Upcoming payment changes.

[prelovedtreasures-3]

I have seen that in a few weeks the funds from sales will sit in eBay account until they get used.

does anyone have more information on this.

I am just trying to understand how this will work and whether the money will still be able to go to my bank account. 

Very much intrigued by this update.

[gbur8866]

OK thanks you explained it better to me than ebay 😊

Sent from Outlook for Android<>

[masteroforion2]

15 Oct.  I am not seeing anyway to withdraw my balance. 
I hope this is just transitional and tommorrow there will actually be a 'withdraw' option on the payments screen. 
The chevron on the " Payout schedule " does nothing. 

[gbur8866]

Let's hope your right, do you know the reason/s why Ebay are making this new change,who is going to benefit the most from it 🤔😊.

Sent from Outlook for Android<>

[masteroforion2]

Well ,  it would be nice to Buy things  on Ebay using the Money from my ebay sales, rather than sending the money to my bank, then paying from my bank. It will cut-down on the number of transfers back-and-forth. 

It might be a gimmick to encourage us to buy more, if we see we have a nice Ebay balance. 

Ebay will be sending automatic payouts quarterly ,  so I guess they will some interest on monies not withdrawn for a few months. 

[benefactor23]

same here , it seems there is no "Withdraw" function to get your money on demand..!

[bittyboy101]

No chance of INSTANT PAYMENTS being brought back ???

I didn't think so ! 😞 😞 😞

It does not say how long it will take when using funds on demand ?... Will that be an INSTANT BANK TRANSFER within a few minutes... or will we still have this silly and VERY INCONVENIENT 24 hour LAG which we now have ?????

[sml192]

It says that you will be able to withdraw the funds within 2 days, so could be less, and then it will take 0-4 days to clear into your bank account.  If each withdrawal request is dealt with individually, as with PayPal, and your bank account accepts faster payments, then the second part could be instant.

When will my funds be available to use or withdraw?

From 16 October 2024, once the buyer’s order is confirmed, your funds will typically be available in your balance to use on eBay or withdraw within 2 days. 

Withdrawals typically take another 0-4 business days to clear in your bank account.

[bittyboy101]

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@1956glyn wrote:

Hi

I really am confused.   Private sellers now have to pay NO fees at all on their sales so long as they are not selling a car or using upgrades.       Surely you must be happy about this as a private seller?     I do not mind having an Ebay wallet because i will just withdraw the funds back to the bank on a regular basis.    I cannot see how this will drive people away from Ebay.   Saying that i do not think that having an Ebay wallet will encourage people to spend more on the site.  

As you have not sold for quite a while Ebay may well make you wait for your payments but thats another discussion.  

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As you know I want my money from my sold items ASAP !, I need it to suppliment my income and I was not happy when eBay dropped a bumbshell with their managed payments and 1-4 working days wait/lag before I have full access to MY MONEY !... During 2023 eBay improved on this cutting the time down to just under 24 hours... It was a bit better from my point of view but nothing like what PayPal's instant payments used to offer, which used to very conveniently give me my money within 30 seconds after my item had sold and been paid for via PayPal.

Now this new shoddy sevice leaves your money in eBay... and if you request it ASASP you then have to wait 4-7 working days for it to process and reach your bank ! - THIS IS ABSOLUTELY TERRIBLE - I AM NOT HAPPY AT ALL WITH THIS !!  😞 😞 😞 😞 😞 😞

[sandyshores1953]

I do agree you would think some of the commenters on this forum were eBay employees or had shares in eBay. 😂

[sandyshores1953]

I would hope eBay kept the quickness of the payment transfer. That's was great, you got paid for the goods the next morning the money was in your account. We all liked that. ☺️ 

I assume the new no fees eBay comes with this new payment system.

2 days to process?, you have to transfer money yourself to your bank account, then upto 0-4 working days to arrive in your bank.

Is that correct. 

Oh well 👍

[bittyboy101]

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@sandyshores1953 wrote:

I would hope eBay kept the quickness of the payment transfer. That's was great, you got paid for the goods the next morning the money was in your account. We all liked that. ☺️ 

I assume the new no fees eBay comes with this new payment system.

2 days to process?, you have to transfer money yourself to your bank account, then upto 0-4 working days to arrive in your bank.

Is that correct. 

Oh well 👍

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The new eBay is a total downgrade if you ask me  😞

Payments are now getting slower and slower, yet eBay still expects us sellers to post items promptly BEFORE we even receive OUR MONEY ?....They know fully well people like prompt payment and were not 100% happy having to wait 24 hours for the payment to be sent after the item had sold the day before... now they  want to delay this even further ??... when 10 years ago we had Instant payment via PayPal ?

So this really is a DOWNGRADE and a TOTAL LETDOWN now  😞

[bojangled]

@bittyboy101 

Dont attempt Vinted then, 14 day wait once item has been received!

Surely the benefits of this is the availability to buy labels from your balance so you can post with the funds.

[bittyboy101]

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@bojangled wrote:

@bittyboy101 

Dont attempt Vinted then, 14 day wait once item has been received!

Surely the benefits of this is the availability to buy labels from your balance so you can post with the funds.

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No benefit to me.  I always take my sold item over to the post office and put it on their scale to pay the true postage there and then at the post office counter so that I know that the correct weight has been paid for and my parcel/item will be getting to my buyer without any problems...

The eBay postage labels are not always accurate and I've seen many people saying that their buyer didn't get their item or they had to pay Royal Mail more money before they would deliver because the seller had underpaid using an eBay generated postage label !

For me and many others, I loved INSTANT PAYMENT - This was just as good as a buyer knocking on your door and giving you the cash in your hand before walking away with the item you had just sold them... 

[tommystrezures]

Today is the first day of the new wallet. Much to now had been conjecture as to how it works and the speed.

paypal always wanted a back up card if a payment failed. Whilst speed was/is good the banks have to work in partnership with them to process funds etc. don't forget that paypals standard transfers state 1-3 days if you want it instantly you used to have to pay a fee which I think is now 1.75%. This was obviously within the 3% fee you were charged by PayPal when aligned with eBay.

there are risks though with PayPal we see them talk the time on the boards. So ultimately it's a balancing act to protect ALL parties.

[bojangled]

@bittyboy101 fair enough, and supporting local PO is a good thing.

Was just about to say PayPal wasn't that 'instant' or free, but Tommy put more succinctly than I could. 
This maybe a good thing ....eventually.

[bittyboy101]

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@tommystrezures wrote:

Today is the first day of the new wallet. Much to now had been conjecture as to how it works and the speed.

paypal always wanted a back up card if a payment failed. Whilst speed was/is good the banks have to work in partnership with them to process funds etc. don't forget that paypals standard transfers state 1-3 days if you want it instantly you used to have to pay a fee which I think is now 1.75%. This was obviously within the 3% fee you were charged by PayPal when aligned with eBay.

there are risks though with PayPal we see them talk the time on the boards. So ultimately it's a balancing act to protect ALL parties.

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How long ago was this that you had to pay a fee to transfer funds from your PayPal account balance to your bank account ?

It always gave me the options of to pay a fee to transfer money via my debit/credit card (1-3 days) or do it for free (no fee) 1-2 hours by bank tranfer.

I always used the second free option and the money was at my bank within 30 seconds with no fees 🙂

This was a godsend ! - eBay are big and smart and even used to own PayPal, you would think they would have kept the instant payments which were convenient and USEFUL ...

[bittyboy101]

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@bojangled wrote:

@bittyboy101 fair enough, and supporting local PO is a good thing.

Was just about to say PayPal wasn't that 'instant' or free, but Tommy put more succinctly than I could. 
This maybe a good thing ....eventually.

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It was free to use PayPal's "instant bank trasfer" to move money from PayPal to my bank within 1 - 2 hours.

If I did this using their debit/credit card option then of course there was a fee for this and a 1 - 3 day wait !

[tommystrezures]

I suspect part of all of this that PayPal is not a bank it's an electronic money account. To that end it won't be covered so you don't get any protection from things like FSCS etc. they will or are regulated by the fca though.

[bittyboy101]

Sorry, I meant to type "bank transfer" in my previous two posts but  missed out letters in the word "transfer" due to typing in a hurry...

[bittyboy101]

Wait a minute,

If eBay have already processed the payment from your buyers and it is in your new eBay wallet like they say... then why do they have to process it again when you want to transfer money over to your bank ?

Why not just do a FPi (faster payments instant transfer) like you could do in PayPal ??

I mean if the money is already in your eBay wallet then what's the problem ?... why do they need more workng days just to make a simple bank transfer ? ... something that PayPal can do in 30 seconds free of charge ??

I am wondering why such delays... shouldn't we be moving forwards now and not going backwards ???