Payment options

[countrygirl3521]

Can anyone enlighten me on the pros and cons of allowing eBay to have acces to my bank account I’m really not feeling good about this 

[mtgraves7984]

Pro: signing up for Managed Payments allows you to receive funds from your sales.

[kensgiftshop]

@countrygirl3521 

Pros: You get to sell here and get paid.

Cons: Can't think of any.

[chapeau-noir]

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@countrygirl3521 wrote:

Can anyone enlighten me on the pros and cons of allowing eBay to have acces to my bank account I’m really not feeling good about this 

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There is SO much chatter about this - a quick search on the forum will give you all the information you want, pro and con.

[friskya]

Pros: You get to sell here and get paid.

Cons: eBay gets to wander in and take whatever amount they may believe you owe them at any time.

[dnasilver]

If you do not keep enough in your account you could be overdrawn. If eBay was hacked you could have your account cleared out, but that would also apply to a bunch of people who already have your account info.

If you don't you cannot get paid and cannot sell.....

Set up a separate account from your personal account if you want to sell and get paid.

[janet9988]

You will not receive your money from the sales if you do not 100% comply.

Just do not list anything until it is fully figured out.

[mam98031]

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@dnasilver wrote:

If you do not keep enough in your account you could be overdrawn. If eBay was hacked you could have your account cleared out, but that would also apply to a bunch of people who already have your account info.

If you don't you cannot get paid and cannot sell.....

Set up a separate account from your personal account if you want to sell and get paid.

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@dnasilver 

Sellers can enter back up funding sources on their MP accounts if they wish to.  That can help with feeling uneasy about your checking account suddenly being hit with some amount of money.

However if a seller is monitoring their MP account regularly, this is not something that is likely to happen.  Sellers can SEE there is a negative balance and they can see if they have enough processing sales to cover it.  But then there is also the fact that Ebay sends sellers an email notifying them that there is a negative balance in their MP account and that on a certain date a few days away they will be going to the Seller's checking account to fund the negative balance.

So the seller has plenty of time to move a little money into the checking account attached to their MP account or the seller might be able to tell they will have enough money from processing sales to cover it.

It isn't as sneaky as some would like others to believe.  Ebay does keep the sellers informed, but the sellers have to do their part and monitor their MP account AND read their emails.

Another way to add some protection if you are still feeling exposed, is to never use your personal checking account that you use for your daily life.  Simply open a new account and use that to attach to MP.  It makes your bookkeeping easier too.  There are lots of no cost checking accounts out there.

Ebay is 26 years old.  And while anything on the internet is always at risk for hacking, Ebay has never lost any financial information due to the site being hacked.  That should tell the reasonable person that they are doing a good job of protecting the information as most certainly hackers have tried over the years.  

But we are all wise to keep our eyes wide open on our security all the time and make sure our own devices are well protected.  Because the chances of an individual seller being hacked is for greater than the site being hacked.  Keep your devices safe and never scrimp on your personal security.  The price can be just too high if you get hacked personally.

[dnasilver]

Actually eBay has a full time security dept because they are constantly getting hacked. Hackers go where they can get the most info and since roughly half of Americans cannot come up with 500 dollars I doubt hackers spend much time on them.

Like I said, you have the same odds of having your identity stolen through eBay as you do through anyone you have given that info. Let's remember this is not like your bank account, first you have Adyen and then you have eBay which is twice the opportunity to be hacked vs just your bank account. One company vs two. 

Can you direct us to a factual statement that says eBay never has lost any financial information. it seems numerous companies have been hacked and yet did not admit to it until years later or never. Please provide the proof that eBay has never been compromised. 

We operate B & M stores and e-commerce in numerous countries selling collectibles and spent over 40K in security in 2020. I doubt most do not spend much on security and spend time on social media sites that are open doors for hackers. We require all employees to use company equipment and do not allow personal devices. How many sell and buy on e-commerce sites using their phone and then spend hours on social media? Identity theft is a 100 billion a year problem.

[forward-motion]

Pro: you get paid

Con: you don't get paid

[mam98031]

@dnasilver 

Yes, Ebay has a full time security dept. because Ebay is a very large site that is worldwide.  "...they are constantly getting hacked."  There may be attempts, I have no idea of how frequent that is.  Do you have some kind of proof or article that has told you it is happening frequently?  You are aware that they are required to report being hacked, right?  

Don't confuse individual accounts getting hacked with the site being hacked.  The two are not the same.  Individual accounts getting hacked has nothing to do with Ebay site security, it has to do with that individuals security on their own devices or the protection of their passwords.

I've been an active seller on Ebay for many years and it is my responsibility to keep my devices secure and up to date with security, which I do.

I've given  you links before, but you seem to ignore them if you are asking for them again.  All you have to do is a Google search.  Ebay was hacked ONCE in 2014.  Members that have been around since before that time might remember when Ebay forced all members to reset their passwords.  The hackers did get some passwords, but they never got to any financial info on any member because the hackers were not able to get past Ebay's encryption codes.  So while the fact Ebay got hacked may cause you more concern or give you more ammunition to expand your claims, to me that tells me that Ebay's security HELD UP and protected my financial info.

What you describe as your efforts to protect your company and the requirements you have of your employees it to protect you from an individual attack due to the potential lack of security on personal devices.  That is what I said earlier.  Individual accounts getting hacked due to the lack of security by some members on their personal devices and the such.  That is NOT the responsibility of Ebay nor is it the site being hacked, it is an individual account being hacked.

[dnasilver]

You keep making assumptions of what I said completely. You keep focus on one and only one thing. eBay. I was making the point eBay like any other internet driven business is constantly fighting against hackers. Yet, you keep stating on how I think and feel about eBay. Read all the words and focus on what a person says, not what you think they might be saying. 

Google would not know what was never reported. Maybe you should talk with some people who specialize in protecting companies like eBay to get the real truth. It is a living breathing never ending hack fest from individuals to rogue nations. Google it

[ozarque]

The pro is that ebay can hold your funds temporarily and earn interest and leverage it into working capital.

 The cons: none for ebay except tolerating the constant whining on the forum.

 I can think of no pro for the seller with managed payments which would be better named 'delayed payments"

[jda06121]

Another well known fallacy. EBay does not have your money, Ayden does.

[mam98031]

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@ozarque wrote:

The pro is that ebay can hold your funds temporarily and earn interest and leverage it into working capital.

 The cons: none for ebay except tolerating the constant whining on the forum.

 I can think of no pro for the seller with managed payments which would be better named 'delayed payments"

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@ozarque 

Consider this. No one can earn interest on money they do NOT have in their account. So since when payments are Pending the money has not yet been received from the funding source, then earning interest on this money during this timeframe is simply NOT possible.

Once the money clears the Pending Status and moves to Available, it is transferred out to the seller on the next Business day for those with Daily deposits or the next Tuesday for those with Weekly deposits. So when that happens the money moves into the ACH Banking system to which MP has NO control over and the money is no longer in MP so there is no way for them to earn interest of funds they do NOT have. Once the money is transferred the banking system has control of the funds, not MP and the banking system determines how fast your money moves to your bank and your account, NOT MP.

Also keep in mind that Ebay does NOT handle the money.  That is Adyen's job.  So Ebay can't earn interest on money they don't have.