eBay

aandabooks · ‎07-02-2023

Thought occurred to me today when looking at my PayPal balance that I have a debit card that I can use to withdraw funds or spend at a business but Ebay does not yet offer that option even though they have gone to managed payments.

Just seems that really both are operating in the same way that they hold your money digitally but ebay keeps one extra step from you getting your money in the form of cash and are not getting the benefits of ATM withdrawl fees or POS CC fees.

ebooksdiva · ‎07-02-2023

eBay isn’t the payment processor Adyen is. You can take it up with them. eBay also isn’t a financial institution like PayPal. eBay also doesn’t offer lines of credit although their name is used on a Synchrony credit card which is also a financial institution.

stainlessenginecovers · ‎07-02-2023

Ebay sending to a checking account and 99.9% of people with checking accounts have an ATM card connected, so isn't that the same thing?

slippinjimmy · ‎07-02-2023

@aandabooks wrote:
Thought occurred to me today when looking at my PayPal balance that I have a debit card that I can use to withdraw funds or spend at a business but Ebay does not yet offer that option even though they have gone to managed payments.

Just seems that really both are operating in the same way that they hold your money digitally but ebay keeps one extra step from you getting your money in the form of cash and are not getting the benefits of ATM withdrawl fees or POS CC fees.

If you sign up for Spendable Funds with On Demand Payouts the Payouts can be sent to a Debit Card.

https://www.ebay.com/help/selling/spendable-funds/spendable-funds?id=5305

Paranoia strikes deep
Into your life it will creep

dbfolks166mt · ‎07-02-2023

@aandabooks wrote:
Thought occurred to me today when looking at my PayPal balance that I have a debit card that I can use to withdraw funds or spend at a business but Ebay does not yet offer that option even though they have gone to managed payments.

Just seems that really both are operating in the same way that they hold your money digitally but ebay keeps one extra step from you getting your money in the form of cash and are not getting the benefits of ATM withdrawl fees or POS CC fees.

If you sign up for Spendable Funds with On Demand Payouts the Payouts can be sent to a Debit Card.

https://www.ebay.com/help/selling/spendable-funds/spendable-funds?id=5305

I really never understood why anyone would do this it benefits nobody but eBay. First the funds can only be spent to purchase items on eBay, with some restrictions, eBay earns interest on your funds while they are in escrow and eBay doesn't have to pay the merchant fees on the CC or other third party processors.

But the biggest drawback I saw was that there are no rewards for using this program. I get 5% cash back on every purchase I make on my CC.

dhbookds · ‎07-02-2023

I get 5% cash back on every purchase I make on my CC.

Some people can't get a credit card.......

toomuchstuffagain35 · ‎07-02-2023

And add in that once you're in 'spendable funds' you can no longer use those funds to pay store fees etc.

"If a product doesn't sell, raise the price" - Reese Palley
"If it sold FAST, it was priced too low" - also Reese Palley

stainlessenginecovers · ‎07-02-2023

@dbfolks166mt wrote:
@aandabooks wrote:
Thought occurred to me today when looking at my PayPal balance that I have a debit card that I can use to withdraw funds or spend at a business but Ebay does not yet offer that option even though they have gone to managed payments.

Just seems that really both are operating in the same way that they hold your money digitally but ebay keeps one extra step from you getting your money in the form of cash and are not getting the benefits of ATM withdrawl fees or POS CC fees.
If you sign up for Spendable Funds with On Demand Payouts the Payouts can be sent to a Debit Card.

... I get 5% cash back on every purchase I make on my CC.

Curious- do you mind sharing what 'card' that is? I want 5% back on 'everything' (I only get it on Travel, 3% on Prescriptions and Restaurants and 1.5% everything else. (so far, haven't found better)

richard1rst · ‎07-02-2023

@aandabooks wrote:
Thought occurred to me today when looking at my PayPal balance that I have a debit card that I can use to withdraw funds or spend at a business but Ebay does not yet offer that option even though they have gone to managed payments.

Just seems that really both are operating in the same way that they hold your money digitally but ebay keeps one extra step from you getting your money in the form of cash and are not getting the benefits of ATM withdrawl fees or POS CC fees.

Check your inbox. I get this solicitation about once a month:

https://pages.ebay.com/creditcard/index.html?mkevt=1&mkpid=2&emsid=e99011.m2.l1&mkcid=27&bu=43058489...

"Laissez-faire capitalism (AKA The Great Material Continuum) is the only social system based on the recognition of individual rights and, therefore, the only system that bans force from social relationships." ~ Ayn Rand

dbfolks166mt · ‎07-02-2023

Curious- do you mind sharing what 'card' that is? I want 5% back on 'everything' (I only get it on Travel, 3% on Prescriptions and Restaurants and 1.5% everything else. (so far, haven't found better)

CITI Custom Cash Card

dbfolks166mt · ‎07-02-2023

I get 5% cash back on every purchase I make on my CC.

Some people can't get a credit card.......

Yes that is true I believe the percentage of people over 18 in the US that don't have, or can't get, a credit card is somewhere around 15%. I doubt a lot of those people are shopping or selling on eBay.

aandabooks · ‎07-02-2023

Kind of but there is a delay once you request funds being sent. PayPal is instant access once the funds are in your account.

mam98031 · ‎07-03-2023

@ebooksdiva wrote:
eBay isn’t the payment processor Adyen is. You can take it up with them. eBay also isn’t a financial institution like PayPal. eBay also doesn’t offer lines of credit although their name is used on a Synchrony credit card which is also a financial institution.

@ebooksdiva

Actually PayPal is NOT a financial institution nor are they a bank. PP has a bank back their Debit Card program. Ebay could do the same thing at some point in the future. Time will tell.

mam98031 • Volunteer Community Member • Buyer/Seller since 1999

mam98031 · ‎07-03-2023

@stainlessenginecovers wrote:
Ebay sending to a checking account and 99.9% of people with checking accounts have an ATM card connected, so isn't that the same thing?

You are correct, but I think some are thinking like they did when PP was so active. Lots of sellers used PP to, for a lack of a better word, hide their money from the IRS or a state agency so their benefits weren't affected. Now of course we can't do that since the start of the 1099K.

mam98031 • Volunteer Community Member • Buyer/Seller since 1999

thecrappietubestore · ‎12-16-2023

The answer to your question is YES! ebay will someday evolve into banking, and then transferring money to a bank account to spend it will be over. And regardless of some of the idiotic comments, it will eliminate the need for an extra account, which is great!