GETTING PAID ON EBAY IS CHANGING.

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Raphael
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Re: GETTING PAID ON EBAY IS CHANGING.

Post by Raphael »

I think the concern about disclosing bank details is overwrought. Every time one writes a check all of the bank details are right there in plain sight for one and all to see (Payor name, bank name, routing #, account #, etc.). Having a separate account for these payments can't hurt, but in my opinion not necessary.

One advantage in the new managed payment system is that sellers now need only report to one master: eBay. PayPal can no longer insert their own, onerous terms that are weighted heavily against the seller.

Another advantage is that, in the case of returns and refunds, one does not have to eat the PayPal fees. eBay simply takes back what they paid out to you previously.

And, overall, I have experienced net savings on the payouts, as it seems that eBay is charging less overall.

Raphael

soundgen
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Re: GETTING PAID ON EBAY IS CHANGING.

Post by soundgen »

epigramophone wrote:Many thanks for your helpful replies, gentlemen, which I put to my son who is more Internet savvy than I am.
He makes some interesting points which I thought worth passing on to you, so here in summary is what he had to say :

The additional 2.5% which eBay are gifting themselves is the main motivation behind this change in their policy, although they pretend that it is to simplify things for sellers, just as they did when they began charging fees on postage costs.

They will have looked at their market and decided that any loss of revenue from sellers abandoning eBay will be more than offset by the increased fees which they will soon receive.

eBay is probably still the best marketplace for the specialist items which collectors sell, but by giving them our bank details we are effectively banking on line with all the vulnerability to fraud which goes with it. My son knows that having spent my entire working life dealing with other people's money, I would never bank on line.

My son's advice to me is that to receive the proceeds of my eBay sales I should open a basic current account with a bank other than the one I normally use. To protect it from fraud the account should have no overdraft facility, and any incoming funds should not only be cleared but should not be subject to cancellation or refund without my specific agreement.

I will be following this advice. Meanwhile I have ended the few listings which I had running on eBay, and will not be adding any more.

if you aren't going to sell on Ebay you don't need this anyway as it won't affect any buying you may do as you can still pay with Paypal

epigramophone
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Re: GETTING PAID ON EBAY IS CHANGING.

Post by epigramophone »

I am aware that I can still use PayPal for my eBay purchases, but if I wish to continue selling on eBay I do not want them to have access to my main bank account, hence the suggested option of opening a separate account elsewhere.

Raphael, I am also aware that my bank account number and sort code are shown on any cheque that I write, but that does not give the payee access to my account. Under eBay's new policy they will have access not only to deposit money but also to withdraw it in the event of a dispute.

The best solution would be for sellers to nominate their PayPal accounts to receive the proceeds of their eBay sales, but needless to say eBay are not offering this option.

It is unfortunate that eBay has a virtual monopoly in the UK. Craigslist, which appears to be their main competitor in the USA, barely registers and until I joined this forum I had never heard of it. Things will not improve unless and until eBay faces strong competition over here.

Meanwhile my priority is to remain financially safe on line.

JerryVan
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Re: GETTING PAID ON EBAY IS CHANGING.

Post by JerryVan »

epigramophone wrote:
It is unfortunate that eBay has a virtual monopoly in the UK. Craigslist, which appears to be their main competitor in the USA...

Not really. At least for phonographs, Craigslist appears to be all but dead these days. Facebook Marketplace seems to have taken the lead.

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Raphael
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Re: GETTING PAID ON EBAY IS CHANGING.

Post by Raphael »

epigramophone wrote:Under eBay's new policy they will have access not only to deposit money but also to withdraw it in the event of a dispute.
Agreed, but what's the big deal? As much as we all have our gripes with eBay, they are not a criminal enterprise, per se. They will not be dipping into your account for spurious reasons. Charge-backs, disputes, etc. are all part of business and must be endured on occasion. There's no point in shutting an important door to your customers because of an infinitesimally low chance of fraud.

Reminds me of too many years ago, when I was a taxi driver in Manhattan. To protect drivers from robbery, the city had a much publicized rule that drivers were not required to have more than $10 worth of change on them. So, lots of drivers turned away fare after fare when the potential customer only had a $20 bill. I, on the other hand, always carried at least $100 in various small bills and never turned away a fare. My cab was never idle (and I was never robbed).

Raphael

PHONOMAN
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Re: GETTING PAID ON EBAY IS CHANGING.

Post by PHONOMAN »

I have been using managed payments since October. I was skeptical at first, but have not had a problem.

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