The recent announcement by the popular auction site eBay has left people wondering about their money and items up for auction. The company has tweaked the policies for sellers by bringing bank accounts into the picture. Apparently, to sell items on eBay, a user must acquire a bank account, or else their ability to relist or create listings will be restricted by the company. While the company has not announced any specific date for the users to commend with the policies but notifications suggest that said changes should be made by the 14th of February.
According to the sources, the company will notify or update the sellers about the bank accounts in phases. However, considering the early update on the site, it is believed that the cycle will come to an end even before 2022. By the end of this year, the company will also be making payments to the major sellers, and this might take a considerable amount of time to get done as eBay is a vast platform where millions of people have signed up to gain or sell something.
eBay has also announced that it will be charging fewer fees for sellers as Paypal is completely out of the picture since the two giants recently part ways. Previously, eBay, along with PayPal, used to charge 10% and 2.9% from the sellers, respectively, but after the change of policies, eBay will charge a total of 12.35% from the seller.
To be able to put an item for auction, a user must make efforts and integrate their bank accounts with their profiles before the 14th of February. This practice can definitely take a good amount of time to happen. Since eBay has already made up its mind, it is time you start working on your bank account as well.