Managed payments - Daily Payments - not even close!

[jsfindustrial]

Is anybody else experiencing delays in the so called "daily payments" from the new managed payments program? I specifically chose to be paid daily, but have on average waited 5-6 days to get paid.- NOT happy! So far,  I receive a message on average 3 days after the sale, notifying me that the payment has been processed and will hit the bank account in an additional 3-4 days.

How is this a daily payment?

[mtgraves7984]

How is this a daily payment?

If you've selected daily payments (instead of weekly, for example) then you will receive Payouts daily if the funds have 'Processed' . I've been in MP for a year and I chose daily payouts. In my experience, deposits are being made 4 business days after the buyer pays me. Two days to 'Process', two days after 'Payout'. 

[rosszonebricks · Accepted solution]

If you make sales EVERY DAY then in about 3-4 days you'll start getting a payment EVERY DAY.  (just 3-4 days 'behind' when the sale was actually made, of course)  And it's even faster if you have an an account at a national bank vs local.

You'll may actually find that the Daily Payout is SUPER annoying and complicates bookkeeping, so I love that they offer WEEKLY payouts.

[strategies-change]

Read my chat session.  Please excuse my grammatical errors:

Managed payments.

2020 - 10 - 06
03:28:07 UTC Tejashwini
Welcome to Community Watch Live Chat. My name is Tejashwini. Please give me a minute while I go through the contact reason you have mentioned.
03:28:09 UTC Tejashwini

Hello Derrick. Good Morning.

03:28:34 UTC strategies-change
Sure.

03:28:39 UTC strategies-change
Good morning.

03:28:42 UTC Tejashwini
I've gone through the contact note and In order to help you with this matter I need to transfer you to our specialised team who can discuss the matter with you. The wait timings in the queue is 02 minutes.May I connect you to them right away?

03:30:11 UTC Tejashwini
I don’t mean to rush; just checking to see if we’re still connected. Are you still with me?

03:30:42 UTC strategies-change
Yes.

03:31:21 UTC Tejashwini
Please stay online while I transfer this chat.

03:33:01 UTC Taneille
Hello Derrick, my name is Taneille with Managed Payments. I'm happy to help and apologize for the wait. I'm reviewing the query now.

03:33:20 UTC Taneille
Hi Derrick, how can I help today?

03:33:35 UTC strategies-change
Didn't express the question. But it is regarding Managed Payments.

03:34:46 UTC strategies-change
Am I able to control deposits from Managed Payments?

03:35:46 UTC Taneille
What do you mean when you say control deposits?

03:35:52 UTC strategies-change
For example. When I sell on Mercari, payments received acrue until I decide to deposit them.

03:36:46 UTC Taneille
Gotcha. So no, this does not work like Mercari. You have two different deposit options, daily or weekly.

03:36:56 UTC strategies-change
Perfect example just happened. Someone just purchased an item from me and paid.

03:37:30 UTC Taneille
Weekly is every tuesday if you switch to that.

03:37:44 UTC Taneille
Daily is Daily for anything that's completed and in available for payout.

03:37:47 UTC strategies-change
The funds are held in the same way like Mercari, Roadie, Favor, or any number of companies that people work for today.

03:38:39 UTC strategies-change
Okay, so members can't control what happens to their money.

03:39:04 UTC Taneille
You can not control when to deposit it at this time, no. It is either Daily or Weekly.

03:39:32 UTC Taneille
We hope to have more options in the future, i'm happy to pass along your interest in wanting something like that

03:40:46 UTC strategies-change
Can you tell me in what scenario, if deposits are set to daily, would a deposit not be initiated on Monday? Think about the question.

03:42:22 UTC Taneille
So payments are expected to be sent to payout after two business days of the transaction (payment made by buyer).. for example buyer paid for item Thursday, payout would be sent Monday.

03:42:39 UTC Taneille
Friday payment is made by buyer, sent in payout Tuesday.

03:42:53 UTC strategies-change
For example, if deposits are set to daily (business days of course). If I sold Thursday, I can expect deposit initiated on Friday right? Ahh, that's the issue.

03:42:57 UTC Taneille
Payment made by buyer on a Monday, sent in payout Wednesday..

03:43:39 UTC strategies-change
So although payments are said to be initiated daily, it's not actually the day after a sale.

03:44:07 UTC Taneille
No not day after, "daily" in the sense we send payouts daily if funds obviously were available to be sent.

03:44:17 UTC Taneille
Because not all sellers have funds coming in everyday..

03:45:26 UTC strategies-change
So it's 2 business days, on top of the time it takes to post at the bank. So a sale on Friday could take as long as  from Tuesday or Wednesday, if Tuesday is a holiday (I've experienced this) 5 days.

03:46:14 UTC Taneille

You are correct, our 2 business days does not include how fast your bank deposits it. Most sellers on average see it within 1 day, but is dependent on your bank yes.

03:46:27 UTC Taneille
Holidays will extend it by a day as well yes

03:47:20 UTC strategies-change
This is the worst business practice I have ever seen! I have gone from being able to access funds immediately, and or transfer them to bank account.  To this?!  Since Managed Payments became compulsory I have experienced more than 10 overdrafts!

03:48:31 UTC strategies-change
I haven't had any overdrafts in years! I have to keep asking Chase to please excuse these overdrafts. Because eBay decided without asking any sellers, if we didn't mind waiting days on end to receive our money.

03:48:54 UTC strategies-change
On top of that without fail, eBay doesn't fail to invoice my bank.

03:49:23 UTC strategies-change
Which I am currently overdrawn, because I can't get my money from them FAST ENOUGH!

03:51:03 UTC strategies-change
Every other company, not just online auction companies, have incorporated instant transfers for nominal fees. That is, the ability to instantly transfer funds in the same way PayPal did for 1%. This is not beyond the capability of this large corporation

03:51:18 UTC Taneille
So the deposits would not cause the overdrafts, can I ask what is causing it? Using your bank when knowing funds aren't in there yet is not something we can control from our aspect. We certainly do our best to get them to you as soon as possible. If you have other expense coming from there you may need to find other arrangements for whatever those are now I've explained our time frames.

03:51:46 UTC Taneille
It is definitely something we are working to improve in the future, but I do understand and appreciate the feedback. I will pass this along.

03:51:58 UTC strategies-change
Are you a seller at eBay? I mean beyond your present role.

03:52:12 UTC Taneille
I certainly am.

03:52:37 UTC Taneille
I've had to redirect funds coming from my bank to elsewhere accordingly to accommodate these time frames, so I do understand

03:53:53 UTC strategies-change
Then you should know how going from Instant access to funds to waiting days on end can cause overdrafts. Every seller operates their business differently.  But they have a pattern to the way their funds are utilized. If I know a sale is forthcoming.

03:54:21 UTC strategies-change
I can make a decision regarding investments before an item is even listed.

03:54:42 UTC strategies-change
eBay has completely confounded my business.

03:54:52 UTC Taneille
Oh I know. We absolutely as do operate differently.. I understand the impact it is having on sellers such as yourself.

03:56:12 UTC strategies-change
Managed payments doesn't benefit sellers in the way they described. I read their fee changes. Ridiculous! Under $7500 we pay 12.3%. That's 90% of sellers.

03:57:23 UTC strategies-change
They try to illustrate the savings overall. But effectively ensure that over 90% of sellers pay higher fees. Then we are made to wait to gain access to funds, and risking overdrafts in the process.

03:58:38 UTC strategies-change
Another problem they caused was for sellers that had PayPal Working Capital Loans. Because eBay switched from PayPal to another payments processor. They are absolutely responsible for us not being able to obtain any new loans!

03:59:56 UTC strategies-change
Once the switch occurred. PayPal was no longer guaranteed repayment of loans through sales. That really %$%$ everything up for thousands of sellers. You should see what people are saying in the forums everywhere about this.

04:00:54 UTC strategies-change
So I know it's not you. But this is real, and those decision makers don't rely on the day to day and the platform to generate income.

04:01:42 UTC strategies-change
There seems to be a problem getting access to managed payments right now. Are you aware of any issues with eBay's servers?

04:02:34 UTC Taneille
I know, and I hear you. It is definitely the same concerns we've brought forward. Like you, I hope to see some significant changes with this feedback.

04:03:00 UTC Taneille
Yes, our servers are having intermittent issues. Our engineering team is working on it right now. We also can not access alot..

04:03:14 UTC strategies-change
I am out here doing deliveries to supplement my income from reduced online sales. At least Roadie gives me instant transfers if I want to use it.

04:03:56 UTC strategies-change
There's no way they didn't think before acting. They just didn't ask if anyone minded.

04:05:28 UTC strategies-change
I'm fine with them switching processors. But not going from instant access to funds to days on end. PayPal was predicated on the rise of online auctions. That's why eBay acquired them. So now they don't like each other. What about us, the members?

04:05:28 UTC Taneille
I do not disagree at all Derrick.

04:05:53 UTC Taneille
I too, want a lot of different things from the switch.

04:05:55 UTC strategies-change
You know what I mean.

04:06:00 UTC Taneille
I do.

04:06:28 UTC strategies-change
Well, that's pretty much it.

04:07:16 UTC Taneille
I appreciate you. And I certainly appreciate the time you took to express your grievances with everything and your feedback on it.

04:07:16 UTC strategies-change
This should be directed to those people that don't depend on the platform to generate income.

04:07:35 UTC Taneille
Yes.

04:08:41 UTC strategies-change
Since working with Roadie, I really understand why Uber and Lyft drivers were complaining.

04:09:05 UTC Taneille
I've never personally worked with Roadie but I'll definitely research it.

04:09:44 UTC strategies-change
Well, I'm going to take care of the recent sale. Then head out for some deliveries. Since I won't be seeing any money from eBay until...................................

04:10:18 UTC strategies-change
Roadie is another delivery service company.

04:10:31 UTC Taneille
ahh okay, thank you!

04:10:31 UTC strategies-change
Sign up to earn extra when you have time.

04:10:43 UTC Taneille
Will definitely do that, thank you Derrick 🙂

04:10:54 UTC strategies-change
Bye.

04:11:00 UTC Taneille
Take care and stay safe.

04:11:08 UTC
Chat ended by Taneille

Members.  Is it time for us to take it to the company like Uber and Lyft drivers did?

[ads.ink]

i waited 5 days for money to hit my bank account over the weekend. no idea how much i would get or IF i would get funds, concerned so opted to pay with a  paper check to get a bit of wiggle room.

ebay didnt give me all my funds til tuesday, they took the auto pay out of my account on the 1st. Bounce charge.

Now remember i had the money to cover ebay fees, ebay just held on to them.

so i call ebay, do not want them to cash my check. sorry no can do, so have to put a stop payment on the check. 34.00.

of course ebay doesn't refund any of the fees.

How do you run a business when you have no idea when you will get the money you earned?

i was told that payment depends on the buyers financial institution and  how long they take. then it is sent to ebay, ebay sits on it then sends to my bank.

There is no way of knowing whether you can pay bills on time, rent or even ebay fees.

You make the money but receive it whenever, is that what i tell people, sorry i know my bill  is due but unfortunately ebay has been sitting on my money for days? 

to make matters worse ebay won't take anchor store fees out of the money you made that they are sitting on.

ebay has all the wiggle room in the world, unfortunately sellers do not have that privilege.

this has cost me almost a hundred dollars in 2 months, both ebay fees bounced and a stop payment fee.

i never bounce checks but now.....

all my bills are due first 2 weeks of month. not a problem until ebay started taking out all costs daily. so i have to make all my money 5 days in advance of when the money is due. 

tried to get a loan from paypal so that i would have ebay fees in bank at all times in case i don't get paid on time

no dice paypal can no longer count on my sales going into their accounts

does ebay ever stop screwing us over?

[ads.ink]

actually that is not true. 

[kensgiftshop]

---

@ads.ink wrote:

i was told that payment depends on the buyers financial institution and  how long they take.

---

True, the buyer might pay today, but Ebay might not get the funds for a couple days.

When I accepted credit cards on one of my sites, it could be 4 to 6 days from the time the buyer paid, until I received the funds in my bank account.

If the buyer used American Express, it could be a week and a half before I'd receive the funds.

[wrong66]

OK, you go first. Let us know how things turned out.

[ads.ink]

even if you make sales every day once friday comes around you don't get paid saturday or sunday, lucky if you get paid monday for sales you made 3 or 4 days ago. 

[misterpapagil]

so basically I have to ship out stuff BEFORE I receive payment?????? Someone making well over 6 figures made this stupid decision. You can't compete with amazon. quit trying to be amazon. God I wish there was a viable competitor to ebay

[ads.ink]

problem is you cannot count on WHEN you will have  funds available. How do you run a business, pay bills when you have no idea when you will receive money for items you sold?

Im small so i need my funds available, not pending. 

when ebay anchor store fees are due, does ebay listen when i say hi guys my buyers paid but..... i don't have the funds in my bank account to pay you, and gee whiz no idea when i will have the funds because i have no idea when you will actually pay me for the items i sold before the anchor store fees were due?

Why????

because payments were made 5 days ago and you just now sent the funds to my bank account.

two items both paid on the 10th. ebay did not send the payment until the 15th.

it will be not be available in my account until the 17th.

that is 7 days to receive funds for items sold on the 10th.

this is crazy. 

[mndbball]

Do not ship until the funds are in your account. Post this information on your Description ( Item will ship immediately after payment is deposited into my account). If enough Sellers use this response, eBay will be forced by both both buyers and sellers to change the "Managed" payment time delays. If you receive poor feedback due to the delay in shipping,  demand eBay remove them as it is there fault for the delay.

[kensgiftshop]

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@mndbball wrote:

Do not ship until the funds are in your account. Post this information on your Description ( Item will ship immediately after payment is deposited into my account). If enough Sellers use this response, eBay will be forced by both both buyers and sellers to change the "Managed" payment time delays. If you receive poor feedback due to the delay in shipping,  demand eBay remove them as it is there fault for the delay.

---

Buyers will look for sellers that ship faster.

The system works like it supposed to and there's no fixing the time delays.

[buyselljack2016]

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@mndbball wrote:

Do not ship until the funds are in your account. Post this information on your Description ( Item will ship immediately after payment is deposited into my account). If enough Sellers use this response, eBay will be forced by both both buyers and sellers to change the "Managed" payment time delays. If you receive poor feedback due to the delay in shipping,  demand eBay remove them as it is there fault for the delay.

---

You can do that if you want to, but I will not delay shipping to my buyer. They paid, they want it now.

I am not going to drive my potential buyers to another seller, or another site just because I can not have my $$ instantly.  PP spoiled us. $$ transfers are not always instant.

My "business model" allows for a realistic cash flow process.