New Seller Fees and Payout Process

[msagoo]

GreedBay not for me any longer. If their new payout system was so terrific it wouldnt be mandatory. They are now taking the 3% PayPal took, plus additional fees and it's all greed. Now 3 hours after my first sale on the new system my transaction still shows processing. 3 minutes after PayPal was paid money was in my account. This is nothing short of greed gone ramped. I think I'm done.

[buyselljack2016]

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@msagoo wrote:

GreedBay not for me any longer. If their new payout system was so terrific it wouldnt be mandatory. They are now taking the 3% PayPal took, plus additional fees and it's all greed. Now 3 hours after my first sale on the new system my transaction still shows processing. 3 minutes after PayPal was paid money was in my account. This is nothing short of greed gone ramped. I think I'm done.

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The choice is yours to make.

eBay Managed Payments does not "front" the buyer payment the way PP did. We were spoiled by PP.

My "business model" works just fine with MP. I do weekly "payouts". Sales from Monday-Sunday are generally processed by the following Monday for a "weekly" (Tuesday) payout.Money is in my CU checking on Wednesday.

If I have a big Monday sale, (or if Monday is a Holiday)  and do not want to wait a week I can change to "daily" to get that "payout" sooner.  Takes less than a minute to change to "daily", and same to switch back after the "payout".

[kensgiftshop]

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@msagoo 

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Doesn't matter if the system is terrific or not, it's mandatory because it's the only payout option you have.

Yes, it takes longer then 3 hours to process the payment.

Usually 2 business days, then the funds are available and they send them to your checking account on the next business day, if you chose daily payouts.

[chapeau-noir]

If their new payout system was so terrific it wouldnt be mandatory.

Well, I guess that's a new take on an exhausted topic.  😣

[luckythewinner]

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@msagoo wrote:

GreedBay not for me any longer. 

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The items you still have listed indicate otherwise.  

[annadryl]

What are these additional fees? I'm actually saving a bit on the fees (just a bit) but many sat they are getting charged far more. What specifically for?

[msagoo]

Not quite....24 hours after the sale the funds from the sale are still listed as processing. Couldn't withdraw them if I wanted to. Now lets multiply that by million dollars a day in sales (just for model purposes) and now they sit on this every day for 3 days, they have the money. Even at 1% interest annual, 3 days interest on a million dollars a day rolling everyday is 109.59 each day per million in sales---now let's guess how much they do in sales daily, betting its closer to 10 million daily, and lets not forget 3.6% more in fees. 

[shado-x]

GreedBay not for me any longer. If their new payout system was so terrific it wouldn't be mandatory. They are now taking the 3% PayPal took, plus additional fees and it's all greed.

Looks like you're the one who is greedy, wanting that cash so fast.  Again, if you want lower fees, get a Basic Store, sell Guitar Pedals and Amps, plus other great items that has much lower fees.  As for MP, good riddance to PayPal.  Build a reserve so that "processing" becomes so minuscule if that is an issue.

[shado-x]

Now lets multiply that by million dollars a day in sales (just for model purposes) and now they sit on this every day for 3 days

Didn't you negotiate with The House as a high roller?

[sunrize33]

Yeah, the sellers are greedy... LMAO at the spins.  No worries, some of you will be on this island be it less populated with less interesting items and fixed costs, scams, etc all while having another entity having access to your banking account to refund the most unscrupulous of scam buyers.  Many will flee the headache that is the new eBay which all you need to do is read the forum to see the many issues, clunky software, and company identity crisis #107;)  I suppose, some higher-up execs could start hassling journalists again which was in the news and shows how wretched this place can be.  Some just want the old eBay but it is long gone.  And how dare they complain for they will be met with jerkism 101 at every turn from the same old crew.  If this place was so great we would not need the daily crew to shed light on the insidious complainers;)

[duffy4444]

   You couldn't even wait past the very first word before displaying your bitterness, which is also indicative that you haven't thoroughly analyzed the payout system, and have a knee-jerk reaction to what we all have to face in life = that terrible thing called "Change".

   MP has been working just fine for those of us sellers who adapted our business models to it, and many are thankful that PayPal's bureaucracy (and recently increased fees!) is no longer in the mix.

   If your business model cannot adjust and adapt to an inconsequential delay of 2-3 days for your proceeds deposit, then online sales is the wrong business for you...

   You didn't complain when the company you work for delayed your pay for a week, or two, or even a month or two. You adapted because you had no choice. Same here with Ebay = no choice but to accept, adjust  your business model, and adapt to the new procedures. Instead of stomping off and jumping ship, the successful sellers here have taken the relatively easy measures, have adapted, and are enjoying seeing the deposits plopped into their checking accounts on a regular basis.

   I see from an earlier post that you were called out for still having listings even after your rant here. Now they have been taken down. Hmmmmmm.

   If you're going to another online sales venue, where you'll probably end up disliking their policies as well, I wish you luck there. But do yourself a favor and leave your options open to return here, as some others have with a changed attitude.

   It's easy to rip Ebay with a knee-jerk reaction to the changes. But it shows flexibility necessary to be a contented and successful seller when you take a deep breath, research the things you don't understand, seek help on this forum when needed, and keep things in perspective. Your only options are to adapt and stay, leave for what you think are greener pastures, or fully retire. Good Luck!

Cheers, Duffy 

[jamian-etrade]

I do not like the new payout system, I preferred PAYPAL. Since I was not given a choice, I will use EBAY less and sell more locally and through other online sources. Us small sellers don't have the resources to wait for the funds to reach our bank 3 to five days later. Sorry EBAY, I'm out of here!

[jamian-etrade]

Good for you, if it works , it works. One size does not fit all however, and just maybe having a choice in payments isn't such a bad thing.

[jda12121]

Paypal bailed. They are gone for eBay sellers. Probably got tired of giving free loans to eBay sellers. More money elsewhere. Quit blaming eBay.

[mam98031]

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@jda12121 wrote:

Paypal bailed. They are gone for eBay sellers. Probably got tired of giving free loans to eBay sellers. More money elsewhere. Quit blaming eBay.

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@jda12121 

Because you keep repeating this all over the place doesn't make it any more true that the first time you posted it.  It was incorrect then and it is incorrect now.  

It is against the Community policies to pass around incorrect information, yet you keep doing it.  You have had multiple requests to supply a link to what you have read that makes you believe this but you always just ignore the requests.  Clearly you are not aware of the history between Ebay and PayPal with any accuracy as there is CURRENTLY a contract between Ebay and PP that goes to 2023.  But I know I've told you that before too, yet you ignore that information too.

Step up.  Back what you continue to say all over the place.  Provide a link to support your position.