e-Commerce is one of the fastest-growing industries in the world, as well as the largest. In 2019, e-commerce sales were about $3.5 trillion worldwide and are expected to hit $4.9 trillion by the year 2021.
eBay is one of the biggest e-commerce platforms. It allows online sellers to put up their products for sale easily and grants access to the millions of buyers that use the platform. Using eBay is quite simple, and you don’t have to go through the hassle of setting up your own website. Plus, with eBay, you can easily sell internationally.
Another advantage that eBay provides is the ease of receiving payment from customers. With eBay, you can easily receive payments via PayPal and many other available payment methods. Calculate the cost of using PayPal on eBay with this simple PayPal eBay calculator.
In this article, we’ll look at how to remove PayPal from your payment methods on eBay, as well as other payment methods that you can use to receive payments. You’ll also see how to save money on your sales using TransferWise for Business.
If you want to unlink your PayPal account from your eBay account, here are the steps to follow:
- Click the My eBay button at the top of the page
- Click the Account button
- Click the PayPal Account link on the left side of the page and click the Remove button.
eBay UK has already started plans to launch it’s own “managed payment service” for both buyers and sellers. This will mean that buyers will be able to pay with a variety of methods, which include Paypal, credit cards, Google, and Apple Pay. This could be a welcome development, as eBay UK begins to move away from having only PayPal as the available payment method. It will also solve a range of common frustration that eBay shoppers face, which include having to bounce from PayPal to eBay and credit card providers in the case of refunds. With the new managed payment services, eBay you have control of both the sale and the money, which means that they are the only party to deal with when there's a financial conflict between buyers and sellers.¹
According to eBay, they managed payments and processed more than $2 billion (£1.54 billion) in gross merchandise value (GMV) for about 25,000 sellers and saved them a collective £7.7 million. The new payment system is expected to be rolled out to most UK business sellers by the end of 2020, and for a majority of their marketplace customers in 2021.²
As a seller on eBay, there are several payment methods that you can use in place of PayPal. Some of them are:³
● Wire transfer: With this method of payment, buyers deposit payment directly into the seller's bank account. This can be done online or at most Banks.
● Cash On Delivery (C.O.D): Here, the item is paid for when it is received at the time of delivery. The buyer can choose to pay by cash, money order, or check.
● Cash: While cash and cash wire transfers are accepted on eBay, they are not recommended as there is no transaction protection, and are not easily traced. This means that there is little or no remedy in case of a transaction problem in the future.
When selling online, your choice of payment platform determines just how much you spend on fees and commissions. This is where TransferWise shines.
You can use TransferWise to withdraw and convert the funds you’ve collected in your PayPal account to reduce the fee from 2.5% to an average of 0.75%.
By taking advantage of TransferWise’s conversion rate, you end up getting more for the money you convert. The fees are low, straightforward and transparent which is shown before you even make the transfer.
Other ways you can save money through TransferWise are:
- Receive foreign currencies for free using the multi-currency account.
- Avoid exchange rate mark-up mid-market rates – a main market differentiator - cheaper payments to vendors and suppliers abroad.
You can also take advantage of the following benefits:
- Enjoy instant or next-day delivery for a majority of currencies
- Integration with Xero and Quickbooks to ease tax reconciliation
- Multi-currency debit card for faster and convenient payments
- Simple-to-use app
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
If you think about whether it is possible to take card payments without a merchant account, the answer is yes and here's how.
A recurring card payment refers to 'Continuous Payment Authority' (CPA) whereby you give permission for a company/merchant to take money from your account on a
Learn smart ways to pay your self-assessment tax and what you should do if you are unable to pay the bill on time.
When you are setting up your payment options for Google ads, there are two things you need to keep in mind. Your payment settings and your payment method.
To change the PayPal default payment method in your account: You need to log in to PayPal account, Go on the setting icon right on the top of the main page.
Emburse has integrated the TransferWise API to make submitting, paying, and tracking international expenses easy, fast, and cost-effective. Say hello to...