been trying to get rid of before it was implemented.
You literally had 6 months warning, and you had to give all that info at the time you applied for managed payments.
That was all info Paypal had before, you have to give it someone if they're processing payments for you.
I sell on Amazon , eBay an Walmart. I find eBay customer service the best. PayPal was the worst. Walmart second best, and amazon is now the worst customer service for sellers (since PayPal is out.) also Walmart forces you to accept returns with full refund. Amazon forces you to accept returns, but can charge restocking fees. eBay is the only place you can say no returns.
Good luck winning out as a eBay seller with no returns. Yes there is the option to claim no returns accepted on your listing, and that may dissuade buyers from considering a return, but all a buyer has to do is claim something wrong with the item and the seller is basically forced to refund. And now ebay has access to your bank account.
I have been doing fine with no returns on eBay. Thank you.
I put no returns and I have very few on eBay. There have been three attempts in last 12 months. One refused to actually return the item. One returned a different defective item which eBay sided with me on. And the other just went away. I have a good track on eBay, so eBay trusts me and sides with me.
On Walmart, 8% has been returns. And I have to eat it. Can’t refuse. Can’t even charge restocking fee or charge for outgoing or return shipping, just take it up the butt.
Amazon has fewer returns than Walmart, as I advertise there is a restocking fee and I charge shipping in and out. Of course if it is my mistake I do not charge anything.
Nailed it. I'm out too. I can't remember any place with worse customer service than ebay.
This is actually a much better change, do multi-million on sales and have been on manned payments since August. I have won every case and can schedule call backs from eBay with ease. PayPal is a joke shut down all customer service during covid except for a useless "live chat". USPS issues are not eBays fault, you choosing to ship with them is your own doing. I would not recommend waiting for funds to hit your bank account to ship you're gonna have a lot of angry customers. PayPal can and has arbitrary locked funds up as well. eBay is far from perfect, but there are plenty of issues selling on Amazon & Walmart too.
I find the customer service from eBay far superior to Paypal. There was a period when Paypal shut their phone service. On the other hand, eBay is disingenuous by raising their fees, and I can't pay my bills with my credit card, which added the benefit of points, a sign-up bonus, and a myriad of other offers. I don't understand how or why they hold onto the funds with no interest for two days. Has anyone tried other selling sites, and how are they in comparison?
I really don't know why there hasn't been a viable alternative to eBay by now. Over the years, there have been many promised sites, but nothing pans out successfully. Most people don't really care about the "auction" feature anymore (maybe some do, but IMO people want instant gratification with BIN). Most of the battle is drawing BUYERS not necessarily sellers. That's why Paypal would be ideal, since the name is already out there. They probably are in some kind of non-compete with eBay though.....
PayPal is owned by eBay....
No it's not. Not anymore.