If you sell on eBay, either as a reseller or as a way to declutter your own unwanted items then eBay will have asked you to opt in to eBay managed payments. eBay managed payments replaces being paid by Paypal on eBay, and whilst there have been some issues, lots of people welcome the change. In this post I am going to cover the most important aspect of the new managed payments on eBay – when will you get paid?
What are eBay managed payments?
The most popular way to get paid on eBay was via Paypal, but now eBay have introduced managed payments which means that when you sell on eBay you will now get paid directly into your bank account. eBay will automatically take their fees from your available balance and only send you the money that you are due.
Before it was hard to see exactly how much money you made from a sale because your eBay fees would accrue on the eBay website to be paid at a later date and of course you would also be liable for Paypal fees from your sales.
What are the eBay managed payments fees?
eBay charge two fees when your item sells – a final value fee and a fixed charge.
The final value fee is 12.8% of the amount of the sale plus postage, taxes, etc.
If your item sells for over £2,500 then you will only pay 3% of the portion of the sale over £2,500.
The fixed charge is 30p per sale, and this goes towards eBay managed payments fee.
This means that anything that sells for £4 or more should see you saving money versus previously paying Paypal fees, as Paypal would charge 34p if you were to receive £4.
Can you use your eBay available balance to pay for postage?
Previously when eBay payments were sent to your Paypal account you could use your Paypal balance to purchase the postage from a number of shipping providers including Hermes. You might be wondering if you can still do that.
When we have been using eBay managed payments we have been unable to use our eBay available balance to pay for the shipping, and we have had to pay for Packlink packages using Paypal or a credit card.
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eBay managed payments dates
So when exactly do you get the money paid into your bank account with eBay managed payments?
You can choose your own payment schedule that works best for you. You can choose between daily, weekly, fortnightly and monthly.
The daily payment dates are:
For sales made and paid for on Monday you will be paid on Wednesday.
For sales made and paid for on Tuesday you will be paid on Thursday.
For sales made and paid for on Wednesday you will be paid on Friday.
For sales made and paid for on Thursday you will be paid on Monday.
For weekend sales made and paid for on Friday, Saturday and Sunday you will be paid on Tuesday.
The weekly payment date is Tuesday, and so are the fortnightly payments.
Monthly payments happen on the first Tuesday of the month.
The above dates only apply if there are no bank holidays around the payment dates – if there are then you can expect a delay.
Depending on your dispatch time you might even be paid before you have sent the item you have sold which many people think is a big flaw – me included.
