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New Way to Verify Bank Info for eBay Managed Payments

eBay
New Way to Verify Bank Info for eBay Managed Payments

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.

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Ina Steiner
Ina Steiner
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

2 thoughts on “New Way to Verify Bank Info for eBay Managed Payments”

  1. It’s about time….

    Micro deposit verification is the most commonly used method of verifying bank account information and has been employed by financial technology (fintech) companies for years.

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