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Beware of Spendable Funds
Beware before enrolling in spendable funds! This sounds good on the surface, but I have had nothing but problems with this new feature.
1. It automatically resets your payout to on-demand, which eBay tells you it will do.
2. It automatically resets your shipping payment to PayPal or credit card and not available funds.
3. You no longer have available funds for payment of fees.
4. You must now pay all selling fees with a credit or debit card and cannot use available funds.
5. There is no way to disenroll from the program, so once you go, you are locked into it.
6. You cannot manage spendable funds; they can only be used for purchases or payouts.
I would not recommend enrolling in this program.
kh-phdan
·3 years agoHello Everyone,
Due to the age of the thread, it has been closed to further replies. Please feel free to start a new thread if you wish to continue to discuss this topic.
Thanks for understanding!
savagelady
·3 years agoYes, this is extremely helpful. Thank you for posting these "hidden" features.
mn467462
·3 years agoThis is an old post.
la.sparks.fan
·3 years agoUNBELIEVABLE. WE ONCE HAD COMPLETE FUNDS CONTROLS.
craft-stash
·3 years agoWe once had Funds to Spend!
gurlcat
·3 years agoOnly #1 is true for me. All the rest, nope. I have spendable funds and ebay has not charged my bank card for anything except when I was purchasing something that cost more than my SF's. There must be some reason your account is different, but I couldn't guess what. Just saying, what you're experiencing will not be the same for everyone who enrolls.
mementomoria
·3 years agoThe sellers that I purchased shipping items from are no longer on Ebay. I buy direct from them now. I don't really have a need for expensive purses, watches or shoes. No need for this program.
vol1757
·3 years agoPlease, who knows how to get rid of/ unsubscribe from spendable funds
slippinjimmy
·3 years agoHave you tried changing to daily or weekly Payouts?
vol1757
·3 years agoYes, it does not change the existence of the spendable funds.
and one of the bad things coming with it is two step verification, HIGHLY annoying.
may be somebody knows how to get rid of that too?
lordchamberlainsmen
·3 years agoI would agree. Except,with an unual $400 sale,ebay has blocked use of it altogether. Third day being jerked around blaming suspicious flag error by "the system did it". Excuses, chat disconnects, x three days and 6 hours of my time. Never a prob using funds before, nickel & dime sales tags.
kyle@ebay
Hey @mpi_llc , our payments team has reached out to clarify some of these points.
1. It automatically resets your payout to on-demand, which eBay tells you it will do.
Yes, when sellers enroll in spendable funds their payouts will be available on demand, but there is always the option to schedule payouts when it’s convenient for you…daily, weekly, biweekly or monthly. You can manage your payout schedule in the Payments section of Seller Hub or My eBay.
2. It automatically resets your shipping payment to PayPal or credit card and not available funds.
You will be able to use your spendable funds balance to pay for shipping labels.
3. You no longer have available funds for payment of fees.
Most fees are deducted from the proceeds of a sale before funds become available to spend or withdraw.
4. You must now pay all selling fees with a credit or debit card and cannot use available funds.
Most fees are deducted from the proceeds of a sale before funds become available to spend. Your credit or debit card will not be charged unless there are not enough spendable funds to cover the fees due.
5. There is no way to disenroll from the program, so once you go, you are locked into it.
This is correct
6. You cannot manage spendable funds; they can only be used for purchases or payouts.
In addition to being able use your spendable funds to make purchases on eBay before funds are available for payout, they can also be used to cover selling costs such as shipping labels and other selling expenses. eBay also provides flexible payout options, including on demand or on your preferred schedule.
ittybitnot
·3 years ago5. There is no way to disenroll from the program, so once you go, you are locked into it.
This is correct
@kyle@ebay
Totally creepy! Is an 'enrollee' also subject to the two step verification that requires a cell phone for life as well?
sticker*pimp
·3 years agoYes, you have to use 2 step verification but after logging in on a device using 2 step verification, they give the option to set the device/computer as a trusted device and you no longer have to use 2 step when logging in on that device.
donsales62
·3 years agoIt would have been nice to know that once you enroll in Spendable Funds - that you cannot get out of it. I'm thinking that I may change my payout schedule to everyday!!!!
dbfolks166mt
·3 years agoThere were all kinds of warnings about this program and the policy eBay has regarding the program is pretty well documented.
https://www.ebay.com/help/selling/spendable-funds/spendable-funds?id=5305
This is another one of those great ideas that some eBay executive came up with that is a HUGE benefit to eBay. First once you are in you are in and cannot get out. You can only use the funds to buy some things on eBay (restricted categories). EBay or Adyen is earning interest on your escrowed funds just as PayPal did/does and when you use the spendable funds to buy things on eBay, eBay avoids having to pay the merchant fees they would have had to pay if you had used a CC or some of the other third party financial processors.
It was a teaser for those sellers who were spoiled by the instant availability of funds from PayPal, which vanished with MP. Sellers were complaining about funds being held for xx days so this was eBay's trap/solution.
mr_lincoln
·3 years ago@dbfolks166mt So the work around would be to open a new Selling account and then spend the money on the old one then close it out ...
dbfolks166mt
·3 years ago@dbfolks166mt So the work around would be to open a new Selling account and then spend the money on the old one then close it out ...
To the best of my knowledge that is the only way out. It's kind of like the Hotel California.
dbfolks166mt
·3 years agoI never could understand the appeal of this program to some sellers. EBay is without a doubt the big winner for those that do enroll in this program. They pay no merchant fees for transactions against spendable funds like they would for CC transactions and your funds sitting in escrow earn them interest much the same way they did and do for escrow funds sitting in PayPal or any other third party financial providers escrow accounts.
I much prefer to purchase things with my CC which has a 5% cash back reward and is essentially a interest free loan for up to 30 days.
slippinjimmy
·3 years agoMaybe it works for the "unbanked". 4.5% of US households are unbanked (meaning they do not have a checking or savings account).
Or maybe it's for the 30% of US residents that don't have a credit card.
Then there are no doubt quite a few who think that if they spend the money before a payout that those funds are somehow hidden from the IRS.
dbfolks166mt
·3 years agoMaybe it works for the "unbanked". 4.5% of US households are unbanked (meaning they do not have a checking or savings account). Well they would need either a savings or checking account to even sell on eBay under MP.
Or maybe it's for the 30% of US residents that don't have a credit card. Percentage is actually quite a bit less than that but those that don't have a CC are probably not selling or buying on eBay anyway.
Then there are no doubt quite a few who think that if they spend the money before a payout that those funds are somehow hidden from the IRS. Now this one I could believe.
lordchamberlainsmen
·3 years agoNot everybody is hooked to credit cards...debt free is so much nicer.
lordchamberlainsmen
·3 years agoIt's for people selling their own collections. Should never be taxed.
doc-holmes
·3 years agoI don't really grasp the whole concept. It's like gift cards. You're taking money that's good EVERYWHERE, and turning it into money that's only good on eBay. I get it, you don't have to wait a couple of days this way, but c'mon. I guess some people like it.
moldy5
·3 years agoam thinking this was an eBay plan designed to make more money for eBay. Has nothing whatsoever to do with helping our experience here any better. so glad you posted & hope many read this thread before jumping in.
lordchamberlainsmen
·3 years agoIt's ebay's version of "keeping the $ in the family".
lordchamberlainsmen
·3 years agoIf you're weeding a collection, and buying for same, it's handy. But not when it's causing problems.