Ebay is Self-Destructing with Managed Payment System

[carbideliquidator]

The Fall of an Dictatorship is never Pretty

[kensgiftshop]

I think it'll be fine once sellers get used to it.

[wrong66]

A dictatorship? That's funny.

[b-4-opec]

Not happy with eBay now, the "managed payment system" does not seem transparent and honest to us.  We've cancelled all listings because; 

first off, eBay says on it's site that immediate payments are only possible IF you accept PayPal as a payment option.  Since the "managed payment system" was given our bank info we are no longer given that PayPal option choice, it doesn't allow the choice to be made.

Second, when we had an item sell under the "managed payment system" eBay did not break down the fees it charged, just lump sum, which was taken out instantly.  Unlike our payment, they sat on our money.  That means eBay will use millions of seller's money for any items sold for at least 24 hours of interest collection, investments, or what ever eBay chooses.  The buyer's payment came out of their account (bank, credit card, etc.) immediately too.  So, why does eBay sit on the money?  

So I explain it like this; if you have a store and sell balls, I walk into your store, I pick up a ball, I walk out of your store with the ball and then throw the money for the ball into the air... You, the seller, get to wait for it to fall into your hands.  Yet, me the buy has the ball, the moneys is in the cloud drawing attention and vulnerable, and you, the seller, wait.  That is not ethical and not fair.  It simply put the seller(s) all at risk and eBay making a whole lot more than the now 12.3% + 0.30cent charges.

Maybe I do math differently than the rest of the work force, but I don't like investing my money, time, effort, etc. all to be the only one waiting until 24 hours passes to get my money.  Nope.

Oh, and again to get immediate payment a seller has to give the buyer the PayPal option, only the option is not able to be chosen.  Another note; when I refunded the buyer, because I didn't agree that I should be the one to wait, eBay still took that 0.30 cent fee directly and instantly out of my bank account.  No wait time for eBay friends.