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Sept 2020 eBay UK Seller Release: Managed Payments Overview
eBay have included a managed payments overview in the latest seller release with the main message being that when you receive a notification it’s recommended that you register before the deadline to avoid any interruption to your business.
Signing up for Managed Payments
If you’ve received a notification to register for managed payments, you can register in a few simple steps:
- Verify your information
- Provide a current account – either existing or new
- Keep selling
During the registration process you will need to add a current account for payouts. eBay emphasise that you need to ensure that the name, address, and business information (if applicable) on your current account matches the name and information on your eBay account. We know this has been a sticking point for many sellers as their banking details aren’t necessarily the same as those registered on eBay.
Managed Payments Overview
eBay UK expect to manage payments for most business sellers in 2020. There a few few categories where product types aren’t currently supported by eBay managed payments and if you frequently list in these restricted categories you will not be required to register for managed payments until these categories are compatible. eBay expect to add full category support to managed payments progressively through 2021.
Support for Xero, QuickBooks Online, or Sage Business Accounting is available via OneSaas. You will want to test this to check how sales ledger entries are created and how fees are reconciled.
When you create a listing on your domestic eBay site and choose to ship internationally, or use the Global Shipping Programme, your listings will continue to surface on the relevant international eBay sites if supported. If you list directly on international eBay sites after your account is activated for managed payments eBay may need to collect additional information from you.
eBay Business Capital
eBay also remind sellers that eBay Business Capital provided by Asto can offer you an alternative if you have been using PayPal Working Capital in the past. You can apply online to access from £150 to £150,000.
- Access to a no-obligation credit limit
- Decide when and how much you want to borrow up to your credit limit, knowing you can have the cash in your account in minutes
- Set your term length, choose the repayment term that suits your business, from 6 to 12 months, and see the interest costs for your loan.
There is a ton of information including a comprehensive FAQ on the Seller Release page which we recommend you read if you have any queries.
I realise it’s a big job but you would have thought they’d have at least got around to registering all the power sellers by now.
As Diana Ross sang ‘I’m still waiting…”
So before managed payments my fee ( category Furniture ) was
Ebay 9% Paypal 1.4% = 10.4%
After managed payments
Ebay 10.9% +30p= 10.9% +30p
Where’s the saving ?? It appears I’m paying 0.5% more
we turn over 1 million plus a year and the saving is an increase in fees on £4,000 – £5,000 ???
if one sells abroad through GSP then there’s more fess but rarely anyone bothers to look that far into the details.
eBay said before the MP will mean savings for “most of the sellers”, it’s similar nomenclature UK gov uses “…specific and limited (way)…”.
would be nice if the reports available in csv format were actually usable. they are not a patch on the ones avalilable from paypal. ebay need to employ the guy who came up with the paypal csv format and use it for their reports! the paypal reports work with pretty much all accounting software. ebay reports suck at the mo. boooo
with this managed payments ebay have just set the whole payment system back 20 years it would be quicker to ask customer to send a cheque.
old way ebay-paypal-bank=minutes to hours
new way ebay-bank=3-6 day
try going to a shop saying i’ll take the suff now but come back in 3-6 days and pay you
How can ebay have set the payment system back 20 years, when it’s now the same set up as the market leader, Amazon?
“Ebay business capital loans…… to tide you over until the managed payments finally trickle through to your bank. “
eBay Business Capital.
Why not offer this to the Chinese ?
There are more Chinese business sellers than domestic anyway.
Funny how they want to give loans to domestic sellers, but dont even really care about domestic sellers.
What the hells that about ?
Notice that non VAT registered small businesses who didnt pay any VAT on their PayPal fees will now have to stump up 20% VAT on all eBay managed payments fees for underlying PayPal transactions. For VAT purposes, receiving payments via PayPal is a financial transaction and is exempt from VAT whereas receiving a PayPal payment via eBay managed payments is a service provided by eBay and attracts VAT at the standard rate. This could be a significant increase for some small businesses.