Will sellers continue to sell on Ebay under the new EBAY MANAGED PAYMENTS??

[thecatspajamas]

Originally Posted by teza11

I spent an hour at BofA yesterday opening up a new bank account for the eBay managed funds program. I don't want to commingle my real-life banking activity with what I do on eBay. So what options could BofA offer this 30 year customer? A bs monthly fee or a required daily balance of at least $1500 to avoid any fees. Ugh!

Lance or others, let us know what you find out about using PayPal like a bank to deposit eBay funds into. Is it active, are there associated fees or minimums, etc?

Jeff

Originally Posted by Jim65

I heard DD is only available if you have the Paypal Cash Debit Card but I don't know if thats true.

So from what I have been able to find this morning, what James said is correct. If you have a Paypal Cash or Paypal Cash Plus debit card, there is an account and routing number associated with that which should show on your account page in Paypal that lists any credit cards or bank accounts you have associated with your Paypal account.

The down side (for me at least) is that you can only get the Paypal Cash Debit Card if you have a Personal Paypal account. If you have a Paypal Business account, the Paypal Cash Debit Card is not available. There is a Paypal Debit Mastercard you can get, which similarly lets you pay with a card drawn on your stored Paypal funds, but I have not found yet whether/where an account and routing number is provided for that card which would enable direct deposit for Paypal Business users.

It seems counter-intuitive to provide fewer features for the Business account than the Personal one, but my advice if you are setting this up would be to start with the Personal account for Paypal and add the optional debit card (which has no fees for most purposes, unless you're using it for cash withdrawals at an ATM or bank), and setting up Managed Payments to dump to your Paypal account should be relatively easy to accomplish from that point. I'm currently waiting for a response from Paypal Help for how those with Business accounts should proceed (the automated system did point me to the answers for Personal account users, but had no answers for my particular circumstance). Failing that, I guess I'll be looking into what it takes to downgrade to a Personal account, though if I recall correctly, that in turn would cause issues for anyone having Working Capital loans through Paypal.

[teza11]

Thanks Lance. I have a personal PayPal account. It took less than a minute to activate PayPal direct deposit. Apparently I will not be able to change my eBay managed account direct deposit election until they activate me on their program.

Jeff

[thecatspajamas]

Originally Posted by thecatspajamas

It seems counter-intuitive to provide fewer features for the Business account than the Personal one, but my advice if you are setting this up would be to start with the Personal account for Paypal and add the optional debit card (which has no fees for most purposes, unless you're using it for cash withdrawals at an ATM or bank), and setting up Managed Payments to dump to your Paypal account should be relatively easy to accomplish from that point. I'm currently waiting for a response from Paypal Help for how those with Business accounts should proceed (the automated system did point me to the answers for Personal account users, but had no answers for my particular circumstance). Failing that, I guess I'll be looking into what it takes to downgrade to a Personal account, though if I recall correctly, that in turn would cause issues for anyone having Working Capital loans through Paypal.

To follow up on my previous post, I was advised this morning in a message exchange with Paypal personnel that they are "working on getting a direct deposit set up for the business accounts as well but is something still only on the personal account. I know this is not ideal but we are working on making it more convenient."

So it seems that is in the works to facilitate direct deposit to Paypal Business accounts such as the one that I have. They also followed up with another option that I may have to look into if this is not available for business accounts by the time Managed Payments is mandated for me:

"I understand that you are needing a bank account and routing number for payments to go to. We are actively working to get that feature rolled out soon. You can contact the PayPal PrePaid department and order one of their cards. They have direct deposit accounts and can be linked to the PayPal Account as well."

You can visit www.paypal.com/prepaid

So apparently you can also get a Paypal prepaid debit card, which I understand likewise has an account number and routing number associated with it, and dump your Managed Payments funds to that rather than a bank account. I haven't gone this route yet, so I don't know how fluid it is to transfer that to your primary Paypal account, but maybe that doesn't matter for most users? Anyway, just letting folks know of another option that exists before the big MP shove in a few weeks.