eBay announced a new way sellers can verify their bank account when registering for Managed Payments – through microdeposits.
Some eBay sellers have reported difficulties verifying their bank account when required to register for Managed Payments (or after already enrolled, such as this seller).
eBay wrote about the new process on the Payments board and described how it works as follows:
“With this new method, eBay will make two microdeposits in unique amounts to your bank account to verify that we have the correct bank account information for you. The microdeposits will usually post to your bank account within 1-3 business days.
“To identify the microdeposits, look for 2 small microdeposits in your account transaction history. Once you receive the deposits, you may return to eBay’s registration site to enter the amounts you received. Once verified, you will receive an email confirming your account. We’ll withdraw the amount of the microdeposits from your bank account typically within 3 business days.
“If the amounts you enter do not match eBay’s records, you must verify your account using an alternative verification method.”
eBay said sellers could also use its existing bank log-in feature to link their account, and wrote, “We’re excited to be offering a simpler way for Sellers to verify their bank account for managed payments.”
eBay posted the announcement on the eBay discussion boards but did not post it to the Seller Announcement board.