Globally eBay have processed more than $3 billion of GMV through eBay payments for more than 32,000 sellers and as the end of July approaches, eBay’s operating agreement with PayPal comes to an end and is due to expire. Now, in addition to sellers in the UK who have been notified that they are to transition to eBay payments, eBay have notified many more sellers in the US that eBay will begin managing payments for their accounts from late July 2020.
eBay will begin managing payments for sellers in phases and for many the deadline is the 15th of July. Failure to complete the sign up by the dead line will result in your inability to create new listings so, regardless whether you’re all in favour of eBay payments or still have some reservations, the time has come to bite the bullet, click on https://ebay.com/startpayments and get started.
“If you receive a notification to register, you will need to do so by the communicated deadline, which for many sellers is July 15th. This will ensure your business does not experience any disruptions after the deadline has passed. Sellers who miss their registration deadline will not be able to create new listings.”
– eBay.com
The verification process is necessary for eBay to complete the requisite KYC (Know Your Customer) obligations and this is why some may run into hurdles connecting their bank accounts for payouts. If the information you provide doesn’t match exactly, eBay may ask you to send a copy of your bank statement (electronically) as additional confirmation that you are who you say you are. Whilst this process may seem onerous and frankly a pain in the butt, don’t forget that eBay are going to be sending money to your bank account regularly and the security is for your protection – unlike with PayPal, if any one compromises your eBay account it won’t be as easy as changing a letter of your email address to steal your money, it’s a full blown security check.
Once registered, there’s nothing else to do – eBay will begin managing payments and will update your listings automatically on the activation date that they’ve given you. This will remove your ability to add your own PayPal address (hence obviously one of the reason why you’ll no longer be able to create new listings) and eBay payments will be displayed to buyers with a range of options including Apple Pay and Google Pay in addition to card payments and PayPal. You’ll also start to be charged under the new fee structure you’ll have seen before you finalised the sign up process.
There are still some questions to be answered, somewhat more complicated in the US where in some States eBay deduct sales tax at source as well as the deduction of eBay fees. At some point you’ll need access to this information for tax reporting, but in the mean time once eBay will begin managing payments for you account, proceeds from sales will be sent to your bank account on either a daily or weekly basis (your choice) within two days of getting a sale.
4 Responses
“Whilst this process may seem onerous and frankly a pain in the butt”
Does Tamebay not realise how many sellers are still unable to complete registration entirely due to Ebay’s inept approach to partnerships?
We simply cannot satisfy Ebay, despite having been selling on their rickety platform for the last 17 years.
Now they claim they cannot “verify” us because they are using the US form which takes the American form of partnership (LLP) which has a company number.
This farce means we are being bombarded with demands to vertify which we can’t comply with and Ebay don’t have a fix.
And the threatening emails are now arriving, so onerous and a pain in the butt does not begin to describe what thousands (according to Ebay CS) are going through.
You make it sound like it’s just filling out a form and submitting some documents.
We, like the others, did exactly that and it has become a nightmare, threatening our business.
As it stands, we will not be able to continue on Ebay.
We have had exactly the same issue.
Firstly a UK partnership does not have a company number. – we were told to just put 00000 etc as the company number to get past this stage of the process.
Next , the process insists on at least one person being a company director – again this is not applicable to UK partnerships but you cant process without ticking the box.
Finally you need to have a bank account in the same name as your ebay business. Again, not neccesarily required as we use a personal bank account for our Partnership.
In theory, at the moment unless we change our bank account we are not able to continue on ebay. Having said that, our 15th July deadline has come and gone and we are still able to list items- so lets see what happens next!
We’ve jumped through every hoop possible, yet eBay still demand a company number. I’ve stopped filling the forms out now, their registration process is a complete joke. But then again it’s eBay, so it’s hardly surprising- in fact a situation most predictable and to be expected.