Ebay to hold onto funds and earn interest on our money!

Vitor

I expect everyone has received this notice that to obtain funds after a sale you need to request the withdrawal otherwise Ebay will bank your cash for up to 3 months.

soolin

I don’t see anything there to alarm a seller, money is available on demand?

On the existing thread I pointed out that this is what used to happen before managed payments, so for anyone who has been selling for longer than 5 years it’s not that unusual. In fact slightly further back than that there was even a charge if you withdrew less than £50 from PayPal! 

I still use PayPal for Facebook and other group sales, so see nothing to cause me any anxiety in the withdrawals now being on demand rather than automatic. 

martindow

You can withdraw it when you wish, though.  Years ago there was a minimum sum you could withdraw, £6?, but maybe that no longer applies.  

As has been said on other threads, the idea is that people will spend money from their balances on eBay.

GadgetGuru

I actually welcome this change. It was how eBay used to run back in the day - it's better IMO. 
I can now use the funds from selling something to purchase a postage label. Anything left over is my 'profit' and mine to do as I wish with. 
So I can then use the funds to buy anything else on eBay, or let the funds build up for a while and then buy something or withdraw to my bank account whenever I need to. 
I'm looking forward to going back to this way of eBay. 

vacheron

GadgetGuru said:

I actually welcome this change. It was how eBay used to run back in the day - it's better IMO. 
I can now use the funds from selling something to purchase a postage label. Anything left over is my 'profit' and mine to do as I wish with. 
So I can then use the funds to buy anything else on eBay, or let the funds build up for a while and then buy something or withdraw to my bank account whenever I need to. 
I'm looking forward to going back to this way of eBay. 

Ditto. I absolutely prefer this way. 

eBay has always been my "pin money" fund used to get rid of stuff I don't need to buy myself a nice treat that I can proudly say was funded entirely by my old junk I had lying around. 

Since they started the whole "managed payments (and payouts)" thing, this money was pushed into my everyday bank account in loads of trivial little sums, upon which it was promptly absorbed by boring stuff like grocery shopping and council tax etc. Then when I wanted a treat I had to pay in "fresh money" to fund it which felt far less rewarding.

For this reason I had my withdrawal set for once per month only, so it at least looked like all my selling efforts were worth the trouble.

I love that I can keep a slush fund in eBay now, and use it to directly buy stuff again (as you said, almost exactly right back to the time where everyone used PayPal for both income and outgoings). 🤦‍♂️😊 

Pollycat

vacheron said:

GadgetGuru said:

I actually welcome this change. It was how eBay used to run back in the day - it's better IMO. 
I can now use the funds from selling something to purchase a postage label. Anything left over is my 'profit' and mine to do as I wish with. 
So I can then use the funds to buy anything else on eBay, or let the funds build up for a while and then buy something or withdraw to my bank account whenever I need to. 
I'm looking forward to going back to this way of eBay. 

Ditto. I absolutely prefer this way. 

eBay has always been my "pin money" fund used to get rid of stuff I don't need to buy myself a nice treat that I can proudly say was funded entirely by my old junk I had lying around. 

Since they started the whole "managed payments (and payouts)" thing, this money was pushed into my everyday bank account in loads of trivial little sums, upon which it was promptly absorbed by boring stuff like grocery shopping and council tax etc. Then when I wanted a treat I had to pay in "fresh money" to fund it which felt far less rewarding.

For this reason I had my withdrawal set for once per month only, so it at least looked like all my selling efforts were worth the trouble.

I love that I can keep a slush fund in eBay now, and use it to directly buy stuff again (as you said, almost exactly right back to the time where everyone used PayPal for both income and outgoings). 🤦‍♂️😊 

Ditto for me.
But... my income from sales and spends for things I want to buy go into and come out of a separate debit account. 
My postage costs come out of the same account.
I prefer it as it was and will be transferring my income from sales as soon as it's cleared. 

alykatz

From what I've read ,business seller payouts won't change .

soolin

alykatz said:

From what I've read ,business seller payouts won't change .

That's correct, and that's why I'm not bothered. My business money is 'income' so I need a bit of a handle on it for HMRC purposes so pulling it out to a dedicated account is still useful for book keeping purposes. My private sales are my pin money- I use it for extras, days out, silly things for the grandchildren etc. It can stay in the account for a month without me worrying, or I can buy bits and bobs on ebay if I want. 

RFW

Just on one point on the title of the thread, it's an offence for a company to earn money on "held" funds. If they do earn interest then they should pay it to the client.
It stems from solicitors holding money on property exchanges but applies to any company holding client money.

RFW

On one other point, any seller should be pleased by this. Ebay have finally managed to resurrect something some people have been asking for since they stopped having payments go through Paypal. I'm surprised it's taken them so long and it should be a big boost to their turnover.

Spoonie_Turtle

RFW said:

Just on one point on the title of the thread, it's an offence for a company to earn money on "held" funds. If they do earn interest then they should pay it to the client.
It stems from solicitors holding money on property exchanges but applies to any company holding client money.

Does this also apply to energy companies hypothetically earning interest on credit they hold, do you know?

(Just out of interest, as it's an accusation bandied around every time prices increase and I genuinely don't know whether that happens or not.  Not wishing to derail the thread though, sorry.)