Unless I'm missing something, I'm done with Ebay

[gregorjmcgregor]

I haven't sold anything on Ebay in many years.  I recently acquired a hundred or more items, thinking I would sell them on Ebay, only to learn the new payment receiving policy??  They are forcing me to provide my checking account information??  That seems ridiculous to me. Please correct me if I'm wrong.

[ittybitnot]

 Please correct me if I'm wrong.

@gregorjmcgregor 

No need to correct you.  You are not wrong.  Though the internet is a big place now with plenty of selling opportunities, many of the managed marketplace sites like this one have gone to a similar protocol. 

[luckythewinner]

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@gregorjmcgregor wrote:

They are forcing me to provide my checking account information??  That seems ridiculous to me. 

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They require a checking account to deposit payments into. That checking account does not have to be your current personal checking account. You can create a new one - mine took 5 minutes online. 

If that seems ridiculous to you, you can choose not to use their service. Because they are not actually forcing you to do anything. 

[lepke1979]

PayPal is no longer eBay's payment processor.

I forget the name of who it is now...Ayden? So instead of PayPal acting as the middle man for your money which is an eWallet. The processor needs your bank info so they can actually send you your money. This also means that eBay takes their cut immediately vs once a month.

[lamber9347]

The majority of the larger online platforms are all handling payments the same way. Best of luck to you....

[gregorjmcgregor]

...Hence..."I'm done with Ebay."

[katzrul15]

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@gregorjmcgregor wrote:

...Hence..."I'm done with Ebay."

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All the Best!  Perhaps you can find a platform that better suits your tolerances for selling constraints.

[dbfolks166mt]

     You are not wrong. Actually I have found the MP format to be pretty smooth although I did open a separate bank account to handle the eBay transactions simply to make things easier from a book keeping perspective. If the payment process bothers you and is enough to make you consider not selling on eBay, or any other ecommerce platform for that matter, you may want to avoid reading any of the postings regarding the 1099 IRS reporting requirements and the new third party financial processing requirements. 

[inhawaii]

There's no right or wrong here. If it feels ridiculous to you, then so be it.

You would rather quit ebay than take 10 minutes to sign up for a free online checking account like the rest of us did so that ebay can deposit funds in to this account.

THAT seems ridiculous to me. 

[martin2001]

There have been lot of "I am done with ebay" posts because of managed payments. There may be other reasons you want to be done with ebay but MP should not be one. Open a separate checking account just for ebay. Check with your bank that it is 'free' with no minimum deposits or limits on transfers into your account.  If you start actually selling items and select the proceeds to be deposited to your account daily, you may have a dozen or more deposits per month into your account.

Ebay signed me up for MP in August 2020. It's been really flawless. Some are complaining about their proceeds not being deposited fast enough etc. In my situation, the proceeds are in the bank in 1-2 days (except weekends and holidays).

[dhbookds]

the new system does not accrue your payments, allowing you to spend the money from those payments......like paypal did......  They are sending the payments daily or wkly (your choice) to your checking account, hence the need for your checking account #.  If you transferred money from paypal to your checking account......you gave PP that number...... 

[apx4_33]

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@gregorjmcgregor wrote:

...Hence..."I'm done with Ebay."

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Okay. Best of luck on the cas-only, in-person sites.