eBay Sellers Can Now Transfer Earnings Directly to Bank Account
If you sell on eBay, you will no longer have to use a PayPal account to get paid. Funds can be send directly to a bank account. The new option is not yet live for everyone, but some sellers can already make the switch. If you haven’t received a notification yet, you don’t need to take any action at this time. Most eBay sellers will be on the new eBay payments experience in 2021.
Fees and expenses will be deducted before you get paid and the remainder of your eBay earnings will go directly to your bank account.
For most categories, eBay charges 12.55% on total amount of the sale up to $7,500 calculated per item, and 2.35% on the portion of the sale over $7,500. There’s also a $0.30 flat fee per order.
This works out to slightly more than what you currently pay with PayPal processing (10.2% on sale price only + Paypal’s 2.9% fee) since you get charged that 12.55% even on the the sales tax.
Buyers can still pay for your items with credit and debit cards, Apple Pay, Google Pay, PayPal, and PayPal Credit.
You can find out more details about the switch here.
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I think it’s good not to have to get involved with Paypal during the transaction but if Ebay wants a return to it’s dominance in the marketplace they need to lower the fees.
How can eBay charge a fee on sales tax?
It’s really not like sellers have a choice. Ebay started this over nine months ago. It really only benefits ebay, who gets their cut instantly, and gets to float your cash. And now if there is a dispute the money comes straight out of your bank when ebay wants it. Trust me, this is not for the benefit of the seller. I’ve sold on ebay for over 20 years, and this is nothing more than a money grab.