eBay has implemented a new buyer protection scheme for transactions involving private sellers, charging a fee of 75 pence per item plus a percentage based on the item's value. This change has sparked warnings from consumer advocates, who advise shoppers to compare prices and sellers carefully.
Most shoppers enjoy a bargain, often turning to online platforms like eBay and Vinted to secure the best deals. However, new regulations have been implemented on eBay, prompting warnings from Martin Lewis's MoneySavingExpert website. Starting February 4th, buyers will face increased costs when purchasing from private sellers. Vinted already incorporates a buyer protection scheme, and now eBay has introduced its own.
This scheme comprises a flat fee of 75 pence per item plus 4% of the first £300 cost, followed by 2% on any amount exceeding that up to a maximum cost price of £4,000. A cap on fees at £4,000 means that purchasing an item at that price would result in a total cost of £86.75. This implies that certain less expensive items could end up costing more in fees than their actual purchase price. For instance, buying something for 50 pence would incur a flat fee of 75 pence plus 2% – or 2 pence – making the total fee cost 77 pence, 27 pence more than the item itself. According to MSE, eBay has stated that the fee will be integrated into the listed price. Notably, the protection fee will not apply to postage costs. Certain categories are exempt from this fee, including cars, motorcycles and vehicles, property, and classified listings. Individuals who receive a refund will also have their buyer's fee reimbursed. MSE advises: 'Sadly, there's little you can do to avoid fees when buying from private sellers. As always, utilize shopping comparison sites to benchmark the best deals elsewhere.' It also issued a warning regarding changes for sellers, stating: 'From Tuesday 4 February, eBay will begin to only pay private sellers once an item has been delivered – not when it's sold. This could mean you'll have to wait up to 14 days for your cash. Previously, funds appeared in your eBay balance within two working days of a sale.' The shopping site claims this change is being implemented to 'minimize potential disruption.' It stated that the rollout is commencing in electronics and will subsequently extend to other included categories. eBay has elaborated on its policy on the site, stating: 'Buyer Protection is included at no cost when purchasing from business sellers. The Buyer Protection fee, if applicable, is already included in the item price that you see when browsing on the site and in any bids or offers you make, so there are no surprise fees at checkout. 'You'll see a breakdown of your order total, including the Buyer Protection fee per item (if applicable), at checkout and also in your order details.' It further emphasizes the benefits as
EBAY BUYER PROTECTION FEES PRIVATE SELLERS MARTIN LEWIS MONEY SAVING EXPERT
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
eBay UK Introduces Buyer Protection Fee for Purchases from Private SellerseBay UK is implementing a new Buyer Protection fee for purchases from private sellers starting Tuesday. The fee, included in the listed price, will be up to 4% of the item's price plus a flat rate of 75 pence. This change aims to support the platform's free selling policy for private sellers and ensure a trusted buying experience.
Read more »
1 in 3 Property Sales in the UK Fall Through - Nock Deighton Introduces Innovative Buyer and Sellers Protection to Reduce RisksShropshire-based estate agents Nock Deighton are tackling the high fall-through rate in property transactions by offering Buyers and Sellers Protection. Their Buyer Information Pack provides key documentation and insurance, reducing risks and streamlining the process. Seller Protection Insurance is also available, covering legal fees and other costs if a buyer withdraws. This proactive approach aims to protect clients and strengthen the overall transaction process.
Read more »
London mansion sold for £139mn to mystery buyerThe Holme is one of a few private residences located inside Regent’s Park
Read more »
Regent's Park mansion dubbed 'mini-Buckingham Palace' sells for knockdown £139m to mystery buyer...The lawns of the 40-bedroom house sweep down to the park's boating lake and the 200-year-old home has been described as the 'definition of Western civilization' by one architectural critic.
Read more »
Cash Buyer Lies Throw Home Sale Into Chaos For Grieving WidowA Reddit user, annacosta13, shared her story of navigating a stressful home sale after her husband's passing. A prospective buyer lied about being a cash buyer, leading to delays and putting her move abroad in jeopardy.
Read more »
Oddie's Bakery Closes After Failing to Find BuyerCustomers stock up on baked goods as Burnley-based family bakery closes its doors after 103 years.
Read more »