Ebay's new payout system..

[mikes60sstuff]

I was notified today that an item was sold for $500, and to ship it out. They no longer have the money put into my Paypal account (even though the buyer 'pays' with Paypal). They put it in my bank account with a few days. So as of right now, I see no paid money anywhere. Which is why I've put in the option of shipping within '5' days (until I see the money, hopefully).  But....the buyer emails me that he only has $350 in his Paypal account and 'COULD HE' send me the $350 and the other $150 when the bank gets the transfer in. First of all, why is ebay telling me the item is sold and I should ship it out if his Paypal account only has $350 in it (short $150)? Is the item considered sold and paid for because the buyer supposedly has $150 in his bank account to cover it? If that is correct, now how long will it be before the money transferred to his Paypal account (4-5 days) will show up in 'my' bank account....another 4-5 days? This whole new payment system is for the birds.

[nocoolnamejane]

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@drckyeung2013 wrote:

You have set up a Payoneer account, right? Because you won't GET PAID unless you do. You still use PayPal TO PAY.

Unlike PayPal, which you can receive money instantly, Payoneer takes at up to 3 days to clear the funds.  eBay makes it sound like this Payoneer thing is wonderful. But at the end of the day it is their way to make even more money. I did some calculations and worked out how they turned this thing to their advantage (I am an overseas seller, so you can ignore the International Fee:

Fees and Payments

1. eBay now has TWO separate payment systems – PayPal and Payoneer.
2. In order to get paid now, you must have a Payoneer account. Open one here if you do not have one - https://www.payoneer.com
3. You can still send payment requests to anyone who has a PayPal account and eBay can also take money from your PayPal account if you have to refund a buyer or after you have bought (NOT sell) something on eBay. But the payment received (following sale) and the amount that will eventually be taken out of Payoneer (transferred to your own bank account) can only be done via Payoneer.
4. Using PayPal as your payment method, the eBay fees – Final Value and Shipping – are 10%. This means if the price of the item is $5 and the shipping is $5 (i.e. $10), you will only receive $9. Then PayPal charges 5% (4 to 7% depending on the final price total: the cheaper the item, the higher % charge. Let's say 5% as standard). So combining eBay's 10% with PayPal fee's 5%, your $10 is now $8.50.
5. Using Payoneer as your payment method, the way it works is a little more complicated. First there is this Final Value Fee, which is the total of both the item and shipping costs, at 12.55% and then the International Fee at 1.3% and a Per Order Fixed amount at US$0.3. Using the same $10 as an example, you will now get $8.32.
6. So if you now look at what happens at the end of it all using the two payment systems, it would seem you get even less (Net) with Payoneer - $8.50 (PayPal) vs $8.32 (Payoneer).

However, since Payoneer uses a better exchange rate than PayPal does, I will actually be getting a tiny bit more upon transfer. 

Hope this helps you to get your head around this brand new way of taking money off you.

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OP is located in the US. We do not use Payoneer here.

[dicktracyiolit]

Why You miss to say that there is a further exchange commission to pay if You are an international seller and Your Main currency is (For instance)  EUR????

If I sell in a country with a different currency like US$ now  I will be charged with a further 3% commission converting US$ payment to EUR!!!

[dbfolks166mt]

     Remember PayPal accounts are backed up by an individuals bank account or credit card(s) or both. As a buyer you do not have to do anything with regards to having a positive balance in your PayPal account. They are not a bank they are a third party financial processor. When you pay for something PayPal will obtain the money from wherever it is available and make the transfer. 

     If the funds show pending transfer in your payments and the message to ship the item is showing in your eBay seller hub then you have a couple options. You can ship the item or you can cancel the sale. If you cancel since insufficient funds is not an option I would use canceled at buyers request. This whole transaction seems a bit fishy on the surface you may want to consider option 2.