eBay expanded its payment options today for US users by adding an express (instant) checkout option for a processing fee.
Similar to how PayPal, Venmo, Apple Pay and some other payment solutions offer a method to “instantly” transfer money to a bank account via a VISA or Mastercard debit card, eBay’s new express option will likewise.
The fee for express payments to VISA or Mastercard debit cards is 1.5% per transaction, with a minimum of $0.25 and a maximum of $15.00 per transaction. Fees essentially match PayPal’s previous fee structure, making eBay’s express checkout option slightly more affordable than either PayPal or Venmo.
For sellers who need immediate access to their cleared funds to use outside of the eBay ecosystem, this will give them the cash flow alternative to do so.
The company always needs at least one business day to clear sales payments, unlike similar payment services that make these credits available sooner. But this express payment is another step in the right direction to be more competitive while allowing faster access to funds.
eBay will continue to offer daily, bi-weekly, and monthly payment schedule options and free on-demand payment as long as sellers do not use the default daily payment option. All of these payment options are free.
On-demand options can still take 1-3 business days to transfer, while the express option is technically treated as merchant credit on a debit card and available immediately.
eBay is slowly catching up with PayPal and similar services
Overall, these options now allow eBay’s Managed Payments to be on par with PayPal/Venmo and other so-called digital wallets. But by comparison, eBay’s payment or money management solution is still a long way from being called a digital wallet, a moniker the company plans to use soon.
To learn more about eBay’s flexible payment options, including the new instant option, please visit this link here.
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