Sellers Save in eBay’s Managed Payments
By: eBay News Team
Hear insights about our new payments experience from longtime seller Danny Hone
We’re keeping in close touch with our sellers as we roll out our managed payments experience. As part of that, we’re excited to share some of the positive feedback we’re hearing. Our team had a chance to catch up with seller Danny Hone this week to hear about his experience using managed payments. Danny, along with his wife Cindy, sell custom-designed t-shirts through their eBay store, HoneVille1.
Based in a small town in Illinois, Danny began selling on eBay in 2003, transitioning to a full-time job running his business on eBay in 2006. Danny signed up for managed payments when it rolled out in September. To date, he’s already had more than 150 transactions through the managed payments experience. He is excited about the future of his business, from the savings he’s collecting on each transaction to the centralized, simplified way to manage his business. Read some of Danny’s early insights below.
How are things going now that you’ve been part of managed payments for almost three weeks?
I was expecting a slowdown, but within an hour of being opted-in I had my first cha-ching. Two days later, I had my best September 29th and September 30th ever. Both days beat out my previous best September days.
I keep meticulous records and I can tell you that October 8, 2018, was one of the best days I’ve had since 2006. My sales are up 33% over the last 30 days. When you have a day like October 8th, you know that your business is going in the right direction.
Have you seen your costs of payments lowered?
When I decided to sign up for managed payments, it was really about the 30 cents savings. I do more than 5,000 sales in a year, so that savings adds up to over $1,500 back in my pocket. If you’re a higher volume seller, that 30 cents adds up fast. It’s a huge advantage for me.
I was leery about the effect that not accepting PayPal would have on my business, but sales are coming in as normal. When I think about this time last year, my PayPal fees were $1,200. And now, that will be coming directly to me.
What’s one of the of biggest benefits of managed payments to your business?
I love the new payments portal. Right after I signed up, I went into the Seller Hub and there was a new tab for Payments. It’s extremely well laid out. I especially love the sales records number because it allows me to easily track purchases. You can run a business from anywhere in the world now.
What’s your vision for your business on eBay and how does managed payments improve the experience for your buyers?
My vision for my business is to sell 30-40 shirts every day—that might not sound like a lot, but it can be hard. Right now, I have 34,000 items listed on eBay. My focus and passion are with eBay; it’s my home for buying and selling.
I’m most excited for Apple Pay and other new payment options that will attract more buyers. The more that eBay can do to unify payments on the site, where buyers realize they are paying sellers directly through eBay, the better off sellers will be because it will help with buyer confidence.
What message do you have for other sellers who are considering signing up for managed payments?
It all comes down to doing what is best for your business and your buyers. Having a unified payments system is huge. With managed payments, eBay is moving toward the retail standard. It is going to be a much better eBay when you fast forward two years down the line.
I believe in the vision and I couldn’t ask eBay to do any more for me than what they are doing by paying out daily. I would sign up again if I had to do it over, knowing what I know today.
You can find out more about our new managed payments experience by checking out a recent Q&A with Alyssa Cutright, VP of Payments, and sellers can stay up to date with the very latest on ebay.com/payments.