New eBay Managed Payments - They cut PayPal out!

[WhyNotZoidberg | 586]

I had to offer partial refunds for combined shipping and it really isn’t clear how much of fees I’m getting back under this new managed payments system.

The fees also « hide » a listing fee. I have to pay for example 12,35%+0,30$ on a sold order. 0,30$ is exactly how much they asked me to list once I ran out of free listings before.

Overall it’s not easier nor cheaper under the new ebay managed payments but there’s no way around it. People keep buying off ebay even after sellers adjust everything to account for all the fees so there is 0 incentive on ebay’s part to revise anything.

[cromag27 | 46]

i was happy about this change as i hate paypal. but i was under the impression sellers got to choose which payment methods they wanted to accept. not true. 

and, i have a personal account and business account. i can’t find anything in writing if sales from both are combined to determine if a 1099k  be issued. the personal account has my ssn and my business account has my ein. 

[Bonanza125 | 55]

3 hours ago, cromag27 said:

 i have a personal account and business account. i can’t find anything in writing if sales from both are combined to determine if a 1099k  be issued. the personal account has my ssn and my business account has my ein. 

 

Edited March 1, 2021 by Bonanza125

[LeatherRebel5150 | 1,065]

6 hours ago, cromag27 said:

i was happy about this change as i hate paypal. but i was under the impression sellers got to choose which payment methods they wanted to accept. not true. 

and, i have a personal account and business account. i can’t find anything in writing if sales from both are combined to determine if a 1099k  be issued. the personal account has my ssn and my business account has my ein. 

I also hate paypal. But I can't even fond a way/spot that lets me hook an account to it. It still seems to only let me link a paypal account 

[broncofantd793 | 138]

On 2/4/2021 at 6:06 AM, LeatherRebel5150 said:

Does anyone have PNC virtual wallet account? Im wondering if the 3 partitions in the account (spend, reserve, save) effectively act as 3 separate accounts so if i give ebay access to one they cant touch the other two...or not?

Spend, Reserve, and Growth all have individual account numbers.  Reserve and Growth will offer a small amount of interest.  I set my monthly bills that are set amounts to come out of the Reserve.  Growth is just a savings account. The spend account is for your deposits and transfers to the other two accounts.

[LeatherRebel5150 | 1,065]

1 hour ago, broncofantd793 said:

Spend, Reserve, and Growth all have individual account numbers.  Reserve and Growth will offer a small amount of interest.  I set my monthly bills that are set amounts to come out of the Reserve.  Growth is just a savings account. The spend account is for your deposits and transfers to the other two accounts.

I understand how they work within their own environment. I just want to be sure that if I were to use the reserve account for ebay, that ebay then couldn't draw from the spend or save accounts, Though this has been rendered moot since I asked this originally since it does not appear that I'm able to use ebays new system ye.

[yZoneFox | 18]

On 12/12/2020 at 6:39 PM, Tanooki said:

I think I saw someone who was pissed off did the math and I think it was like if you made like a 1000 there's a savings in 7~ in fees.  There's nothing any normal person will ever notice.

I did the math myself. You have to do a lot of transactions for things to even out. It really depends on where the item is going because of taxes and / or international fees. In general, they take more. Again, it will depend on how much you sell and what the sale price is, but generally you could see fees taking 16% of what you sold. Before, directly via Paypal, it was somewhere between 11-13%.

On 11/20/2020 at 12:37 PM, tbone3969 said:

A fee on the buyer's tax....  WTF

Can't win.

Since online sales tax became a thing everywhere in the (late 2019 in US), taxes were always part of the sold price, meaning Paypal collected a fee based on the total amount the buyer paid: sale price + transaction % fee + fixed fee of like 25cents + tax paid by the buyer.

The tax was then remitted back to ebay for them to report on their IRS tax filings. You could deduct the taxes from your gross as ebay fees. If you didn't deduct, the government thinks you earned more then you actually did.

 

The biggest pain for me is the roundabout access to money. It takes two weeks for me to have access to money the way I use it. That is, I want money in Paypal. Many commerce sites still offer Paypal as a payment option and it is actually beneficial to use it vs credit cards on certain sites. I have money going to a bank account, which can take 1-5 business days. I then have to transfer that money to Paypal. Since this change happened, I noticed transfers from that bank to Paypal taking 5 business days. Factor in weekends, and you're looking at two weeks for money to arrive in your Paypal.

Prior to the change, for all intensive purposes, Paypal gave immediate access to the money even though the transaction between banks or whatever payment method the buyer used could take longer. Paypal was actually doing people a solid by essentially giving them a cash advance without fees.

 

 

Edited March 14, 2021 by yZoneFox

[yZoneFox | 18]

On 11/26/2020 at 7:14 PM, Tanooki said:

NO Fees, 1%APY interest, free ATM use to funnel funds, FDIC insured.  It's run by some solid banks, it's not something second rate.  If you did use the issued CC from them you get a 10% cash back on using it too.  Maybe that would work on making money on ebay purchases.

https://www.aspiration.com/get-account?utm_source=ph&utm_medium=cp&utm_campaign=phLE&utm_term=asa&utm_content=blog-gsb-ph&PHid=1027a9781bdac550fe646df51612f6

Can you give me the benefit of using this Aspiration card or clear up how you use it? Do you link it as a bank account where the payment gets sent instead of a brick and mortar bank? Are payments immediately accessible? Do transfers to other banks take a long time?

I would like a TLDR; 1. 2. 3. 4. etc. benefit list as the stuff you stated is nice but doesn't really address my concerns (not meant as an offense).

[cromag27 | 46]

11 minutes ago, yZoneFox said:

I did the math myself. You have to do a lot of transactions for things to even out. It really depends on where the item is going because of taxes and / or international fees. In general, they take more. Again, it will depend on how much you sell and what the sale price is, but generally you could see fees taking 16% of what you sold. Before, directly via Paypal, it was somewhere between 11-13%.

Since online sales tax became a thing everywhere in the (late 2019 in US), taxes were always part of the sold price, meaning Paypal collected a fee based on the total amount the buyer paid: sale price + transaction % fee + fixed fee of like 25cents + tax paid by the buyer.

The tax was then remitted back to ebay for them to report on their IRS tax filings. You could deduct the taxes from your gross as ebay fees. If you didn't deduct, the government thinks you earned more then you actually did.

 

The biggest pain for me is the roundabout access to money. It takes two weeks for me to have access to money the way I use it. That is, I want money in Paypal. Many commerce sites still offer Paypal as a payment option and it is actually beneficial to use it vs credit cards on certain sites. I have money going to a bank account, which can take 1-5 business days. I then have to transfer that money to Paypal. Since this change happened, I noticed transfers from that bank to Paypal taking 5 business days. Factor in weekends, and you're looking at two weeks for money to arrive in your Paypal.

Prior to the change, for all intensive purposes, Paypal gave immediate access to the money even though the transaction between banks or whatever payment method the buyer used could take longer. Paypal was actually doing people a solid by essentially giving them a cash advance without fees.

 

 

i have my ebay payout schedule set to daily, and usually see funds in my bank account 1-2 business days later. that may vary from bank to bank. 

[tbone3969 | 313]

8 hours ago, yZoneFox said:

Can you give me the benefit of using this Aspiration card or clear up how you use it? Do you link it as a bank account where the payment gets sent instead of a brick and mortar bank? Are payments immediately accessible? Do transfers to other banks take a long time?

I would like a TLDR; 1. 2. 3. 4. etc. benefit list as the stuff you stated is nice but doesn't really address my concerns (not meant as an offense).

10% back on debit purchases.  This sounds way to good to be true and I have learned when it sounds to good to be true is usually is.  This must be capped at a low amount or this card must be a scam.  How could they be profitable giving 10% back?  Just doesn't add up.

[tbone3969 | 313]

8 hours ago, yZoneFox said:

I did the math myself. You have to do a lot of transactions for things to even out. It really depends on where the item is going because of taxes and / or international fees. In general, they take more. Again, it will depend on how much you sell and what the sale price is, but generally you could see fees taking 16% of what you sold. Before, directly via Paypal, it was somewhere between 11-13%.

Since online sales tax became a thing everywhere in the (late 2019 in US), taxes were always part of the sold price, meaning Paypal collected a fee based on the total amount the buyer paid: sale price + transaction % fee + fixed fee of like 25cents + tax paid by the buyer.

The tax was then remitted back to ebay for them to report on their IRS tax filings. You could deduct the taxes from your gross as ebay fees. If you didn't deduct, the government thinks you earned more then you actually did.

 

The biggest pain for me is the roundabout access to money. It takes two weeks for me to have access to money the way I use it. That is, I want money in Paypal. Many commerce sites still offer Paypal as a payment option and it is actually beneficial to use it vs credit cards on certain sites. I have money going to a bank account, which can take 1-5 business days. I then have to transfer that money to Paypal. Since this change happened, I noticed transfers from that bank to Paypal taking 5 business days. Factor in weekends, and you're looking at two weeks for money to arrive in your Paypal.

Prior to the change, for all intensive purposes, Paypal gave immediate access to the money even though the transaction between banks or whatever payment method the buyer used could take longer. Paypal was actually doing people a solid by essentially giving them a cash advance without fees.

 

 

All I can do is look at my sales and fees.  I sell mainly video games and I can say the fees have been about the same or slightly less overall.  Honestly wish they just stuck with PayPal.  The instant access to funds via PayPal was much better IMO.

[tbone3969 | 313]

The aspiration card give you 10% back on these companies only:

Aspiration has teamed up with companies that put "doing the right thing" at the heart of their businesses. Includes companies like TOMS, Warby Parker, and Blue Apron.

 

Oh and there is a $15 per month fee.

[cromag27 | 46]

4 hours ago, tbone3969 said:

All I can do is look at my sales and fees.  I sell mainly video games and I can say the fees have been about the same or slightly less overall.  Honestly wish they just stuck with PayPal.  The instant access to funds via PayPal was much better IMO.

my overall fees are a little less now. it just took me time to get used to seeing everything taken out in one lump sum. remember, paypal was taking like 2.9% plus a fixed fee based on currency. then ebay’s fees were billed to you later. i like it this way where you can see the exact payout immediately, and i don’t have to use my paypal account at all. 

waiting 1-2 days for my money is not a problem either. 

mileage will vary, but i like it overall. 

Edited March 14, 2021 by cromag27

[a3quit4s | 4,142]

I like how they take the fees out of the transaction now instead of charging them to the account. I don't have to account for it later

Edit: My fee was 13.5% though which I think was .5% above what ebay+PayPal used to be. I don't sell much though so some people probably have a less fee schedule than me

Edited March 14, 2021 by a3quit4s

[MrWunderful | 2,927]

2 hours ago, cromag27 said:

my overall fees are a little less now. it just took me time to get used to seeing everything taken out in one lump sum. remember, paypal was taking like 2.9% plus a fixed fee based on currency. then ebay’s fees were billed to you later. i like it this way where you can see the exact payout immediately, and i don’t have to use my paypal account at all. 

waiting 1-2 days for my money is not a problem either. 

mileage will vary, but i like it overall. 

I actually prefer it now as well. And since I opened a specific checking account for eBay, I can disconnect my paypal from my main checking account and connect it to my ebay Specific one. 

[yZoneFox | 18]

15 hours ago, cromag27 said:

i have my ebay payout schedule set to daily, and usually see funds in my bank account 1-2 business days later. that may vary from bank to bank. 

You misunderstand. I want money in Paypal. I have to do an additional transfer after ebay transfers it to a bank.

Further, depending on the payment a buyer uses, that money can take longer to become available and send to your bank account. When Paypal, handled things, they allowed instant access to the money even though it wasn't done transferring, basically given you a loan interest-free.

Once a payment clears using the new ebay managed system, it sends to your bank account within 3 days.

[yZoneFox | 18]

7 hours ago, tbone3969 said:

The aspiration card give you 10% back on these companies only:

Aspiration has teamed up with companies that put "doing the right thing" at the heart of their businesses. Includes companies like TOMS, Warby Parker, and Blue Apron.

 

Oh and there is a $15 per month fee.

All things those kids care about according to podcasts. I'm not a lazy SOB. well most of the time. The $15/month fee is for the plus account. I aint paying jack for access to my money.

Banks are real funny charging those fees. They get to hold your money and re-invest it for profit, yet they want you to pay a fee if you don't have a minimum deposit per month or some other investment?!

[yZoneFox | 18]

The process is the same for figuring out fees. Ebay reports what you make - your gross. You will still have to deduct what taxes are collected by ebay and their fees.

Once Amazon becomes a bank, that's it--game over. Use their 5%/3% credit card to double up on cash back from ebay and transfer money directly into your Amazon bank which you can use to pay the credit bill because you are a responsible adult who doesn't allow credit to pile up.

[cromag27 | 46]

36 minutes ago, yZoneFox said:

You misunderstand. I want money in Paypal. I have to do an additional transfer after ebay transfers it to a bank.

Further, depending on the payment a buyer uses, that money can take longer to become available and send to your bank account. When Paypal, handled things, they allowed instant access to the money even though it wasn't done transferring, basically given you a loan interest-free.

Once a payment clears using the new ebay managed system, it sends to your bank account within 3 days.

not exactly. yes you do have to link a checking account for payouts. but my funds are always available 1-2 business days. not instant, but close enough for most people. i’ve never had a payout delayed for any reason. and with paypal there could still be delays until funds were available. 

[cromag27 | 46]

17 minutes ago, yZoneFox said:

The process is the same for figuring out fees. Ebay reports what you make - your gross. You will still have to deduct what taxes are collected by ebay and their fees.

Once Amazon becomes a bank, that's it--game over. Use their 5%/3% credit card to double up on cash back from ebay and transfer money directly into your Amazon bank which you can use to pay the credit bill because you are a responsible adult who doesn't allow credit to pile up.

the process is not the same because you don’t have to worry about additional fees from paypal. those fees are now deducted by ebay. think of ebay as being the payment processor now. and yes, you will still be subject to a 1099k when appropriate because that’s the law. 

[Quest4Nes | 376]

As a seller managed payments is so much worse. 

 

Its very confusing as far as what is reported. Sales tax etc. Paypals gross mount had sales tax separate on the reports. 

 

With msnaged payments you just h ve to take ebays word on them hsndling everything correctly and controlling your money. Its awful. Its all so confusing especially as a bulk seller. Putting all your trust in this shitty tech company raises your blood pressure

[cromag27 | 46]

7 minutes ago, Quest4Nes said:

As a seller managed payments is so much worse. 

 

Its very confusing as far as what is reported. Sales tax etc. Paypals gross mount had sales tax separate on the reports. 

 

With msnaged payments you just h ve to take ebays word on them hsndling everything correctly and controlling your money. Its awful. Its all so confusing especially as a bulk seller. Putting all your trust in this shitty tech company raises your blood pressure

but you can see the sales tax in your seller’s hub. 

[Quest4Nes | 376]

3 hours ago, cromag27 said:

but you can see the sales tax in your seller’s hub. 

Sellers hub data only goes 90 days. Having it mixed this year is a nightmare. This invoice is a god damn clusterfuck to go through. Ebay has no clue what a seller needs. 

[cromag27 | 46]

36 minutes ago, Quest4Nes said:

Sellers hub data only goes 90 days. Having it mixed this year is a nightmare. This invoice is a god damn clusterfuck to go through. Ebay has no clue what a seller needs. 

not true.  for finance reports you can go back a couple years.  the 'tax report' you get every month shows you the taxes on fees (if any) that have already been deducted.  oddly enough, none of my sales have been taxed this year.

You can download your Tax invoice in Seller Hub. Here's how:

1. Go to the Payments tab - opens in new window or tab in Seller Hub.
2. From the menu on the left, select Reports.
3. Select the Invoices tab. You'll see the list of available Tax invoices by month.
4. To download a report for a specific month, select Summary Download or Detail Download.

[Tanooki | 4,958]

22 hours ago, yZoneFox said:

Can you give me the benefit of using this Aspiration card or clear up how you use it? Do you link it as a bank account where the payment gets sent instead of a brick and mortar bank? Are payments immediately accessible? Do transfers to other banks take a long time?

I would like a TLDR; 1. 2. 3. 4. etc. benefit list as the stuff you stated is nice but doesn't really address my concerns (not meant as an offense).

It's right there on the link, mind you the 10% falls under a paid account, not the free one, scroll a few wheel flicks down, it's on the bullet points on the right.  Aspiration Plus has 10% cashback on conscience coalition purchases while the free account is 3-5%.  The kind of big thing is just the 1%APY interest earned on your balance, most banks these days give like a .01% ever since they imploded like 15 years ago or so under that massive bank/housing f-up caused by Dodd and Frank in congress.  That 1% though is ideal, actively using their debit card and keeping a balance in savings of $10K which most probably won't do, defaults to .25% otherwise which still is .15% better than standard and any bit helps.