New Message about Payments on my selling page overview

[bentley65]

Hi

I was just doing some listings and noticed there is a post on my Overview - update your details - payments on e-bay have changed. When I click it it takes me to a spot to enter new information for that managed payments thing. I am a small seller without a store. It said I had to do this so my selling would not be interrupted. 

If I ignore this will my account be suspended? I am finally starting to make a few sales here lately. I have taken the advice of the senior sellers and am using my sponsored listings and being careful with my titles.  I list or relist a few things daily.

 I guess I will eventually enter my information for this. I am wondering if it works better than PayPal or are other sellers having issues with it? 

Will it cost more to use Managed Payments? I sell low value items and any more expenses are really lowering my profits. 

Thanks for any information. I did read what the link on managed payments said.

I had trouble understanding though so my only take on it was it is supposed to lower some sellers expenses and give buyers more ways to pay.  Also the e-bay fees are taken out of the buyers payment so no more monthly e-bay bill? Am I understanding this correctly? Any potential drawbacks for a non store seller? Are there long waits for the money deposits?

Thanks again.

Sherie

[femmefan1946 · Accepted solution]

One of the biggest problems with Managed Payments has been that eBay only discloses the facts when the seller signs up. And once signed up, there is no going back.

Only you can decide how much of a risk you are willing to take with your account.

For what little it is worth, I have been getting that message on two of my accounts, including this one, since at least August, and have been basically ignoring it.

Nothing has happened ,... yet.

My reasons for ignoring it are all banking related.

I'm not fussed about the fees. I assume there may be some rise in fees, or perhaps not. I can't control either PP or MP fees.

I'm not concerned that if I sign up my sales will stop dead. The entire idea that buyers will stop buying fromMP sellers falls apart when we consider that the buyer does not know who is and who is not in MP.

• Well actually, if the buyer is also a seller and aware of the changeover, she would be able to spot the MP sellers because they also accept ApplePay and GooglePay, increasing the ways the customer can buy.

I am a little concerned that I cannot keep a balance for any length of time in an MP account, but must have it deposited to my bank on a schedule. This means I can't save up and buy from other eBayers with my MP balance as I can with PP.  This is a stupid decision on eBay's part, since most sellers are also buyers (although few buyers are sellers).

I am concerned that I can only attach one bank account to a MP account. No more joint PP account with money directed appropriately by the account holders. EBay may have underestimated how many "family" PP accounts are in use.

I am even more concerned that the one and only bank account I can attach MUST be Canadian. This means that when I sell something in US dollars, I MUST deposit it in a Canadian dollar account in a Canadian bank.
PP allows me to have both a Canadian and an American bank account. The American account is used to buy from US sellers -- not just eBay sellers  since PP is widely used by other online sites including theatres, small bookstores, flower shops, clothing stores, and conventions.

With my American account, I can even move US dollars to my Canadian US dollar account paying only one set of exchange fees.

With MP all my US dollar sales will have to be deposited in my Canadian dollar account paying exchange, and if I then want to move it to my Canadian US dollar account, I have to pay more exchange. EBay doesn't even benefit from this.

So.

I'm a hold out.

I have two active accounts that take PP and can move product to my other accounts which are still on PP fairly quickly if pushed.

But I am basically a hobby seller, your mileage may vary.