As announced earlier today, in 2020, eBay will start managing payments on eBay UK. The majority of UK business sellers will be expected to enable their account for managed payments by the end of this year with more details about this process and the next steps for sellers coming over the next couple of months.
What will it mean for eBay to manage payments?
With eBay managing payments, the payments experience will be managed end-to-end on our platform. It will allow you to sell and get paid in one place, with payments going directly into your bank account, and will provide more payment options to buyers.
The transition to this new way of doing business on eBay has already started in other countries around the world, including the United States and Germany. As of January 2020, eBay has enabled over $2 billion of GMV and almost 25,000 sellers for managed payments. More markets will be rolled out globally later this year, and the majority of sellers in all markets will have their payments managed by eBay by 2021.
eBay Managing Payments benefits
eBay say that Managed Payments will simplify the buying and selling experience on eBay. You’ll be able to manage your payments information and operations all in one place, and your buyers will have more ways to pay when they purchase your items. Benefits include:
One place for everything
You’ll have one place to access all reports and to manage disputes and refunds. You’ll have a single company to contact for customer support and fees. Plus you’ll get payouts directly deposited into your bank account as well as payout scheduling options.
More ways for buyers to pay
eBay plan to provide buyers with a larger selection of payment options, such as credit card, debit card, Google Pay, and PayPal. They will also be offering Apple Pay as a payment option on iPhone and iPad. This will all be done through eBay without you needing separate accounts to accept these payment methods.
Simplified seller protections provided by a single company
“When eBay told me about managed payments, I wanted to do it right away. My customers can pay with Apple Pay, Google Pay, debit card, credit card, [and] PayPal. Any way they want to pay, they can pay.”
– Shari Smith, US seller 7daysale4u
eBay expect the majority of business sellers in the UK to enable their account by the end of the year and aim to make this transition as smooth as possible and make sure your business continues to thrive on eBay.
More details will be announced over the next couple of months, but in the meantime you can express your interest to be one of the first ones to be enabled for managed payments by filling out a survey here.