Tool Talk
General Category => General Discussion => Topic started by: lptools on November 27, 2020, 09:17:10 PM
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Has anyone else signed on to the new ebay payment system? They have ended their partnership with Paypal, and the payment from buyers is collected by ebay, and then they post it to your bank account. It doesn't become mandatory until late December, but I thought I would sign up early. You will need to provide them with a checking account number, a checking account routing number, and your Social Security number. I balked at the SS number, but I couldn't receive payment until I added it. To make matters worse, there is a lag of 2-3 days from when the seller pays, to when the money clears your bank, and they still expect you to ship ASAP!! They are still collecting Final Value Fees on the sale, plus shipping. Seller fees are deducted from the amount that goes to your bank.I believe the Final Value Fee is around 12.5%, and that is for sellers with Above Standard Ratings or better. If your sales put you below Above Standard, there are Penalty Fees added!! Sorry about the rant, I may not have all of the facts, but once again, ebay has made life miserable for sellers!!
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you have it correct
I just did the same thing
more $ for them, more angst for us
but where else can we get 5 million people to see our stuff?
Skip
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Well I have quit buying stuff unless it's cheap! (and I squeak when I walk) When that one bitch took over it became useless china junk, every search was nothing of value. I complained and complained. Nothing happened, so I quit buying on there. Just a matter of time before suckerberg make fbmarket place into the same thing.
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not doing,waiting till ...forced??...miss the final value fee discounts,,,but not offering free free returns etc...thank you for explaining how the managed payments work,....i now consider selling on ebay as entertainment...lol...with a FEW :cry: extra bucks in my pocket..ALSO i saw an offer ,i think it was 20% off FVF if using FedEx or ups...not doing,,,hate change????
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Hello, skip. i wish that could get that number of people to bid on my stuff!! Oldgoaly, you must not have been looking at Skip's, and, my stuff :cheesy:
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I have reached the point that I will probably give up selling on e-bay. I sell in a local "treasure gallery" and move a lot of items that are less than $10.00 that will never sell on e-bay. Costs me $14.00 a month plus 5%. I figure I break even with e-bay if I sell $100.00 a month and I always do that. Plus, there is no hassle with shipping, packaging etc. I go to town to shop every week so I'm there anyway. You forget to mention the charge when you remove an item from listing. And yes, I don't have to worry about returns.
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If 12.5% will be the total fee for a buy it now listing, then they will be 0.4% less than we pay now. Because Paypal charges 2.9% in addition to ebay''s 10%. Anyway it's not enough to make it easier or more affordable to sell on ebay. I keep about 15-20 listings and it's a struggle. Once in a great while I will sell something where I can make $40 or $50, but usually it's just an occasional $5 or $10. It has got to where I feel it's not worth the time and trouble.
I don't think I have enough good items to sell in a store, but there's no lack of local shops. I will ask around to see if they have affordable space available. Otherwise I plan to try to have a swap meet or garage sale.
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I guess I am dis-appointed with the new system, it took me a long time to get used to the current one. I also liked having the money separate from my household banking, oh well!! One thing my bank recommended was to open a separate checking account just for ebay. I am going to look into it, and if I can get an account with no annual fee, I will give it a try!! Thanks for listening , and for joining in, Lou
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Years ago when I started on Ebay, I opened a bank account just for Ebay and Paypal. My bank accounts are free of annual fees and transfers from to and from Paypal are free at my age.
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Thanks for the info!! I will check things out with my bank tomorrow!!
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I have been selling a lot on Ebay this year because my wife did not want me to go to flea markets with the virus. I liked PayPal because all the transactions were on their system and I just transferred money to my checking account occasionally. I really do not want 50 zillion transactions to my checking account. I guess I will have to open a separate checking account just for Ebay, but I am not sure I can find one without fees.
The only thing good about the new system is that more forms of payment are accepted and maybe people will buy more that buy everything with their phone. I am also at the point with my Ebay store where I need to upgrade back to the premium store (60.00/month) because I have more than 500 items and it is costing me more than that for my regular store fee (26.00/month) plus extra listing fees. The catch is you only get that rate if you commit to a year at a time. So, if I upgrade to the Premium store, I have to continue with listing a lot of items, which is hard to do with my day job and other responsibilities.
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I also liked being able to pay for other services with my Paypal account for buyer protection. If I don't have enough money in the Paypal account they hit my checking account, anyway. I am going totry my bank tomorrow, might be a case of having to keep a minimum balance to get around the fee!!
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When I was selling on eBay, before they started their "anti seller, pro buyer" policies, I set up two accounts at a credit union. Different from where we banked. When Pay Pal put money in the checking account I then would move it immediately to the other account. PP is another untrustworthy bunch just like eBay. I did this so they couldn’t take money out of my account without me knowing.
Back then you didn’t have to have a credit card on file with them. I do this with my Etsy account now since I don’t trust them either, although they do require a CC on file.
I guess my point is try a credit union or a bank that’s closer to you. Credit unions are probably your best bet for a free account, although you may have to forego paper statements in order to get the freebies.
Mike
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Hello, Mike. I didn't get a chance to walk in to my bank, and they are close by. Will try again later in the week!! Thanks, Lou P.S. And I thought I was the only one who felt they were "anti seller, pro buyer" :cheesy:
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Ebay Catch 22; I can't afford to sell as much as I used to on ebay, because they keep raising the fees!! If I don't keep selling on ebay as much as I used to, they will keep raising the fees!!!
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E-bay really doesn't need the people that sell used stuff as much anymore, as their amount of new stuff is over 75%. I have decided that e-bay and I are through, as I will not give them my SS number.
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They call it "Fee bay" for a reason. Giving my SS no. to any of these people is a non starter for me too.
Mike
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If you already have an account, or, payment method with ebay, chances are they already know your social, I believe it was just for verification. I respect anyone's decision to stay or go with ebay. I have dug a deep hole with all of the tools that I have here. I need to dig out, and ebay is just one of my shovels. Once I see daylight, they will be going down the road!!!
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eBay don't need any help, they know how to help themselves.
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at what point does ebay ask for it??,,i think it was several years ago for pp...,dont think pp always had it from the get go??
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I think(always dangerous I know), that the SS no. requirement came about when one of the two, PP or ebay, started reporting sales of $20,000 or more to the IRS. Etsy wants mine and I’m not even close, so I ignored them.
Mike
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Here is a new Ebay rant. They have changed their vacation settings to Time Away. You cannot set an hour to start and end. It is all done by the day, so you have to do it ahead of time. They also do not allow a customized message in your listings, which I liked to do. They continue to make it harder and more expensive for sellers, but I really don't have any other valid avenue for selling the volume I do. So, I have to go along with all their changes.
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I agree with Mike, the need for the SS number relates to the IRS. And, I know when I signed up for PP and E-bay many years ago I never provided my SS and I'm not doing it now!!!!
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They never asked for a SS number in the past. Today I received an email from ebay regarding the change to "managed payments". I will have to give some thought to whether I will continue with ebay after the deadline on Dec 31.
Al
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I broke down and registered for the managed payments today. I do not like giving them my social, but PayPal has had it for awhile. I did notice that I will be able to set it up so that the funds only transfer once a week. That will work better for me. I do not want a transfer to my checking account every time someone buys an item. Now I have to decide whether or not to commit to a year of the premium store rate. Flea markets look iffy this spring and maybe this summer too, so I will probably do it and keep my Ebay listings up.
I am like LP in that I have tons of stuff to sell. I need to get out from under it, and never will without Ebay.
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While in the hospital last week, I had my son close the few Ebay listings I had. They were all relists that had not sold anyway.
I will wait until January to start over.