eBay is becoming a more competitive environment to make money these days. As such, there are certain things that you can do as an eBay seller to separate yourself and distance yourself from your competition.
As you set up your eBay selling systems, make the commitment to accept all methods of payment. If not, you’ll lose out on potential customers.
The following short list should be considered your preferred method of accepting payment on eBay:
1. PayPal
Paypal, owned by eBay, now has over 100 million members and is the most accepted payment method online. While some sellers don’t like the 3% PayPal fees – remember that 97% of something is better than 100% of nothing.
PayPal is simple (and free) to set up – you are only charged a fee when there is a transaction. PayPal makes it easy for every seller to accept credit cards safely online without the time and expense of setting up a typical merchant account.
Many people shop on eBay for convenience. PayPal provides the simples and most convenient way for a buyer to pay. You can register for a free PayPal account at: http://www.paypal.com.
2. Money Order or Personal Check
Some sellers don’t like accepting a personal check for fear of the check bouncing. 99.9% of all checks are good. As long as you follow the basic strategy of not shipping your item until the check clears you have nothing to lose – even if the check is not good.
Remember that there are some buyers who don’t have a credit card. If you make them go to the bank to get a money order, they may simply buy from someone else who takes a personal check.
I would suggest NOT taking checks from International Buyers as it simply takes too long for the check to clear. Reminder: In your payment terms in your auction, you’ll need to disclose your payment policies – and be sure to specify whether you’ll accept a personal check or money order from an International Seller.
3. Cash
While it’s not the best method of payment, some eBay sellers do accept cash payments. It’s not likely that a buyer will send you cash for their purchase.
4. Escrow
For a high-ticket item (car, real estate, jewelry, etc.) escrow is a safe and secure way to accept payment for the simple reason that the escrow service will guarantee full protection prior the close of the transaction. NOTE: With escrow, the seller has to wait for the confirmation that the buyer has received the merchandise prior to receiving payment.
Safe Payments Policy
Recently, eBay instituted a “Safe Payments Policy” in an effort to continue the safe and secure transactions on their site. eBay evaluates various payment methods to insure that transactions are safe within the eBay marketplace.
As such, their recent policy states that sellers may accept the following methods of payment:
-PayPal
-Direct Credit Cards (for those sellers with a merchant account)
-Bank Wire Transfers
-Personal Checks, Money Orders, Cashier’s Checks and Certified Checks
Not permitted on eBay.com: Sellers may not solicit buyers to mail cash. Sellers may not ask buyers to send cash through instant cash transfer services (non-bank, point-to-point cash transfers) such as Western Union or Moneygram. Sellers may not ask buyers to pay with Stormpay, Greenzap.com or e-gold payments. Finally, sellers may not request payment through online payment methods not specifically permitted in this eBay policy.
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