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So a PayPal hiccup happened. Someone paid twice, refunded once on an immediate pay item. So while on the phone to ebay I asked about switching to the new payments system. I was told to sign up at http://www.ebay.com/payments and someday I would be invited to switch. To my surprise it simply switched me over by filling out the form. I entered my bank account info and its done!
Well, not quite! The PayPal business policy had to be changed to the new “ebay payments” policy on my 544 items. Surprise that some items can not be sold under the new policy. Some categories are not supported. Only had to delete 1 listing. Three listings had categories changed. Bulk editing the policy did most of the work. Lastly I deleted the 2 PayPal business policies I had setup.
Done… It was on my list to do in a few months anyway.
I do have a PayPal working capital loan that I now am in violation of terms. Oh well, I can simply manually pay it off.
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I had no idea that the business policy for payments wasn’t automatically switched by Ebay. Great. Looking forward to that additional bit of work when I’m forced into managed payments!
What items don’t allow for managed payments? Weird. Will all items eventually be merged into managed payments, or will they forever be separated with Paypal only?
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Why I switched? I like the new system from an abstraction Software Engineering prospective. I am that early adopter kind of person anyway, a risk taker. Arn’t we all? When the old system was failing, well it was time! Im a trained software guy with 30 years experience! Old systems fall out of support and fall apart. Don’t simply hang on to the bitter end with any old technology.
What can’t you sell and why? Gold, Cars, Gift Cards, Adult Sexual Items… The new payments company is in Europe and they have some different views on what a bank transaction system is willing to broker. My problem is ebay does not let you choose other payment methods for those items. Perhaps one day ebay will in-house the whole thing and open the market back up. You can already see items scroll off ebay that were huge sellers only a few months ago.
(gold coins, gift cards were tops! Now gone!)What else? PayPal gave you your funds instantly. You could be broke walking around the grocery store and have new funds by the time you reached the checkout line. Saved me many times! Managed Payments takes days. 1 day to clear from the buyer. 1 day to aggregate all your daily sales. 1 to 3 days for your bank to clear the transaction from ebay and post to your checking account.
Accounting: PayPal registered each sale to my Quickbooks system. The customer information was entered for me. ebay payments will register 1 transaction per day into my Quickbooks system. No customer info will be entered. Frankly I don’t care to have all that customer data in my quickbooks. It did help me with sales tax, but now that ebay is handling all sales tax for me, I am welcoming simple. I will just have an “ebay sales” Income category that will automatically register in Quickbooks through my bank. Shipping still happens through PayPal and is automatically an entered “Shipping and Delivery” expense category.
I should download the tax transactions from ebay for reference in case of an audit. Just to show that everything is correctly handled.On customers: ebay believes the people you meet on ebay are ebay’s customers… Not yours! payments extends this abstract idea along with the handling of taxes. Payments further insulates you from the bigger picture. It’s an object-oriented design.
What is NOT working! Apple Pay is nowhere in sight! I keep hearing about it but… No. I would have to use my Apple Card as a mastercard… Not sexy at all.
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At least there’s an option to get payments once a day. I’m grandfathered into receiving Amazon disbursements once every 24 hours. Most people get paid every two weeks – like a paycheck!
Interesting that Apple Pay doesn’t work yet. That’s supposed to be one of the main features. I’ve paid with Apple Pay using Etsy checkout, so hopefully it will be set up here one day. I did notice Google Pay as a checkout option yesterday on Ebay, which I’ve never seen before. Maybe they’re just slowly adding everything in?
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We switched to eBay Managed Payments in September 2019. I would advise against it until you have too. They have worked out some of the bugs, but in my opinion it’s still a disaster. We weren’t able to sell to any international buyers until mid January and we can’t be in the GSP yet. (I think that’s changing in the next couple of months though) International Buyers aren’t able to pay for items they bid on or purchase as Buy It Now. Our newer listings don’t seem to have any problems, but any listing before mid-January, our int’l buyers are able to pay. I’ve had to send them all invoices through PayPal and mark them paid in eBay to complete the transaction.
The daily payments sometimes take up to a week to reach your bank account. Plan on payments being at the very least 4 days out, sometimes as far as 7 days out. It caused MAJOR headaches in the beginning since our available money for shipping in PayPal depleted rather quickly when it wasn’t being replenished quickly enough. So make sure you have enough in your PayPal account to cover shipping for at least 2 weeks.
Our sales have plummeted as well. I was hired mid 2019 to post items that couldn’t be sold in our brick and mortar store. When I came on the eBay store had about 120 listings, never more than 150. in 3 months we were holding steady around 700 listings. Our listings were selling almost as fast as I could post them. However, in September when we joined managed payments, our sales plummeted. We have our listings up to around 1,000 now, but we’ve had to put more merchandise in our brick and mortar and less online because nothing moves. We have the same type of items and reasonably priced, just as before. It could be coincidence, but we don’t believe it is. We bring in roughly the same total dollar amount and quantity per month at 1,000 listings, as 150.
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I’ve read that in several places, but it hasn’t picked back up. We went from selling 10-20 items a day to 20-40 a week!! A good week now is 40, low end is 20, average being 30. That’s quite a bit down from 70-100 a week. This isn’t counting November and December, you can’t really count those numbers for a “normal” selling time. The difference was noticeable the DAY we entered into managed payment. One day we sold 18 items, and then we didn’t sell anything for 3 days after that.
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The Adyen website. “Adyen reportedly paid eBay $70 million in cash and $83 million in stock warrants for the privilege.” (Wikipedia- source Bloomberg Business News)
Don’t know about the micro scale (i.e. us sellers), but on the macro scale I have a feeling something’s going to go horribly wrong. Can’t explain- maybe it’s because Adyen paid for the business.
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