It is called managed Payments and I would have exected you to have heard about it by now.
If you don't provide the required information you won't be able to sell as you will never get paid. You cannot continue just with paypal, although it will continue to be an accepted method of payment.
Fees work out about the same, instead of 2.9% + 30p to Paypal and 10% to ebay, the ebay fee of 12.8% + 30p is deducted from payments by ebay.
Works well, I have opted for weekly payments from Managed Payments. I was told that this weeks money had been sent on the 12th May and my Bank Statement show it as received on the 11th. Can't get faster than that!!!
