Ebay - New Managed Payments System and Rules

[Becca]

Hi,

This is not strictly a silver post but I figured if I put it here most should pick up on it.

I have seen a couple of mentions about the new ebay coin / bullion selling regs which are being put into place so to try and pre-empt the major fallout and million questions I contacted ebay this morning.

This is what they had to say.

 

Hello, thank you for contacting eBay Managed Payments my name is Rob and I am happy to help you today. For the safety and security of your account please do not provide any personal/sensitive information.

 

Hi, I understand there are some new rules about selling coins ? As you will appreciate I don't want to break any of these rules so would be grateful if you could tell me how I go about this pls

 

No problem, so at the moment the restrictions on selling coins are mainly to do with the managed payments side of ebay

This is where we pay you directly into your bank account instead of PayPal - at the moment I can see you have not been invited to join Managed Payments just yet would that be correct?

 

So how do I set this up so I can sell coins without problems please Rob.

 

So as it stands if you sell mostly coins on your account we will not look to activate you into Managed Payments until we have the catagory fully passed.

 

Can you explain that. I am not a business I am a private seller and its my hobby

 

No Problem  - so Managed Payments is what we are calling the new process for seling and being paid on ebay - before this the transactions and payouts were handled by Paypal, whereas moving forward ebay will be handling this for all sellers on the site

 

Ok, so steps going forward how do I approach this to get it up and working. Personally I would much prefer to use my bank account than paypal

 

Well thats perfect !  We normally send you an email when we are ready to activate you

We can only take on so many members at a time which is why we are doing this in groups - if you have not receieved an email yet please do not worry

Seeing as you are a private seller who sells mostly coins we may be holding off on your invitation until we have that category passed on Managed Payments - which is due to happen this month

 

But you said "If you sell mostly coins on your account we will not look to activate you"

So does that mean I need to be selling everything ?

 

No not at all you can continue selling the way you are at the moment

Once we have the coin category fully passed we will be sending your email to register

 

Ok, so I do not need to do anything as it is at the moment. I dont need to register or flick a switch in the depths of ebay pages you will come to me ?

 

That is correct , you dont need to make any changes or take any action right now until you receieve the email from us

 

Is there a way to move the process along, what triggers the email ?

 

For yourself it will depend on how quickly we have the coin category passed for selling with private sellers

That is due to happen some time this month so the email could come anytime after that - however we are on-boarding people more and more so it should be sooner rather than later

 

What will be required for this new managed thingy Rob please

 

No problem, we would look for the bank account details you wish to be paid into, as well as valid photo ID for verification

You may be asked to upload a bank statement along with the details but that should be about it!

 

Thank you rob you have been a diamond

 

You're welcome! Been a pleasure to speak to you today !  All the best and feel free to contact us again whenever you need help

 

Hope this helps

B

[wilson18]

Interesting. I've had this enabled on my account for a few months now although I've not sold any silver through it yet. I guess I will hold off on that until they have figured out how it applies to coin stuff! Thanks for making me aware of it!

[Pete]

Does this mean you will not pay the PayPal 3.5% ( or thereabouts ) fees ?
Then there is the question over eBay / PayPal buyer and seller protection for claims etc.
Could be a minefield of what ifs ?

[Fivepoundfred]

Currently coins have a 10% final value fee + plus third party payment fees 

With the new Managed payment scheme for private sellers Ebay are quoting 12.8 % plus a fixed charge of 30p as the total final value cost that includes payment fees. This applies for a single item sale up to £2500. If you sell an item that is more than £2500 you will pay 3% on the portion of the sale price above that figure.

 Not sure if they will tweek this for coins when that category is activated or if the above is the standard for all ?

 

Edited March 4, 2021 by Fivepoundfred

[Pete]

1 hour ago, Fivepoundfred said:

Currently coins have a 10% final value fee + plus third party payment fees 

With the new Managed payment scheme for private sellers Ebay are quoting 12.8 % plus a fixed charge of 30p as the total final value cost that includes payment fees. However i believe there may be further add ons if the sale exceeds £2500, not checked that out yet !

 Not sure if they will tweek this for coins when that category is activated or if the above is the standard for all ?

 

I only sell on eBay when they have the £1.00 max selling fees as I would be selling below my initial cost.
If silver went to £30 spot then that's a different scenario.
This offer has been appearing regularly so I guess they are actively seeking new business.
PayPal has been taking 3.5% so 2.8% is a better deal and would eliminate the mess of any claims when there can be confusion between eBay protection and PayPal protection.
I prefer to pay for eBay purchases via PayPal because payment is linked to a credit card providing another layer of protection that would not be offered using a bank account.
 

[BullionMan89]

I got moved on to managed payments a few days ago and am now unable to list coins for sale. I spoke to them on live chat as Becca did and was told I’d be unable to list until the coins category was approved for managed payments too. The lady I spoke to said this will happen on the 9th March so hopefully it’s just a few more days.
 

I think the fees work out slightly more to eBay but once you save the Paypal fees you’re slightly better off on managed payments - no good if you can’t list though obviously! @Becca my advice would be to stay off managed payments as long as possible or at least until they’ve sorted it out

[SpotGoblin]

15 hours ago, Witcher said:

Is it just me or does this seem like it's an easier way for government to track and tax private sales?  

One thing for sure...  changes are NEVER made for YOUR benefit.  

Realistically, any government can/could ask a potential seller for the PayPal information of any given year/month/day which holds all sales and buyers if they were being audited.

The change is more for eBays benefit and profit, I don't see any conspiratorial intent here. 

eBay already tends to handle import taxes/VAT where applicable so I can't see this change helping or hindering that in any way.

Thanks for the information Becca, interesting read.

 

[SilverJacks]

I believe buyers will still be able use PayPal as their payment method, and so will still have 45 day protection. 
I really don’t like the sound of this at all. I much preferred having PayPal as a holding account between eBay and my bank.

and the only advantage for us is a reduction in fees from 3.5% to 2.8?

ive been asked to join, I have until end of the month to accept. I think I’ll ask them to hold off and put me in later. Doubt they’ll agree but worth a try

also, they have previously said you won’t be allowed to sell bullion. Does this mean they will categorise some coins as bullion, since that’s exactly what some coins are? In which case, where would semi-numismatics go?

this all sounds disastrous for average Joe sellers and will only work out well for companies.

[Pipers]

https://www.ebay.co.uk/help/policies/prohibited-restricted-items/prohibited-restricted-items?id=4207

[Pipers]

Just now, Pipers said:

https://www.ebay.co.uk/help/policies/prohibited-restricted-items/prohibited-restricted-items?id=4207

Well coins, gold and silver are as bad as Human part🤯

[Bruce06]

Is it still able to do so over there.  Seems only not allowing to do so for listing of over GBP1000, but not 100% sure correct or not.

Following is extracted from ebay, "Listings for current, exchangeable, ungraded currency from any country worldwide cannot exceed £1,000 in value, whether in a single listing or in a combination of multiple listings."

[Spark268]

that's currency not bullion or PM coins.

 

[dwreck]

Ebay should use a gravestone as their new logo. I'm serious about that. They screwed a lot of people tryin to just get by. I mainly blame the policy makers though. They're intentionally making a lot of people suffer i think on purpose. They will be shooting themselves in the foot as usual with their decision making. Ultimately this is all about control because we all know they are losing it just as rome did tightening their grip before ultimately everyone will have no choice but to walk away.

[sovtsf]

The way things are going it sounds like there could be a demand for a new PM auction site... 🤔

[Chorlton]

On 05/03/2021 at 10:51, SilverJacks said:

I believe buyers will still be able use PayPal as their payment method, and so will still have 45 day protection. 
I really don’t like the sound of this at all. I much preferred having PayPal as a holding account between eBay and my bank.

and the only advantage for us is a reduction in fees from 3.5% to 2.8?

ive been asked to join, I have until end of the month to accept. I think I’ll ask them to hold off and put me in later. Doubt they’ll agree but worth a try

also, they have previously said you won’t be allowed to sell bullion. Does this mean they will categorise some coins as bullion, since that’s exactly what some coins are? In which case, where would semi-numismatics go?

this all sounds disastrous for average Joe sellers and will only work out well for companies.

In theory coins such as sovereigns are currency so would be fine. A case of watch and see.

[BullionMan89]

So it's the 9th March and I still can't list due to managed payments. I've tried to speak to them on live chat but keep getting transferred between departments and can't get a straight answer. They also cut me off twice so I'll try again later.

If anyone gets any answers from them please keep us all informed.

[TringSilver]

Mines started working now and have been allowed to list a 50p FYI

[Gordy]

I've listed a coin too... just now... everything seems fine..

[BullionMan89]

Thanks @TringSilver and @Gordy I just checked and I can list again too now, guess something kicked in in the last couple of hours. 

[Chorlton]

Thanks all for the updates.

[Frenchie]

My deadline is april 30th  for the new payment system. Did someone manage to list a coin above 1000€, or £1000 ?

This is the value restriction I see in their new policy, but there could be  an exception with graded coins 

[wgullen]

Hello, I'm new here. 

I'm still waiting to hear from Ebay about setting up managed payments for my US account. Has anyone else with a US had any luck switching over to ebay managed payments?

Trying to avoid Paypal as much as possible these days...

 

[SilverJacks]

Can anyone on the new managed payments confirm whether bullion is allowed for sellers yet? if ever...

[Gordy]

Just now, SilverJacks said:

Can anyone on the new managed payments confirm whether bullion is allowed for sellers yet? if ever...

yep, I put both coins and bullion on.... 

[SilverJacks]

2 minutes ago, Gordy said:

yep, I put both coins and bullion on.... 

Okay Thanks @Gordy. I think I'm going to stop delaying the inevitable, especially as I have stopped getting the £1 max seller fees