Ebay Managed Payment System 2 2

[awakeintheashes]

2 minutes ago, Lightning55 said:

Yes, it includes sales tax in the calculation.  EBay dropped the FVF by 0.5% to compensate, make the math easier.  If something sells with a sales tax higher than 5%, you pay a bit more.  If it's lower than 5%, you pay a bit less, especially those 0% sales tax transactions.  It's very close to zero effect, using this estimate system.

I tracked it for a few months.  I made like $2 over that period, so certainly not the end of the world.  You will hear a lot of overreaction to this system, but it is works fine.  EBay does a LOT of things wrong.  This one is not really an issue.  People just hate change.

Got it. Thanks for the info. Makes sense 

[comixry]

I recall back in 2014 (7 years to the month) that some 145 million eBay records were hacked.

https://www.cnbc.com/2014/05/22/hackers-raid-ebay-in-historic-breach-access-145-mln-records.html

No company is 100% secure (no matter what they say) so considering eBay' MP is linked to a checking account makes me wonder if such an event occurred again, would the fallout be worse? On another note, PayPal users and I guess many online services do have people's checking accounts linked to them such as auto bill pay for utilities, cable, etc. So maybe this is just how the world is now and will be. 

[Lightning55]

You are wise to be cautious.  It is best to bolt up a secondary checking account, one that has minimal exposure.  When you get payouts, move the money from time to time to avoid having a large balance available and vulnerable.  That way the most you can lose is what is in that transitional account.

Which reminds me that I have to make some changes myself.  The secondary account I was using is now serving more purposes than I intended, no longer just a dedicated MP account.  I'll have to fix that.

[justafan]

On 5/4/2021 at 12:05 AM, Lightning55 said:

You are wise to be cautious.  It is best to bolt up a secondary checking account, one that has minimal exposure.  When you get payouts, move the money from time to time to avoid having a large balance available and vulnerable.  That way the most you can lose is what is in that transitional account.

Which reminds me that I have to make some changes myself.  The secondary account I was using is now serving more purposes than I intended, no longer just a dedicated MP account.  I'll have to fix that.

100% This.  They found me Marty.  I don't know how they did but they found me.  I got the dreaded email today.  The biggest reason I use Paypal is for that firewall between my CC/Bank account info and the sales portal.  If I do decide to continue selling on ebay I will be opening another zero fee bank account specifically for this.  I will leave a near zero balance on it (whatever the minimums are) and after any ebay deposits I will be immediately withdrawing the amount via one-way transfer. I will also be looking to using my CC's Virtual CC# option for purchases where a temporary CC# is generated and can be used in lieu of your real CC# to perform purchases.  This limits the risk or exposure from hacking.

However, one of the main reasons, if not THE reason for ebay moving to managed payments and why ebay wants your bank accounts linked is so that we can't use our credit cards to pay their fees.  Currently my ebay fees get deducted at the end of the month via an ebay invoice that charges my paypal account.  Since I never carry any deposits in my paypal account, my 2% cashback CC is the default payment method.  I earn 2% on all my ebay fees which probably costs ebay 3% or more of their monthly fees from me.  With managed payments, they deduct the fees directly from what the buyer pays so you only get the net of what was paid.

What this will mean is sellers will just have to continue to build the fees into their sales price to net what they truly want from the sale.  Buyers get squeezed or Sellers get squeezed.

Since they are now taking over payment options and holding the money for 2 days before paying us, aren't ebay sellers starting to become more like employees of ebay?  Probably not by the legal definition of employee but it sure is starting to feel like I'm working for them. especially when their 10% is greater than what I make off the books.

[Number 6]

I also got my MP join-us-or-die e-mail today. I have until May 28th. 

[ADAMANTIUM]

I got it yesterday FWIW  

[ectocooler]

They got me a couple months ago. I wasn’t smart enough to pay my eBay fees with a rewards CC and instead always just paid it out of the PayPal payment. Man I probably lost hundreds over the years not doing it that way. 

[Beige]

Been a very smooth three months with daily managed payments.

I'm pleasantly surprised.

For our American friends, its broken down very simply for your dreaded switch to IRS rules in 2022 - fees, shipping, taxes etc, all in a monthly download report.

 

Zero problems, which considering this is ebay, is quite remarkable.

 

[Historydigger]

they want your social security number. heads up! 

[paperheart]

got my first Ebay payment since the change from PP; low priced items- Ebay took 17.6%

 

[Lightning55]

5 minutes ago, paperheart said:

got my first Ebay payment since the change from PP; low priced items- Ebay took 17.6%

 

Wow, never saw a rate that high, but I only sell in one category.  I'm sure there are some that have higher fees, and some lower, too.  Every item sold has a breakout of the fees - the variable part and the $.30 fixed part.  You can check each one to see what's up.

If you click on the order number which looks like this 01-06865-11143, there is a link to the left that says View Payment Details.  That brings you to a page that gives the general details.  To the left on that page is a link that says Transaction Details.  You get a better breakout when you click on that. 

It might give you a clue as to why the fees are so high.  It's more if you don't have a store, are not Top Rated, if you're in the penalty box due to excessive returns, etc., and it varies by category.  And the final explanation: "That's the way it is".

[THE_BEYONDER]

On 5/7/2021 at 11:03 PM, Beige said:

Been a very smooth three months with daily managed payments.

I'm pleasantly surprised.

For our American friends, its broken down very simply for your dreaded switch to IRS rules in 2022 - fees, shipping, taxes etc, all in a monthly download report.

 

Zero problems, which considering this is ebay, is quite remarkable.

 

I don’t want to switch.  

[MetalPSI]

I've pulled all my stuff for sale. Going consignment from here on out

[Number 6]

Yeah, I’m probably going pull all my stuff and go consignment but I’m going to wait until the deadline. 
 

Going to go by the LCS after work and ask him if he would be interested in accepting my stuff on consignment. I was in there a couple of weeks ago and his normally 200 wall books was almost completely empty, just a dozen or so left.  He said he’s been having trouble keeping stuff in stock. 
 

It would be nice to do it with someone local but he always acts like you’re trying to feed him a doo-doo sandwich whenever you bring this kind of stuff.  Honestly, I have no idea how he gets his stuff as he always seems to turn everything away. 
 

So, yeah, not looking forward to that conversation.  Probably end up mailing it to a dealer for consignment. 

[Buzzetta]

On 5/7/2021 at 11:40 PM, Historydigger said:

they want your social security number. heads up! 

I found my old textbooks from another program I went for about seven years ago.  I wanted to sell them on Amazon as they were actively selling for $35-60 each. 

Amazon wanted my SSN, copy of my license, scan of bank statements along with other things.

Ummm no.

I never had to give that to eBay when I stated using them and there is no way in this day and age would I ever scan my license to provide to someone.  Don't care what it means I miss out on.  There are too many, 'oops' we had a security breach and this is what I need to know emails" that are sent to people on a regular basis. 

[Gaard]

Got the dreaded email yesterday. Got till May 28th to comply. Haven't decided yet if I just want to wave bye-bye to Ebay and go the consignment route from now on, or simply comply.

Is it true, I can still buy using PP, just not sell without Managed Payments?

[ThothAmon]

I can understand everyone’s reluctance but since my seller account was moved over Ive had zero issues. 

[Gaard]

It's just that a few years ago I had my bank account hacked and somebody took out thousands over a few days time. Of course, the bank gave me my money back, but I had to open a brand new account and go thru all the rigamaroo with all the utilities. Ever since then, I've refused to give out my bank account numbers to anyone (I use a capped card(s) for PP). I pay all my bills with a CC, and pay off the CC balance every month. That way I never have to type out my bank numbers on the web. I know, I know ... I'm paranoid. But it was a royal pain, and I want to reduce the possibility of it happening again.

[ADAMANTIUM]

3 minutes ago, Gaard said:

It's just that a few years ago I had my bank account hacked and somebody took out thousands over a few days time. Of course, the bank gave me my money back, but I had to open a brand new account and go thru all the rigamaroo with all the utilities. Ever since then, I've refused to give out my bank account numbers to anyone (I use a capped card(s) for PP). I pay all my bills with a CC, and pay off the CC balance every month. That way I never have to type out my bank numbers on the web. I know, I know ... I'm paranoid. But it was a royal pain, and I want to reduce the possibility of it happening again.

No shame in that. Its something for one to consider for sure.

 

[the blob]

On 5/8/2020 at 7:22 PM, fastballspecial said:

Thats ridiculous.  Been selling for almost 20 years never had anything like that happen ever.

 

Agreed. Never been outright scammed like that. 1500-2000 or so comic sales.

Edited May 14, 2021 by the blob