New Fall Seller Update: Managed Payments Now a Recommendation, Not a Requirement

[the-box-girl]

Here is what EBAY is now saying in the Fall Seller Update about switching you to managed payments:

"When you receive a notification​ from us, we recommend you register before the deadline to avoid any interruption to your business."

Notice the change in terminology from "Required" to "Recommended" ?  They have apparently changed their approach to how they plan to ramrod Managed Payments.  They appear to at least be realizing at this point in time that they are asking people to do something that they really do not want to do.  Well, every step in the right direction is a step in the right direction.

[dropndeal]

I too joined up back in 1997. Heck, I remember when it was called AuctionWeb before the name change late 97.  Since I was travelling so much due to work, I closed my account and did not reopen until mid 2007 when a company I was working for performed a massive server and computer upgrade. They let me have all of the older stuff so they would not have to pay disposal fees.  My wife was quite proud when I came home with several truckloads of dusty equipment and hogged up the garage!  Some of that stuff was brand new sealed in the retail packaging and sold like hot cakes! 

Since it's inception, there have been constant changes at eBay.  Some have been good, and some not so good, and some real head scratchers.  During this time, the U.S. Metals Industry, Automotive Industry and every other industry went through massive changes causing several companies I worked for to shutter their businesses. 

The singular constant has been change, and this will always be the case. All businesses, including yours and mine, had better learn to adapt and compete, or we will be replaced by someone who can.  Keep this in mind; some of us started 5, 10, 15 or 20 years ago, whereas I see new upstarts everyday.  Anyone who think these newer sellers give a rats rear-end about how things used to be is dead wrong.

I intend to roll with the punches and keep selling. The COVID issue is making it very difficult to replenish inventory, but that, like everything else, will also change. 

[usa_vintage]

I'm right with you on this. I've been selling here almost since the beginning and have seen the place go from a fun place to sell to an online consignment store where you provide the inventory and they manage everything else. I won't be continuing with MP because there is a risk in giving all your personal identification info (including SSN) and complete control of your bank account to a Foreign Owned Payment Processor. There are other places where sellers have more control and I'm looking into them, but won't use any that dictate my payment method.

[usa_vintage]

Just FYI, Ebay did not form their own payment company. In the new MP program all payments are handled by AYDEN a foreign owned payment processing company.

[cityslickercreations2004]

"I’ve been in MP since late July / early August. Once buyer pays, it takes a few days of “processing” time. "

Here is what I vaguely remember from working at a bank:

Ebay receives electronic payment from buyer. (At least 1 banking day to process the transactions)

Ayden receives electronic payment from ebay.  (At least 1 banking day to process the transactions)

Your bank receives electronic payment from Ayden (or ACH).  (At least 1 banking day to process the transactions)

Banking day refers to the cutoff times. We would have customers rushing in to make a deposit

at 4 pm for that day. The banking day at our branch ended at 3 pm. So, the deposit while physically made on say Monday, the deposit was was not credited until Tuesday.

[misfitfun]

Read it again

"When you receive a notification​ from us, we recommend you register before the deadline to avoid any interruption to your business."

They recommend early you do it to avoid interception in your business when they do it for you

[mr.tomany]

Didn't the mafia used to pitch like that in the 1920's?  

[jayjaspersgarage]

As for coins I would bet that ebay allows the multi-million dollar coin sellers to remain based on volume.  That's about six or seven major volume coin and bullion sellers.  The sellers you see listing coins like myself have not yet succumbed.

[angelasellsitall]

That's exactly how I handled paypal when we had to sign up for it as well. That was years ago.

[usmediamass]

@dropndeal 

You want us to believe that mp deposits hit your bank the same day?

Or do you work with ebay and use words "like once you receive eBay’s “we’ve sent your payout” message" which may take a day or two to get, the money is there?

Payments that were made by buyers on 9/4 took mp six days to process, a day to deposit and another day to actually show up in my account.  Don't blame it on my bank, it is all ebay's fault.  

[dropndeal]

---

@usmediamass wrote:

@dropndeal 

You want us to believe that mp deposits hit your bank the same day?

Or do you work with ebay and use words "like once you receive eBay’s “we’ve sent your payout” message" which may take a day or two to get, the money is there?

Payments that were made by buyers on 9/4 took mp six days to process, a day to deposit and another day to actually show up in my account.  Don't blame it on my bank, it is all ebay's fault.  

---

Answered in order received:

1) No. I never once said mp deposits hit my bank the same day.

2) No. I do not work "with" eBay, nor do I work for eBay.  They do not want us highly educated Southern gentlemen working for them. 

3) I never blamed anything on your bank, nor would I. 

For your convenience, I'll paste it here:

Date of Sale to Date of Payout: 2.4 Days

Date of Payout to Date of Deposit: 1.2 Days

Average Date of Sale to Date of Deposit: 3.6 Days (including Labor Day Weekend).

To reiterate, this is an average of 10 transactions across 6 days. For further edification, I did say this is likely not typical for everyone. 

I just randomly selected two more. It's a smaller sample size, however: One took a total of 6 days from date of Sale (Thursday 09/03 @18:43 CST) to date of Deposit, whereas the other (Sold Saturday 09/05 @ 09:23 CST) took 4 days. Both were over the Labor Day weekend. 

Obviously as the sample size grows, and when I care enough to dump it in a spreadsheet, the data will become more accurate.

[dropndeal]

You're absolutely correct! Now, some banks and/or credit unions are faster/slower than others. This is why the majority of them include disclaimers to the effect of "may take X number of days depending on your financial institution".

Personally, I think it's all typical salesman baloney.  EVERYONE knows in 2020, the technology exists for instant transfer, regardless of the payment processor. Heck, this technology has been around for ages (Hello PayPal). Now, I suppose it's possible, and probably very likely, that PayPal was simply fronting "our" funds with the knowledge that they would get paid by eBay, Amazon, and a million other companies. Regardless, even if this were the case, then one would think their competitors would follow suit, as would the banks.

But we also all know these banks have zero incentive for instant processing. They all sit on money as long as possible to take advantage of dividends, loans, and the like. 

I am just like everyone else, in that, it's my money and I want it now! (can our comments get VERO'd?)

[muskingum_relics]

makes it hard to argue against the fact that pay pal was indeed much better ! From buyers pay pal account to the sellers account within minutes if the seller chose !

[wrong66]

PayPal was the best. But they will be long gone as a processor by next year.

[myclosettwoyours]

This is the way I see the MP situation:

It's Friday night, you take your loved ones out to a restaurant for a fabulous meal.  You all eat and enjoy each other's company.  The bill comes, you pay with a credit card and leave a hefty tip.  The restaurant processes that payment at the end of the night.  That payment gets processed the next banking day and goes through its process and few days later, the restaurant actually sees the money.  

But you don't have to pay your credit card statement until the end of the month, beginning of next.  Your credit card company fronted that money for you for a fee... And if your statement is paid in full each month, you just avoided that interest fee.  

MP is essentially the same.  We are the restaurant, waiting to collect payment for a meal that a family ate 4 days ago.    eBay has the money in its hands and will pay us...

I just checked on a payment that eBay says it sent on Sept 9.  It shows as being received in my bank the very next day.  Not instant like it was with PP, but I am ok with that.  

[bimm_corp]

@yes_treat_yourself

>eBay is taking virtual FULL CONTROL of our businesses.

Wait until eBay begins to set item prices without seller consent. They are already testing the waters with the "Suggested Selling Price" option. Like other onerous changes, they will slip it in slowly. Making it mandatory for certain categories and then broadening the scope of sellers required to use Ebay-set prices as time goes on. A similar strategy to their introduction of Managed Payments. Perhaps you are fortunate in planning an exit in the near future.