IMPORTANT- managed payments

Gary123456790

I'm getting frequent emails asking me to register - to be honest what I have now works fine, I actually use the paypal payment email to dispatch because we have a mail rule that flags them, and when we dispatch we unflag it, it works because the paypal address is on the paypal emails and thats the one we are meant to post to....
I'm not looking forward to it, it'll mean hours working out how to update our system/processes.  We're not a massive seller, maybe 50 items in a busy weekend but its enough that I could do without the hassle!
Cheers.

soolin

Gary123456790 said:

I'm getting frequent emails asking me to register - to be honest what I have now works fine, I actually use the paypal payment email to dispatch because we have a mail rule that flags them, and when we dispatch we unflag it, it works because the paypal address is on the paypal emails and thats the one we are meant to post to....
I'm not looking forward to it, it'll mean hours working out how to update our system/processes.  We're not a massive seller, maybe 50 items in a busy weekend but its enough that I could do without the hassle!
Cheers.

Unfortunately it looks like the change will be forced onto us, they are still warning me that the automatic switch, whether I sign up now or not, will be end of July. However since the US is still only just moving sellers across (it's being done in batches) and the move has so far taken a year I can't see us all being forcibly changed within the next 2 months.

soolin

I've just had an email now telling me I have to register as I am switching to the managed payments on the 15th July

in_my_wellies

I haven't heard anything about this. Is it just for business sellers?
Thanks 

soolin

in_my_wellies said:

I haven't heard anything about this. Is it just for business sellers?
Thanks 

At the moment it appears to be aimed at business sellers , I assume at some point it will be rolled out for all. 

shapala

I've read into it today (I'm sole trader) and have no idea still what the pros and cons are.

soolin

shapala said:

I've read into it today (I'm sole trader) acnd have no idea still what the pros and cons are.

I’m a sole trader as well.
eBay say it will be cheaper in most cases, although looking at the figures this isn’t necessarily the case according to sellers who have investigated it in depth especially for sellers like me that sell a lot at the lower cost end of the market and currently use a PayPal micro account for some sales. However it will be easier to see your fees as there will only be one lot in future, rather than eBay and PayPal fees being charged seperately.

Not that we have any choice anyway. 

LM2020

I'm also a sole trader using PayPal micropayments due to selling low value items. I've been avoiding registering and ignoring the emails but now had one that sounds like I have no choice but register by 15 July. Not sure what will happen if I don't meet the deadline.

I'll have to increase sale prices to pay the higher fees. But my main concern is my bank account.  I've always used PayPal like a business bank account to buy and sell. I only occasionally withdraw money into my personal bank account. If eBay start paying money into the bank directly does this mean we need a business bank account with all the extra fees?

soolin

LM2020 said:

I'm also a sole trader using PayPal micropayments due to selling low value items. I've been avoiding registering and ignoring the emails but now had one that sounds like I have no choice but register by 15 July. Not sure what will happen if I don't meet the deadline.

I'll have to increase sale prices to pay the higher fees. But my main concern is my bank account.  I've always used PayPal like a business bank account to buy and sell. I only occasionally withdraw money into my personal bank account. If eBay start paying money into the bank directly does this mean we need a business bank account with all the extra fees?

This is potentially an issue although some sellers have been re assured by eBay that they don’t check the status of the recipient bank account it just needs to be capable of taking direct debits (so not a Savings account). The names must match exactly and although this is fine for sole traders it is likely to cause issues for those using business names where they might have one business bank account but feed in business money from variously named businesses. 

LM2020

I'm hoping the bank won't object to eBay making regular payments into a personal account. I think I'll select the longest period they offer between withdrawals - monthly if possible rather than daily and hopefully the bank won't have an issue and say I need a business account. I really want to avoid going into a bank to open an account during the pandemic.