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Ebay’s New Payment Routine


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Has anyone noticed got update few days ago said now when you sell an item funds will go directly into your bank account not your PayPal account and this was to suppose to save the seller some money when it comes to fees and all fees will be taken out at once instead of how eBay will take out there cut each month. Now before when you sold an item funds went immediately direct into Paypal then eBay took there cut out month later but you still had the funds instantly once buyer paid. Well I couldn’t help but notice sold an item other day first time since this change and still got hit with 13.75% fees wtf and now have to wait god knows how long for the funds to show up in my bank account what a joke my rant is over curious if anyone has seen a savings cause i missed it

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Hey guys- former CPA here.  I’m sure there are plenty of CPAs on WRX so surprised no one has chimed in. Obvious standard disclaimer that none of this should be construed as tax advice and the facts an

It may force me to be done selling big ticket items on eBay. Been around over 18 years buying and selling there , but with fees getting higher and higher and now the drawn out process of a direct depo

The kicker is waiting for payment and the protection problems that are inevitable. When your item delivers and the buyer clicks not as described , due to buyers remorse, curious to how that’s gonna go

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Haven’t sold an item yet but I don’t expect to see any savings.  I’m not crazy about the new way they are doing it.  I liked that the funds went into my PayPal account, I liked to keep my golf “fun money” separate from my real money.  I’d love to say this will make me move in from eBay but in truth it’s hard to get away from that large a marketplace. 

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New setup will incur slightly lower seller fees, but not substantial for 'hobby' sellers.  I also prefer paypal to keep 'golf' funds separated.

Edited by brew4eagle
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2 minutes ago, rynobucket said:

Was this what you are referring to? I saw it, but have ignored it so far...seems like ebay trying to capture the portion of fees that paypal used to get. They are trying to spin it as a benefit for the sellers, but I am not seeing any benefit as I kinda like having my paypal balance separate from my bank acct.

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Yes it is and what else was weird you also have to enter all your banking info again even though it’s the same as it’s been on there since I first started ebay account. That’s all they did was take Pp fees and applied it to there side

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3 minutes ago, icecat88 said:

Yes it is and what else was weird you also have to enter all your banking info again even though it’s the same as it’s been on there since I first started ebay account. That’s all they did was take Pp fees and applied it to there side

Yup...I got an email saying I would get a $15 coupon if I signed up. I stopped after it started asking for my bank info. I am hoping this won't be forced upon me like they make it sound like is going to happen.

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3 hours ago, icecat88 said:

Has anyone noticed got update few days ago said now when you sell an item funds will go directly into your bank account not your PayPal account and this was to suppose to save the seller some money when it comes to fees and all fees will be taken out at once instead of how eBay will take out there cut each month. Now before when you sold an item funds went immediately direct into Paypal then eBay took there cut out month later but you still had the funds instantly once buyer paid. Well I couldn’t help but notice sold an item other day first time since this change and still got hit with 13.75% fees wtf and now have to wait god knows how long for the funds to show up in my bank account what a joke my rant is over curious if anyone has seen a savings cause i missed it


The “hold” on your funds is usually lifted the day the item you sold arrives to the buyer.  
 

The fees are steep and a pain but the marketplace and size is hard to beat. 

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26 minutes ago, icecat88 said:

I didn’t see not the slightest lower fee on my transaction in fact it was slightly higher then before 

It's supposed to be 2.5% instead of 2.9% if I read it correctly.  Don't see how it would be higher.  Double check your calcs.

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I haven't switched yet, but ebay has already informed me I will have to switch by the end of the year.

 

The pros are that fees are supposed to be marginally lower, and buyers can use more forms of payment than simply PayPal.

 

The cons are that you have to link a bank account, and the funds don't get to you for a few days.

 

Don't know whether this is pro or con for most, but all fees are now charged at the time of transaction rather than once a month.  So the eBay commission, processing fees, and any other add-on fees (like promoting a listing or doing a short auction) are all taken out immediately.  Only things like FedEx shipping fees are still done once a month.

 

@icecat88, did you have any listing upgrade fees or were you selling a book or DVD which get charged a 12% commission?  That fee seems too high for that sale according to the fee schedule, but who knows with ebay. 

 

Also remember, that with both PayPal and ebay managed fees, they charge the fee on any tax charged to the buyer even though you don't receive any of that money.  So in those cases, the fee will seem slightly higher than 2.9% or 2.5%. 

 

For example, if I sold something in Texas at $100, the buyer would pay $108.25 ($100 + $8.25 sales tax).  PayPal would take 2.9% of $108.25 ($3.14) and then send $8.25 back to ebay to cover the sales tax.  So I'd get $108.25 - $8.25 (sales tax) - $3.14 (PayPal fee) = $96.86.  And that would end up being 3.14% in fees, not 2.9%.

 

I'm curious how ebay will handle international transaction fees.  I've sold stuff to people who have an address in the US but used a foreign credit card via PayPal, and I get charged a 4.4% fee to cover the currency exchange.  I wonder if ebay will pass along that fee as well.

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6 hours ago, icecat88 said:

tells you exactly how much they take each transaction now 

834EAEDB-FE43-4617-A19D-61C73566D5E8.jpeg

OK, but what would fees have been with prior structure, keeping in mind the important points DFW made above (paypal fees on total price including taxes, upgrade fees, etc.)?

Edited by brew4eagle

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Also with the loss of any seller protection Ebay is now judge and jury on any dispute.

Buyers no longer need a reason to return an item and the seller must pay return shipping.

Ebay can raid your bank account and take the money back without any paypal checks.

 

Ebay is feeling the heat from Amazon and trying to mimic it.

At least Amazon pays return shipping.

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This thread makes me weary of selling on eBay. It’s the easiest because it has a wide market but with a lack of protection it’s going to get interesting. Following thread to see what others experience. I have a few items for sell and will post my fees when they’re sold. 

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40 minutes ago, MaddMaxx said:

Also with the loss of any seller protection Ebay is now judge and jury on any dispute.

Buyers no longer need a reason to return an item and the seller must pay return shipping.

Ebay can raid your bank account and take the money back without any paypal checks.

 

Ebay is feeling the heat from Amazon and trying to mimic it.

At least Amazon pays return shipping.

That’s probably my biggest dislike, that eBay can raid my account.  I always kept a cushion in PayPal in case of a return or dispute and I really liked keeping golf money separate.  I guess I could open a separate checking account 🤷🏻‍♂️

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Any changes to paypal or ebay are not going to save anyone any money except for paypal and ebay.

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2 hours ago, icecat88 said:

I never have upgrade a listing just the list for free. 

Ok, but you didn't answer the question.  What would it have cost you under the prior structure?  What state was the buyer from?  

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Based on the #s you've provided it appears the state sales tax was 8.5%.  Under previous setup, you would have paid 2.9% of the total sale of $81.38, which is $2.36 plus $0.30 paypal fee = $2.66.  Then add $7.50 for the ebay final value fee and you would have paid $10.16 in fees, or 13.55%.  Now, this assumes that you provided free shipping for the buyer.  Did you charge the buyer for shipping?

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1 hour ago, jschwarb said:

What a pain in the rear. But I'll roll with it, eBay's been good to me for a long time. Those who say "Bah! I'm moving all my stuff outta there" -- where exactly do you think you can go to match their reach? Especially to move random, ugly crap. 

The kicker is waiting for payment and the protection problems that are inevitable. When your item delivers and the buyer clicks not as described , due to buyers remorse, curious to how that’s gonna go over. 

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15 minutes ago, golffeen007 said:

The kicker is waiting for payment and the protection problems that are inevitable. When your item delivers and the buyer clicks not as described , due to buyers remorse, curious to how that’s gonna go over. 

The same way it always does, seller has to take it back

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4 minutes ago, brew4eagle said:

The same way it always does, seller has to take it back

No , that’s not accurate. Not if you’re proactive and call eBay to make your case. I’ve had it happen twice lately where the buyer said it wasn't as described because the shaft was not the stiffness they were hoping the said X was. 

Now they control when you get your money , that’ll be the case.

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8 hours ago, golffeen007 said:

The kicker is waiting for payment and the protection problems that are inevitable. When your item delivers and the buyer clicks not as described , due to buyers remorse, curious to how that’s gonna go over. 

 

If you sell enough stuff you're going to have those cases eventually. Though some sellers are just asking for trouble with how they grade their items. 

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