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I have been an ebay seller for over 20 years and yesterday posted a 12 month old Damasko for sale. It sold last night. I then found out that ebay no longer pays sellers with Paypal. Instead, ebay holds your funds until you link a checking account for ebay to have free unhindered access for with drawl and deposit activity. It takes a few days to set up the checking account so I cancelled the sale and refunded the monies. I do not trust ebay to ensure funds are good before I ship. I could be out the product and the funds.
Anyone have a recent bad experience with ebay on this issue?
I have sold on eBay, never had a problem. They moved away from PayPal about a year ago. I haven’t had any problems, but IMO their fees have gotten too high. I avoid eBay for that reason.
When Ebay moved away from PayPal, their biggest point was less fees and more money to sellers, in reality fees actually got higher. I would rather sell here for lower price than deal with Ebay!!!
Ebay moved away from PayPal several years ago and started to offer their own payment processing platform. It's absolutely safe and functions very well, nothing to worry about.
Maybe I will wait until my checking account is confirmed as linked to ebay and then relist. There is no customer service on ebay which makes me a little nervous when operating with electronic funds transfers.
The fees are high but my positive feedback over 20 years usually leads to a rapid sale of expensive items.
In the UK, we have several start up Banks like Monzo and Starling and a Basic Bank account can be set up on your phone in minutes. I don't know if you have something similar in the States, but i'd be surprised if you didnt.
When eBay started doing this a year or so ago, I just set up a seperate account to have my eBay funds paid in to and when the money is paid in, I transfer to my main account immediately. I dont hold any other monies in this account and eBay is all I use it for.
Its worked fine and I usually get the money about 24 hours after ive been paid. Again, can only speak for eBay in the UK, but pretty much every other weekend I get an option for 80 or 90% off seller fees and when these offers are on, it costs me very little in comission to sell on eBay and I dont need to worry about PayPal fees.
pretty much every other weekend I get an option for 80 or 90% off seller fees and when these offers are on, it costs me very little in comission to sell on eBay and I dont need to worry about PayPal fees.
In the US, I've never seen an offer to get fees like this off. I don't sell all the time, but I have sold a couple of watches through eBay and have never got an offer to save money as a seller. I do get a lot of junk about them wanting me to open up an eBay credit card, but that's about it. As someone else mentioned, the fees on eBay are the biggest detriment to selling on eBay.
I've noticed that the same watch being sold on both ebay and Chrono24 has been a lot cheaper on Chrono24, and I'm sure that's because of ebay's fees.
The last two watches I bought were both at least 10% cheaper on Chrono24. I waited a few days for the seller to list the one I just bought on Chrono24. It was $1961 there vs $2180 on ebay. I won't be buying on ebay anymore if I can help it.
why don't you just open up a new account and make it a dedicated paypal account, that way you can limit the funds available and then transfer out revenue into your regular account(s), ebay might be able to deduct or deposit but only in that one account
I recently sold some silver coins on eBay only to discover that they were going to hold back the payment for 30 days. I believe this is a requirement under the consumer credit act but not being a retailer, it came as a shock. Other than that eBay have been paying out on other items I've sold before the goods have been confirmed as delivered. No complaints from me on that front.
I exclusively sell on ebay, have sold quite a number of watches and have never had any issues. Once you've set up the new way payments go straight intto your bank account and do so much much quicker, sometimes within a few hours. I was skeptical of It at fist but It's honestly the better system. People dislike change and I did at first.
Also the 80% off seller fees vs £1 max seller fees actually work out better. No paypal fees, etc and you end up with a little more than you otherwise would In most cases.
tl:dr they've stopped you getting charged by paypal and you get paid more securely and a lot quicker
Thanks for that! I’m a casual seller there and was a bit skeptical about the change. Have had no problems but this certainly puts any potential fears to rest.
I haven’t had any issues with eBay sending the funds to the bank account. In my opinion eBay has gotten better if you’re a US based seller and if you’re selling watches above $2k, as the fees match Chrono24 fees (6.5%) AND you automatically qualify for authenticity guarantee which eliminates pretty much all risk of you getting scammed by the buyer.
I also received an email recently stating that they are implementing a similar option in several EU countries for watches between 1-2k. Hopefully they end up doing something similar.
I haven’t had any issues with eBay sending the funds to the bank account. In my opinion eBay has gotten better if you’re a US based seller and if you’re selling watches above $2k, as the fees match Chrono24 fees (6.5%)
I don’t know about that. The watch under a $1000 comes with 15% selling fee. Plus the fee includes shipping and taxes!!! By the way if you promote it on eBay it would include a fee on taxes and shipping. The sellers are leaving EBay in droves and stock took a big dive.
There's nothing wrong with the platform or payment process. It's just the fees, which is why watches tend to be more expensive on eBay, or as the seller, you can expect to get a little less.
In this way, it's probably similar to Chrono24 and why things tend to be slightly more expensive on that platform. I've never bought nor sold anything on Chrono24 though, so I'm just guessing.
eBay is the best current example of a monopoly. They are the 800 lb. gorilla in the room when it comes to online auction/marketplace site.
The fees have become eyewatering, resulting in sellers having to "pad" their listing prices just to break even or make a little money. Thus it's also become harder to find a bargain if you are looing for something there.
If I'm not mistaken, the final value fee is now based on the total sales price including item price, shipping, AND any sales tax they need to collect and remit to a third party. Most sellers are not even aware of this.
I used to recoup 2% back when they charged my credit card every month for their fees, but they've even found a way around that.
The thing that kills you on eBay are the taxes. It used to be that since sales tax is actually the obligation of the seller, taxes were not priced into the product sold. It's kinda treated as a private transaction. I think eBay started charging sales tax when Congress started to tax sales and transactions over the Internet, but don't quote me on that.
After a few years inactive as an eBay seller I didn't know about those changes when I tried to put for auction my Helm Komodo, Undone Sometsuke, and my Steinhart OOV watches, just to realize that they won't let me go through unless I migrate from Paypal, but since my account is based in the US but I live in Mexico, I cannot add a US bank account to migrate away from Paypal. I am going to try to sell them here instead.
I wonder how millions of sellers still can use Paypal on eBay to get paid, in fact, I buy stuff all the time there.
That’s no big deal. If you are selling used personal goods at a loss and not flipping for a profit, you just do not need to declare the income (garage sale exemption, basically).
that should apply to most of our watch sales - and it’s the NET amount you use to figure that (not the sale price).
However, if you’re over certain threshold, you may have to pay tax on hobby income - not sure how that works, though - I’ve never made anything off my hobby, just enough to offset the next purchase…
I’ve used eBay since the change from PayPal and haven’t had any problems. It’s also nice because I can get my refund on purchases when I don’t get the product (recently happened to a lost mail shipment from India).
my bigger issue is the fees. They charge 15% on EVERYHING - including final value, shipping and even (I believe) on the sales tax.
I mean, there’s a reason prices for watches keep going up on eBay.
But on the plus side, you can deduct those fees on the mandatory IRS form.
But seriously tho, I agree with you. All those fees and the hassle with the tax man is putting me off from even buying watches that have a risk of becoming catch-and-release. I only go for things I am sure I will keep longer.
I recently sold a few watches there after a year or so hiatus. Yes, the money was eventually directly deposited into my bank account. And yes, they took a whopping 15% of the sales prices.
Probably finished as a seller there. I'll try Chrono24 or reddit next time.
This has been going on for a while, and I haven't had any issues whatsoever. Payout is pretty quick. If you canceled the sale, they will probably charge you a percentage because that was money ebay was hoping to get. This has happened to me.
For me, it's only worth it when it's an item that will sell for a substantially higher price on the Bay in comparison to other outlets such as selling on forums, to outweigh the fees. For example, I've sold quite a few limited edition G-Shocks just by posting them slightly lower that the lowest CRAZY price already listed (note: I never bought the watches with the intention of "flipping" but I have no problem with profiting from selling something). Often it only took minutes before I would hear that "cha-ching", on my phone.
The fees though have indeed got out of hand, and the lack of customer service really does mean that they aren't providing much more than exposure (albeit widespread exposure). It was already mentioned above, but the fact that the fees even apply to the sales tax charged just doesn't sit right with me either. I reckon it's their game though, and they don't seem to have any lack of people willing to play it, so I don't see them having any incentive to change any time soon.
I used to restore watches and resell them on ebay and also make my own watches but it makes no sense anymore to sell on ebay because the taxes and 15% selling fees make it impossible to make money. A waste of time also because peoples love of knockoff chinese goods someone like me as a watch builder can't compete even if I produce better looking luxurious watches.
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