If you’re looking for a way to make some extra money, eBay may be the answer! This article will tell you how to get paid on eBay.
We’ll also give you tips on making your transactions as smooth as possible, and talk about the new payment system eBay introduced recently.
How Do You Get Paid on eBay?
1. When Does eBay Pay You?
For sellers on a daily payment, eBay payout begins within two days (excluding holidays) of verifying the buyer’s payment. For sellers who wish to receive payments weekly, biweekly, or monthly, payouts of available funds are made on Tuesdays. Once a payout is requested, funds will typically be available in your bank account within one to three business days as per usual bank processing times.
The “Payments” tab in the “Seller Hub” provides information on your payouts, including any fees and additional expenses.
2. How Does eBay Pay You?
When you sell an item on eBay, the platform pays sellers depending on their settings and chosen means of payment. They may send your money to a merchant account you’ve set up with your bank, or they may add it to your PayPal account balance.
Of course, there are certain exceptions. If a buyer picks up your item rather than having it delivered to them, you’ll be paid when the package is received. You can also get paid via bank transfer, cheque, money order, or non-PayPal online payment if you sell items in a certain category and choose one of these ways of payment.
3. eBay's New Payment System
From 2021, getting paid on eBay has changed as the platform replaced its old payment system with a new one—eBay Managed Payments. Here’s the way it works:
- When registering an eBay account, you link a checking account.
- eBay’s Managed Payments system handles the customer’s payment, deducting the payment processing fee and a commission before sending the rest of the money to you.
- Typically, eBay payouts are done within two business days, though the money may take a few days to be deposited into your account.
- You may pay for shipping with money that hasn’t yet arrived in your bank account. For example, suppose you sold an item for $100 on Saturday and expect to receive $85 after fees the following Wednesday. You may use a portion of that $85 as soon as the item is sold on Saturday to get it to your consumer as quickly as possible.
eBay Managed Payments replaced PayPal as the payment processor on this platform. The two companies signed a contract valid to July 2023, so until then, you can still pay using your PayPal account.
4. How Long Does a Buyer Have to Pay on eBay?
According to eBay’s policy, buyers have four days to pay for their purchase. From May 2021, as a seller, you don’t need to send reminders or file complaints to cancel an order after that period. Instead, you can do it manually through “Seller Hub” on “My eBay Sold.”
5. How Do I Get Paid on eBay?
The first step is to link a payment method to your eBay account. You can do this by going to the “Account” tab and selecting “Payment methods” from the dropdown menu.
You can choose from the following eBay payment options:
- Bank account: Once you connect your eBay and bank account, it will allow you to transfer money from your eBay sales into your checking or savings account.
- PayPal: You can link your PayPal account to eBay and receive payments for your sales through PayPal.
- eBay Managed Payment System: This new system processes the payments and deposits them directly into your account.
- Credit or debit card: You can use a credit or debit card to pay for items on eBay.
Once you’ve linked a payment method, you can start selling items on eBay. When you make a sale, the money will be added to your PayPal balance or sent to your bank account, depending on your chosen payment method.
You can also choose to receive eBay payments weekly, biweekly, or monthly. Payouts of available funds are made on Tuesdays for sellers who have chosen this option.
6. How to Get Paid on eBay Without PayPal
If you don’t want to use PayPal to receive payments on eBay, you can use their new Managed Payment System. You will need your bank card and Social Security Number for tax purposes. If you don’t provide all the requested information, your account will be restricted until you do.
7. How Long Does eBay Hold Funds?
eBay may hold payments for up to 21 days in some instances, such as if you’re a new seller. The transaction hold and eBay payment processing can last up to 30 days for previously restricted or suspended sellers. Adding tracking information can help speed up the process.
If your payment is held, you’ll see a message in “My eBay” > “Selling” > “Sold” stating when the funds will be released.
You can contact customer support if you don’t see your payment within the expected timeframe or if you decide to make changes to your account or delete it altogether.
8. How Long Does an eBay Seller Have to Ship?
According to eBay’s policy, sellers have up to 30 days to ship an item after receiving a payment. However, most usually send it in two days.
If you don’t ship the item within that time, you can lose eBay Seller Protection. This is the platform’s way of protecting its sellers from negative comments and issues outside their control, such as bad weather or carrier delays.
That’s why sellers usually send their packages within one or two days after receiving payment.
It’s important to remember that there are a few things you can do to increase your chances of getting paid on eBay. Taking the time to build positive feedback and using an escrow service are two key ways to protect yourself as a seller.
If you do experience any problems with payment, be sure to reach out to eBay’s customer service team for help.