19 Jan, 2021
2021-1-19 7:56:12 PM UTC
I received notification today that eBay will no longer allow sellers to have their funds deposited into PayPal from March 17 2021, that payments for sold items will have to be deposited directly into a bank account (regardless of how the buyer paid for the item).
eBay bought PayPal back in 2002, and they split into two companies again in 2015. They had a five year deal at that point for PayPal to be exclusive for five years, which expired in 2020. They have signed an extension for PayPal to still be supported as a way for buyers to pay for items until 2023, but it is not clear if PayPal will be allowed beyond that point, as eBay is building out their own payment system for buyers that they claim is much better than PayPal.
Frustrating to me personally, as I have never given bank account information to any of these payment services. I guess I will not be selling on eBay any more, moving forward.
19 Jan, 2021
2021-1-19 8:36:45 PM UTC
How is "seller" defined? Are we to assume money will still be allowed to sit in PayPal accounts for transactions declared as "personal" money? And how does this affect PayPal transactions that have nothing to do with eBay? Any clues?
19 Jan, 2021
2021-1-19 8:42:41 PM UTC
If you sell something on eBay - the money goes from the buyer to eBay, not to you. Then eBay extracts the listing/completion fees, taxes, etc. Then eBay sends the money to your checking account after ~2 days via ECH which can take from 1-4 additional days to clear by your bank. There is no way for the buyer to send money to your personal (or business) PayPal account.
Of course, any transactions outside of eBay can still use PayPal. This is just for purchasing listings from eBay.
19 Jan, 2021
2021-1-19 9:04:54 PM UTC
I've noticed something else over the last year too. Sometimes when you checkout via eBay/PayPal the receipt you get emailed just says payment was to PayPal, not to the seller; no detail of the seller or the item i.e. when you look back at mutiple receipts just via emails you have no idea what the transaction was for. Which isn't very useful. I used to think this was just if you used the multiple-sellers-single-payment method, but I've seen it for single seller transactions too.
But as you say, these developments are certainly going to put some sellers off.
19 Jan, 2021
2021-1-19 9:18:19 PM UTC
Khamûl wrote:
I've noticed something else over the last year too. Sometimes when you checkout via eBay/PayPal the receipt you get emailed just says payment was to PayPal, not to the seller; no detail of the seller or the item i.e. when you look back at mutiple receipts just via emails you have no idea what the transaction was for. Which isn't very useful. I used to think this was just if you used the multiple-sellers-single-payment method, but I've seen it for single seller transactions too.
But as you say, these developments are certainly going to put some sellers off.
You are spot on - those merchants have switched over to eBay's new "Managed Payments" system - it has been opt in for a few months now, is mandatory for new accounts created now, and will be mandatory for all sellers from March onward. I see those for my purchases as well.
19 Jan, 2021
2021-1-19 9:38:27 PM UTC
Ain't no way I am ever giving Paypal or any other payment service my bank account details - especially when the said payment services aren't regulated as banks. I've only ever used Paypal with a credit-card, as at least the CC then provides a layer of protection against Paypal.
19 Jan, 2021
2021-1-19 9:48:16 PM UTC
Stu wrote:
Ain't no way I am ever giving Paypal or any other payment service my bank account details - especially when the said payment services aren't regulated as banks. I've only ever used Paypal with a credit-card, as at least the CC then provides a layer of protection against Paypal.
Well, then you are not selling on eBay ever again. (Same as me).
19 Jan, 2021
2021-1-19 9:51:23 PM UTC
Stu
I understand your principle but if you withdrawl it would go onto your credit card then , sohow do you get the money into your bank?
19 Jan, 2021
2021-1-19 10:04:42 PM UTC
laurel wrote:
Stu
I understand your principle but if you withdrawl it would go onto your credit card then , sohow do you get the money into your bank?
You cannot withdraw money onto a credit card via PayPal (that I am aware of, I have tried). For me, once the money is in PayPal, it stays there until I find something to spend it on that accepts PayPal.
You can also request PayPal to snail-mail you a paper check. There is a fee for this, but it gets you (most of) your money.
19 Jan, 2021
2021-1-19 10:59:22 PM UTC
Urulókë wrote:
laurel wrote:
Stu
I understand your principle but if you withdrawl it would go onto your credit card then , sohow do you get the money into your bank?
You cannot withdraw money onto a credit card via PayPal (that I am aware of, I have tried). For me, once the money is in PayPal, it stays there until I find something to spend it on that accepts PayPal.
You can also request PayPal to snail-mail you a paper check. There is a fee for this, but it gets you (most of) your money.
Yeah, that's a big part of why I don't sell on eBay. The only times I have sold something at all and been paid via Paypal, I have used the funds to buy something else. It is easier just not to sell things.
17
3078