Break up finally for Good eBay and PayPal

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Photo: Martin Bureau (Getty Images) – It seems like eBay and PayPal have been closing their almost two-decade-long relation quietly.

On Monday, the auction giant silently updated its service conditions to let the seller know that any funds raised in the auction were soon to be no longer credited to its account at PayPal. If sellers want to continue to receive payments, any funds must be directly deposited into their bank account.

“You can sell and get paid in a place at an e-bay when eBay handles payments without paying processing fees for a third party,” the company wrote in an update FAQ. What eBay neglects to mention is the brand new eBay processing fee that comes with these managed payments – $0.30 plus a fraction of the ultimate price of an item. That said, the promising sellers of the company that whatever eBay takes is usually less than approximately 13%, they are currently forcing eBay and PayPal together.

eBay noted that all users’ deadlines are “phased,” on a website that explains the new program. Some sellers are ordered to exchange their paypal account details by 12:00 noon on June 1. Others, eBay says, sometimes before the end of the year, will receive communication from the company.

This news is not meant to be a shock to anyone, until this point, following the eBay/PayPal saga. When PayPal was officially discharged from its long-term parent in 2015, it agreed to continue the management of payments for a transitional five-year period. In 2018, eBay began to roll out beta versions of a payment processor owned by eBay before that fateable day. The company claimed that some 340,000 sellers had been chosen into the new payment platform at eBay by the end of the past year.

Critics are… mixed so far. Some sellers complained that these new direct deposits can take up to one week rather than the two promising days for eBay. Others reported that their deposits were completely freezing. Fortunately, before managed payments, eBay fixes that hiccup is mandatory for all.