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Yeah, to be honest, I may have to wait. I went back through our issues with not going to Managed Payments list, and still have concerns. I asked Griff for some extra help on timelines…
1) PayPal will not be added to Managed Payments until Summer 2019. So buyers that want to pay by PayPal can’t do it unless they use a credit card directly.
2) Global Shipping Program is not supported with Managed Payments. The site doesn’t have a timeline on when that will be allowed. I asked Griff if he can say when. So if you go to Managed Payments, you can’t use Global Shipping Program.
3) I need to verify with SixBit that they haven’t seen any issue with folks that make the switch.
4) Accounting detail – I want to be able to breakout each cash deposit into Product Sales (what the buyer paid for the item), Shipping Revenue (what the buyer paid for shipping), Sales Tax Collected (what the buyer paid in Sales Tax that I have to remit to the state of Colorado), and Fees (what we paid in eBay fees for the transaction). I need this to be easy to do as well. Right now, my process that I use to download PayPal, manipulate the data, then upload into Quicken does this for me.
5) Refunds – I want to see how these will be processed a little more. I think I know how, but I want some more detail to be sure.
@Almasty: You can set up Etsy to transfer daily rather than weekly. It is in the settings (not sure where, but I made that switch a long time ago).
PS – You have to have over $25 for them to do the transfer, so $24.99 would just sit there until you had another sale.
PSS – I wasn’t happy with the Etsy change a while back, where Etsy fees are taken out of your balance before you get the transfer. In the past, fees would hit our credit card, and sales were going to the bank account. Now they take out any unpaid fees from your sale first, THEN transfer the balance.
So…they not only get their fees ASAP, they also don’t have to pay for the credit card fees to get their fees. Stealthy…but I have to respect it from a business perspective.
Plus it screwed up my accounting each time. But don’t worry, I put a spreadsheet together for that… 🙂
@Inglewood: I may have a decent fix for you in the process that I use.
Under Reports\Activity Download, I use the Transaction Type “Balance Affecting”, and move to CSV.
In my Excel File, I drop in the CSV data, and it has a column for each type (sales, shipping, sales tax, etc.). You could add a FX column to capture that.
In the CSV2QIF converter that I use, I tell it what categories in Quicken that each column represents. Took a while to set up, but now my weekly accounting takes about 15 minutes, and I can reconcile PayPal to the penny.
If you are interested, let me know and I could try and help.
Yeah, not huge, but the philosophy of it bothers me.
Time to look at moving to Adyen. Need to see if GSP is hooked up yet, and how they handle refunds. We didn’t move over last summer because of those two (and more). Plus, I think third party software was and issue as well.
@Mike: Don’t bring in the transactions from PayPal that way. I never do because it brings in most purchases 3 times (+/- at time of transaction, then – at time of clearing).
I download the PayPal weekly transactions into Excel, make a few adjustments, then run through a processor to get it into QIF format, then you can upload.
Love it.
Amen, and I’m interested to see how it develops too. Part of the love that I have in this business…is how to grow a business. I love putting new things together, processes, how to make things efficient and profitable. I have more love for the BUSINESS than I do WHAT the business is.
How people develop a process that adds value to others (as that is that we are paid for) has always fascinated me. All businesses are paid for providing values to others. Farmers grow crops, ranchers raise animals, factories develop products, banks provide capital, etc. In the end, as scavengers, we are no different. We find items unwanted in one location, and sell them in another. We are paid to provide a benefit to someone else’s life, and that is why we are paid.
In our current state, we are looking to move to a new model that balances the T Triangle (Time, Talent, Treasure). Treasure is coming more and more (almost where we want it), so now we need to use new Talent to build up Time. Said better…we wanna get paid more per hour worked. It will (probably) cost more Treasure to play in that world, but it may just be new Talent. Plus, we are looking to move to a model that can generate Treasure from any location. We have been doing some long term goal development, and being tied to one location don’t work…
But that is the challenge that keeps us young and enjoying life. Looking for new ways of doing things.
As Lazarus Long said: “You live and learn…or you don’t live long.”
So, I’m TEAM BAG as well. Makes shipping faster which I love, has a more compact storage process, and I like the extra protection from bugs, dust, and water. Bags folded and taped, in a plastic bin (though I admit I’m behind in purchasing so I’m using recycled cardboard boxes right now).
This helps if we need to move clothes to the warehouse as well (suits, sport coats, sweaters are there now). Easier to move back and forth if it is bagged up. Plus, when something sells, I print the label at the house, put it on the proper box/tyvex/PFR/tuff mailer, go to the warehouse, drop it in, and straight to the Post Office.
For us, Pre-Bagged makes our life much easier.
Thanks for sending out a reminder. I thought about that yesterday.
I laughed when I was at the contract accounting job and I get a message that we spent $11.03 on eBay…Like what?
Then when I saw it was Shipping Supplies, I called Veronica and congratulated her on being Johnny on the Spot.
Day 1 baby…and she orders it!
So…
Brad Pitt and Anjelina Jolie were BradJelina
Ben Affleck and Jennifer Garner were Bennifer
Sheldon and Amy are ShamyAre you guys DoubleThink? Or maybe LinkThumbs?
🙂
Amen Jay. Lather, Rinse, Repeat.
I don’t recommend going All In like we did. Your approach is much better. Keep achieving the adjacent possible, and then what you thought was impossible is now possible.
Yes and yes (but slower).
We can keep going, as we haven’t hit a stasis point yet, but we are looking at different items to sell. Moving into better clothing sections, using lower profit areas to fund the new sales. So, still feeding the beast, but with a plan to move into new areas.
But wholesale is more at a standstill. Life has been still busy, so haven’t spent time on it. It will most likely be in a non-clothing area, and I would like to get the types of deals that Winchester is in on…
@SpeckledGoat: Me too. Very quotable, and I love the overall message.
I’m thinking it is more of a Matrix
And I swallowed the Red Pill… 🙂
@Amatino: Yep, I’m betting listing in a category helps the algorithm as well.
But at the end of the day, none of us know, and none of us can prove any of it.
I do know that, at least for us:
1) The more I list, the more I sell
2) The more I sell, the more I sellSo, list and sell.
Deep advice, right? 🙂
Very cool Inglewood! Excellent post and summary!
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