I got excited thinking Managed Payments was becoming like the old Paypal payment system, but .......

[gurlcat]

Today I saw the banner on the top of my Seller Hub, saying I can now get my payments sent to a debit card.  Wow, 30 minutes or less for "available funds" to be ACTUALLY available for spending wherever you need to, like back in the good ol' Paypal days?   I thought YIPPIE! so I clicked on the link. 

That page included the disappointing fact that choosing a debit card for deposit would cost a 1.5% fee, but then I remembered that Paypal likewise charged a fee for each deposit too, in fact I think it was more than 1.5% (anybody remember?).   So I thought the option might be acceptable, but then I remembered that this 1.5% would be ON TOP of the hiked FVF rate Ebay charges with MP.    I wondered, if you want this, do you have to commit to a full switch from bank deposits to debit card deposits for all subsequent payments, or can you get a 1-time debit card deposit as needed, like for an emergency?   

In the usual Ebay format, this page didn't explain any of that, but had another link for more info.  Click.  
My screenshot below shows the fuller information.  Apparently the debit card option IS an on-demand one, and you don't even have to take all your available funds; you can enter a lesser amount if that's all you need.  I thought GREAT, PERFECT!!  But I went to find this 'Withdraw' icon on my payments page, and it isn't there, or at least I can't find it.  So going back to this info page, I see the part about how you can only get payments on demand if your regular payment schedule is at least 'weekly'.  You cannot get it if you're on 'daily.'   I am on daily, so that probably explains why I don't see the Withdraw option.  

Well, poop.  Funny thing is, I actually had a vehicle malfunction scenario over this holiday weekend where I really could have used an emergency option to get some of my Available funds, definitely would have been willing to pay 1.5% for it.   This was the thing I loved so much about the Paypal days; in an emergency I could photograph some bullion and/or old silver coins from a stash I keep for rainy days, plop them on Ebay at a price too good for stackers to resist but still higher than what I'd get at my local coin shop, make the sale in literal minutes, and have the money just as fast as if I HAD gone to the coin shop, ready to spend in my Paypal account, BAM.  

I just don't understand the reasoning behind this policy that you can't get an on-demand deposit if you're on daily payments.  I mean the system is able to handle any other deductions from Available funds, like if I purchase shipping labels or issue a refund, so what makes a personal withdrawal any different?   

 

[krazzykats]

My payouts already go to an account that has a debit card, and I'm not charged to use it.   

What deal am I missing here?

[gurlcat]

You mean a bank checking account, for which you also have a debit card, right?  Sure, but when Ebay sends your payout you don't see that money in your bank account right away; it will be several hours at minimum on a normal business day, and could be dayS if your bank is a slowpoke or the payout happens over the weekend or holiday. 
This thing is totally different.  You would request an amount up to your current Available funds, hit Enter, and 30 minutes or less that money would be on your card, ready to rock. 

[krazzykats]

I only transfer once a week, but it's in my account within 24 hours to use.   It's an online bank that doesn't charge to have an account, and I actually make interest on some of the money. (Old Paypal used to do that.)

If you need the money daily, not sure then.

[12345jamesstamps]

I got excited when I saw that too. But it for managed payments which I have. 

And the only thing I got yesterday was a flat tire on my motorcycle. I agree, it would be nice to post something and get paid like Pay Pal right away. But those day are gone. 

[mr_lincoln]

@gurlcat 

-  That will teach you to get excited about a Managed Payments announcement

- PayPal charged 1% for the quicker service, I never used that because I got my funds from PayPal to my bank for free in a few days, it was very consistent too.

- The fine print is always the killer ...  

Mr. L

[valueaddedresource · Accepted solution]

@gurlcat  PayPal's fee for immediate payout to a debit card is also 1.5%, eBay basically just copied it their offering.

*If* you want the ability to use this for emergencies, but also don't want to wait a week in between regular payouts, here's what I would suggest:

1.) Pick a time when you can afford to go a few days without a payout - the initial set up for this requires a verification process that will lock up your payouts for "up to 48 hours" according to eBay.

2.) Set your regular payout schedule to weekly, then go through the process to opt in and verify your account for the immediate payout option.

3.) Keep the schedule on weekly, but use the regular "on demand" payout option to manually trigger a payout to your bank account as needed without having to pay any extra fees.

You could do this every day if you want, which would basically be the same as being on the daily schedule - the only difference is you would have to manually request it rather than having eBay automatically send it.

4.) In an emergency situation or any time you feel like it is worth it to pay the extra fee, request an immediate payout to your debit card and have those funds available within 30 minutes.

[onefootflipper]

I never see my money for weeks, it goes to my dedicated ebay bank account then out to paypal and then from there to the real bank account. Doesn't really matter in the long term, I just know I have a couple weeks money already in the pipeline at any given time.

[gurlcat]

You know what?  --What you're describing is not the most elegant solution but definitely A solution, and it has a certain 'sticking it to the man' feel to it, which is a bonus virtue in my book.    I will have to do a double-dutch wait for the right day to jump in, as right this moment I can't even afford a 48-hour wait, but I definitely will give this method a try as soon as it's feasible. 
THANK YOU!!  

[gurlcat]

Dare I ask WHY you have such a convoluted setup, as in why you don't just have payouts go directly to your "real" bank account (or what's unreal about the "dedicated ebay" one)?  I get that you obviously don't mind the wait, I'm just curious why you set up something that requires not minding.  

[valueaddedresource]

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@gurlcat wrote:

You know what?  --What you're describing is not the most elegant solution but definitely A solution, and it has a certain 'sticking it to the man' feel to it, which is a bonus virtue in my book.    I will have to do a double-dutch wait for the right day to jump in, as right this moment I can't even afford a 48-hour wait, but I definitely will give this method a try as soon as it's feasible. 
THANK YOU!!  

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@gurlcat  - you're welcome!

I too find virtue in sticking it to the man and if you put a wall in front of me, I'll usually find a way over, under or around...whether it's elegant or not. 🤣

I should give you the caveat that I have not tried this method yet myself, but based on everything I've heard and read about the on demand/immediate payout features I believe it *should* work.

Definitely let us all know how it goes if you do try it out.

[gurlcat]

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@mr_lincoln wrote:

@gurlcat 

-  That will teach you to get excited about a Managed Payments announcement

---

NONSENSE.  As Tallulah Bankhead declared right after her emergency hysterectomy from gonorrhea, "Don't think this has taught me a lesson!!!"  
Well ..... except ..... instead of bedding every man and woman in sight, I will never stop expecting Ebay to make something actually better for sellers someday.  Polyanna delusions are what keep me alive and functional.  😆

[zhjy47]

actually i did what you suggested here.

switchef from daily payout to weekly;

added debit card to payout option.

now i am still within 48 hour payout  hold.

not sure if things work as supposed after 48 hours

meanwhile, processing of a payment i received yesterday is a bit unusual. It hasnt become available as supposed. No sure if weekly payout means longer processing time for payments.

[gurlcat]

Hey thanks for taking the plunge on this and sharing what you're seeing so far.  
Add to the 48 hold thing the fact that it's the weekend, so no telling exactly why that amount hasn't gone to 'available' yet.  But will you please keep updating anything you observe here?  

[tabcent_66]

Yes, it’s a wonderful system!  
 AND if you don’t like it they will restrict your ability to sell.