From June 1st, businesses selling products on eBay will no longer receive payments via Paypal, after the two companies ended a 19-year partnership.
Financial Planning and Taxes with Van Leeuwen & Company’s Kenneth Van Leeuwen
ValueWalk’s Raul Panganiban interviews Kenneth Van Leeuwen, CFP, founder of Van Leeuwen & Company, and discuss his approach to investing, financial planning, and taxes. Q1 2021 hedge fund letters, conferences and more The following is a computer generated transcript and may contain some errors. Interview with Van Leeuwen & Company’s Kenneth Van Leeuwen
Selling On eBay Will Only Take Place Via Managed Payments System
While buyers visiting the site can still use Paypal to purchase items, the selling process will solely take place via eBay’s managed payments system from start to finish.
But is this a good or a bad thing for the small business suppliers using eBay to market and sell their goods to a global audience?
JC Glancy, founder at business formation provider ZenBusiness, says the simplified payment updates will make the selling process much easier, but will impact sellers’ profitability:
“This change could jeopardize the profits of small businesses using eBay, as the company has increased its fees under the new system. Whilst sellers no longer have to pay PayPal fees, they will now be charged eBay’s flat rate (12.8% of a total sale plus a fixed fee of $0.30 for all sales under £2,500.)
When comparing this to the previous system, which consisted of PayPal’s fees, plus 30p and 10% for eBay, some have already taken to social media to raise their issues wit
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eBay Payment Changes Will See Profits Decrease By 74%