eBay Sellers Can Now Transfer Funds to Their Bank Account in Minutes (for a Fee)
eBay expanded its payout options today for US users adding an express (instant) payout option for a processing fee.
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Similar to how PayPal, Venmo, Apple Pay, and some other payment solutions offer a method to “instantly” transfer money to a bank account via a VISA or Mastercard debit card, eBay’s new express option will do the same.
The fee for express payouts to VISA or Mastercard debit cards is 1.5% per transaction, with a minimum charge of $0.25 and a maximum of $15.00 per transaction. The fees basically match PayPal’s previous fee structure, making eBay’s express payout option now slightly more affordable over PayPal or Venmo.
For those sellers who need immediate access to their cleared funds to use outside the eBay ecosystem, this will give them the cash flow alternative to do so.
The company still requires at least one business day to clear payments from sales, unlike similar payment services that make such credits available sooner. But this express payout is another step in the right direction to being more competitive while enabling faster access to funds.
eBay will continue to provide daily, biweekly, and monthly payout schedule options and a no-fee on-demand payout as long as sellers do not use the daily payout option by default. All of these payout options are free.
The on-demand options still may take 1 to 3 business days to transfer while the express option is technically processed as a merchant credit on a debit card and available immediately.
eBay Catching Up with PayPal and Similar Services Slowly
Overall, these options now bring eBay’s Managed Payments on par with PayPal/Venmo and other so-called digital wallets. But by comparison, eBay’s payment or money management solution still falls way short to be called a digital wallet, a moniker the company plans to use soon.
To learn more about eBay’s flexible payout options, including the new instant option, please visit this link here.
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Richard is co-founder of eSeller365. He has over 17 years of experience on eBay which includes tens of thousands of sales to buyers in over 100 countries and even has experience with eBay’s VeRO program enforcing intellectual property rights for a former employer. And for about two years Richard sold products on Amazon using Amazon FBA in the US.
To “relax” from the daily business grind, for a few weekends a year, he also works for IMSA as a professional race official.