mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@paninifans wrote:i read that ebay will move paypal as paying option and will have his own selling service i wish to know more about that, how we will pay and how sellers get payed and how new service will work ?
Correct me if I'm wrong, but are you asking if a buyer can continue to pay with PP once a seller is in MP?
If that is what you are asking, the answer is yes. The buyer will see no difference and very well may not even know or realize when a seller is in MP.
As a seller in MP, no funds for that seller will be received in PP. It will come into their MP account.
If you spend a bit of time on the threads you will read good things and bad things about MP. Some of what you read will be accurate and some will not. It can be hard to distinguish the difference.
I'm in MP and I do weekly deposits which transfer on Tuesdays. For me I have no issues with MP other than I really don't like the reports currently available. But Ebay is working on improving those, so hopefully that happens soon.
I find MP easy to use and I do really like having everything at my fingertips in the Seller Hub. No bouncing between Ebay and PP anymore. Everything is right there in the Hub.
MP will grow and expand as it ages. So hopefully in the future it just gets better and better as there are some important issues with the program especially for those that use Daily Deposits. Don't let the name fool you as it isn't really Daily deposits. MP process payments and transfers on Business Days only. So that is typically Monday through Friday. This can cause some delays in transfers on Thursday through Saturday sales. I am hoping MP finds a way to improve this process soon as it is a very big problem for some sellers and it deserves some serious attention on how to make this better.
@corvettestainless wrote:@mam98031 1099Ks do NOT show Gross Sales, they show Gross Receipts. The two are not the same.
I understand that; but for all intents and purposes when talking on a forum at a place that has to do with nothing but sales, and does not EVER pay me interest or dividends etc. and to NOT confuse anyone else reading anything on THIS forum, Gross Sales/Receipts mean the SAME THING.
On a $169 sale to FL (no tax) I show $152 as a sale amount given to me, that much deposited in my account and no where on the 'transaction' report does it show ME receiving $169.. it shows EBAY (MP) receives $169, but only gives ME $152.
So, has anyone received a 1099 from MP for 2019 and did it show the 'gross' sale of the item to the customer, or does it only show what ebay gives you out of it? (Since we don't pay ebay monthly on fvf's anymore..)
Gross receipts and gross sales both define the total amount of money that your business has received in a given period, such as a year or quarter. The primary difference is that gross sales refers specifically to sales income, while gross receipts includes income from non-sales sources, such as interest, dividends or donations.
I respectfully disagree. I've been in many of these conversations about this form over the years and no it does not mean the same thing to sellers and that is a good thing since it is not the same thing. To assume that is likely to overpay on your taxes.
On your $169 example. While what went to your account, as you know is the $152, your net sales amount before all costs, it is the $169 that is on your 1099K, your gross receipts.
It is your MP account that receives the $169 so it appears on your 1099 as that. MP is not going to be reporting on the 1099Ks differently than PP did. The requirements are the same.
Gross Receipts means the total amount of money that came through your MP account from buyers without any deductions for cancellations, refunds, shipping costs, taxes, etc.
From the IRS instructions for the 1099K form.
@jaysandi wrote:First of all, who "opted" into managed payments? It was forced on me - I had no choice. I was told to I would be switched over in July and they gave me a list of things required. I only had Paypal (which I used as my business account) and a regular checking - which they said was unacceptable. I had to get a REAL business account - so I went to my bank to get one - they would not issue it without a business permit certificate notarized and stamped by my town hall chamber of commerce. What a pain that was - my town hall is closed due to Covid - I had to do everything remotely. After I jumped through those hoops - they pushed the date to sometime in August and, one day, just activated me - depositing money in my regular checking account! Sooo...why in the hell did I have to do all that other stuff? Re the payments - I like the way Ebay takes their cut automatically out of each payment - but that's all I like. Ebay lied to me about the percentage. Four months ago, they said they would take 10% for jewelry (which is what they were already taking) - BUT...I would be saving 3% on Paypal fees. Well, right away, I noticed the numbers are not adding up. Turns out they are taking 12.35% and holding my money longer than they have to over the weekends, probably making an extra 1-2%. For example - I sold $380 on Friday - they said my payout would be Monday. Monday comes - Ebay is stating- Payout Complete - but I do not have my money. Turns out that Monday payout goes through at midnight and my bank needs time to "clear it". So the $380 - which, in the old system, I would have had in my Paypal account that Friday night - finally deposits in my account Tuesday Morning. Last week they lumped 4 Friday payments together and said my payout would be Monday - on Monday, they changed the date to Tuesday - I didn't get that money until Thursday. I am trying to be patient, but to add insult to injury - they are telling me money has cleared and it's ok to ship - I am shipping promptly, my buyers are getting their items - and I still haven't been paid for some of them! That's just wrong. Thank you for letting me vent.
They couldn't allow a PP account to be attached to MP because PP is not a bank.
The requirement for the account was not that it had to be a business checking account. A personal one is fine. It is how your bank account was set up needed to perfectly match the register user set up you had on your Ebay account. Even a middle initial difference could cause an issue.
If you want to get a business license, which is NOT necessary for purposes of signing up in MP, you do that with your state, not your local town hall. And you should be able to do that online.
That isn't how the fee structure is currently working.
10.00 % FVF that you are use to.
2.9 % Money processing Fee to PP or now in MP
12.9% That is what you were paying in before MP to Ebay and to PP
.55% Reduction in FVF for MP sellers
12.35% Is the total Simplified Fee paid in MP
How your bank clears an ACH deposit is not within MP's control. That is something you need to take up with your bank.
MP processes stuff on Business Days only. A payment takes 1-2 days for them to process it and clear it so it can transfer to you. So Friday's payments from buyers will likely not be available for transfer to you until Tuesdays.
You've got two problems here. A couple of misunderstandings on how MP works and you have a problem with your bank not processing electronic deposits fast enough.
I know it is frustrating. What MP calls Daily Deposits is really misleading and adds to the confusion because they aren't daily since they only process on Business days. It also makes payments received from Buyers Thursday through Saturday a bit more delayed because of the weekend.
I hope things improve for you very soon.
@muskingum_relics wrote:well since china has millions of sellers they should have forced them into mangled payments first and got the kinks out with them ! But also hear they will not have to enroll so how is that right ????
Ebay plans for MP to be sitewide. I have no idea when China will fit into their schedule but they are actively onboarding other countries.
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