eBay Announces New Payment System
Monday marked the three-year anniversary of PayPal’s separation from eBay. The two became individual companies in 2015 and have since fared well on their own. eBay has now unveiled plans to launch its own payment system in September.
eBay sent an email to sellers announcing the beta version of eBay Payments. The email did not say what the fees will be for this service, but there will be “special pricing for early opt-in.” Other fee information will be available after the launch. Sellers will be notified when the time comes so they can start the enrollment process.
With eBay Payments, funds will be directly transferred to a seller’s bank account in a daily batch. eBay says they are “working with [their] financial partners to enable even more options for speedy access to [seller’s] earnings.”
eBay promises a variety of benefits under the new payment system, including:
- Simplified fees, all located on one eBay bill
- One place to manage all selling and payment transactions
- Daily account payouts
- New payment options for buyers, such as Apple Pay
- A more concise way to manage disputes
Sellers seem to be on the fence about the upcoming changes. While some like the idea of daily bank transfers, others see it as an accounting nightmare. One common complaint is that eBay is requiring Social Security Numbers for identity verification to enroll in eBay Payments. Many business owners would prefer to provide their EIN’s because they do not trust eBay with their personal information.