In 2002, eBay purchased PayPal for $1.5 billion, turning it into the method you ‘d purchase and earn money for products you offer on the ginormous auction site. The once-happy couple has actually been breaking up for years– and on Valentine’s Day, some sellers may no longer be able to offer items on eBay at all without linking an old-school bank account rather.
This morning, I got a last warning that I would need to add a bank account by February 14 th otherwise “your ability to revise or relist existing listings, or create new listings will be handicapped.”
eBay informs The Edge this isn’t the due date for each seller– it’s presenting in stages, and a fast scan of the web reveals it’s been going on for at least a couple years. This isn’t the last phase either, as eBay tells us the rollout won’t be complete until2022 I suspect it’s moving quickly: I got this message in spite of seldom ever selling items on eBay, and business informs me the “majority of sellers” will have eBay-managed payments by the end of this year.
Collecting a bank account and plugging it into your profile may not be the only annoyance here, by the method. You might be waiting a lot longer for your money, as eBay’s managed payments website mentions:
3 to six business days is a long period of time to in theory await cash that might have immediately popped into your PayPal. (That stated, my last eBay sale didn’t instantly release my funds to PayPal, either. Shrug emoji.)
On the plus side, eBay says most sellers should really pay lower charges than before, and offers a variety of case studies at this page– but it’s not like eBay’s actually passing along the savings. Formerly, eBay would usually take a 10 percent cut and PayPal would take a 2.9 percent cut for an overall of 12.9 percent of your take; now, eBay will take a12
While eBay’s graphic (above) may look like you’re conserving a huge piece of money when you axe the intermediary, you can see (if you look thoroughly) that the sizes of these bars are misinforming. The new middleman is eBay.