How to Get Paid on eBay Easily & Quickly
The last thing people should be worried about while focusing on their online business is to receive payment for sales.
For people worried about how to get paid on eBay, they'll be surprised to know that quite a few people run into a stumbling block.
Getting paid on eBay doesn't have to be a complicated process at all. In fact, it is quite easy to set up a payout method to receive payouts as an eBay seller.
By setting up a regular payout method, sellers can run their online business efficiently and focus on the tasks that yield the most ROI. Here are the fastest and safest ways to get paid on eBay.
Yes, people don't need an established bank account to get paid on eBay. But they need an alternative for eBay to transfer money.
It's important that eBay is compatible with the bank people have an account with - the steps to find this will be discussed later.
Having a linked bank account is much more convenient and will allow them to receive sales proceeds directly without any intermediary.
According to Indeed.com, an average seller on eBay makes around $137,400 yearly.
But, there are no limits to the amount you can earn from the site. Your income will depend on the demand surrounding the products you're selling.
There are certain requirements eBay asks sellers to meet. Here is a checklist of the items you should have:
It is mandatory for sellers to choose their bank accounts as the main payment method on eBay.
Any local checking accounts can also be used so long as they are supported by eBay.
Here is all the essential information regarding where sellers can get paid on eBay:
eBay takes a cut of 13.25% or lower from each sale made from the website, plus $0.30 per order.
The eBay selling fees are deducted directly before receiving the funds through the Managed Payments System.
People can list their items for free on eBay after signing up for a free eBay seller account.
But in case there are more than 250 listings per month, eBay charges a listing fee worth $0.35 per post after the 250th.
Merchants on eBay can choose from various subscription plans to lower their costs and streamline the listing process.
Before the partnership between PayPal and eBay ended, it was widely known as the safest way to receive payouts for eBay sellers.
One of the reasons behind this was the heavily promoted partnership between eBay and PayPal.
While customers still have the option of completing their purchase through their PayPal account, an eBay seller can no longer use it as their preferred payment method.
To get paid on eBay, people now need to opt for other payment options to receive their sales proceeds.
Bank accounts remain among the safest options for sellers to receive payments from eBay.
Sellers can also choose their credit cards or debit cards to receive the payment for their sale.
A checking account still remains the primary and safest option for sellers to get paid.
After the buyer's payment, it takes up to two days for the payment to be processed by eBay.
Once their payment has been confirmed, eBay sellers will need to ship out the item.
After the payment has been processed, it will appear as available to withdraw, provided any hold periods have also expired.
But, it may take up to four days for the funds from eBay to be reflected in the checking account after it has been processed and withdrawn.
To avoid having to manually redeem payments from eBay, merchants can set up scheduled payouts.
The frequencies for eBay payouts can be set to daily payouts, bi-weekly, weekly, or monthly payouts.
Bank holidays may affect this time scale, and in such cases, it might take longer to be reflected in the account statement.
Apart from daily payouts, withdrawals scheduled monthly are processed on the first Tuesday of every month.
Similarly, biweekly and weekly payments are all processed on the respective Tuesdays of each week.
Setting the payout schedule to daily will allow sellers to get paid around two days after the selling items have been paid for.
There are several reasons why you can start selling items on eBay as a side hustle to boost your income.
Here are the best ones to take into account:
eBay introduced its Managed Payments System in 2018, and three years on, in 2021, it made it compulsory for sellers to sign up for MPS.
Other eCommerce platforms such as Mercari, Poshmark, and Etsy all have their versions of a payment management system.
And eBay is one of the sites to have introduced such a feature later on.
While there are multiple reasons why it is a good idea to use the managed payment system, there are charges levied on every sale.
The transaction fees include the sales commission and the payment processing fee.
The number of items sold and the final value of the order also dictate the eBay Managed Payments fees.
Here's why it is one of the problems with selling on eBay.
Hard to keep track of charges
It's quite hard for people to keep track of the fees eBay charges.
Since the payments are automatically deducted, it can be difficult to identify any mistakes on eBay's part if there are excess charges.
Higher processing times
PayPal allowed sellers to withdraw their earnings almost instantly. But processing times have now gone up significantly.
It now takes a couple of days for the funds to be available and another few days for the bank to process it.
Increased shipping times
This situation occurs in cases where the seller does not have enough funds for shipment labels.
If they wait for eBay to pay them for the sale, the time taken to ship out the item will involve a gap of a few days which may discourage buyers and lower their eBay sales.
Navigate to 'My eBay' on the website on the top and click 'Summary'. On the left panel, expand the Sell menu and find 'Payments.'
Tap 'Add payment option' from the Payments tab to start adding the payment options. Tap 'bank account' and find your bank from the list.
Tap 'OK Got it' on the eBay secure page, and then log in using the bank details.
Confirm the information as shown on the screen after logging in and entering the security code. Tap 'Add' to confirm the chosen bank account as the primary method to receive payment after reviewing the information.
Users will then be redirected back to the payment screen with a message showing a linked checking account with eBay.
Here are some important points you need to consider before deciding to sell on eBay:
Due to the high payment processing fee, the unreliable customer service, and the doubts surrounding their data integrity, some sellers are moving away from receiving payments on PayPal.
You can choose between using your checking account or your credit or debit card to receive payment.
Sellers will need to provide information such as their Social Security Number, bank and card details for tax purposes and verification.
Otherwise, they run the risk of getting their account restricted and payments withheld until the information is provided.
In most cases, sellers set up a weekly payout schedule or a monthly one to access their earnings.
But eBay also has the option for funds to be withdrawn on demand through the MasterCard debit card.
In this scenario, it takes only up to 30 minutes for the money to be withdrawn for an extra fee.
This additional fee is 1.5% of the payout being withdrawn, for a minimum of $0.25 and a maximum of $15.
Alongside the combined fees for processing funds, the instant withdrawal fee is also applied before the amount being sent to a debit card.
eBay pays sellers based on the payout method chosen. Which means it can pay you directly through the bank account. Or, it can also pay through an intermediary of choice.
Until 2021, eBay sellers could opt for PayPal payments. But, since the end of their partnership, they do not have the option to receive payouts through PayPal anymore.
Before depositing the money with the bank, eBay takes its cut of the transaction, which includes costs such as value and insertion fees, store subscription fees, and any promoted listings.
Through the Managed Payments System, eBay automatically processes these deductions and sends over the remaining funds.
eBay provides a Payout ID for all eBay transactions to sellers. This helps keep track of the payment and also allows the sellers to get help from eBay if there is any undue delay. A bank reference ID is also generated in the Seller Hub for easy tracking.
Payments may be listed as "Blocked," "Cancelled," or "Return" if the payment doesn't go through to the seller's account. In all failed payments, the money returns to the Available Funds option in the Payments tab.
Here are some similar ways to get paid you should consider:
Sellers on eBay can now set up their payment method right after creating their eBay seller account and opt into the managed payments system to get started with their side hustle.
We'd love to hear which part of the article was most helpful to you. Do share it with a friend who could find it useful too!
Learn more about this side hustle and find others similar to it
