eBay is set to make a number of huge changes this week, affecting users who use PayPal.
From today (June 1) onwards sellers will no longer be able to manage their sales on PayPal and monthly billing statements will be axed.
Users who haven't updated their payment details will "lose their eligibility for future selling fee promotions", the company warned in an email sent to account holders.
The message said: “eBay now manages the end-to-end selling experience on our marketplace, including payments."
From June 1, any fees on sales will be withdrawn at the point of sale, with the remaining balance automatically transferred to the seller’s bank account - reports Mirror Online.
That means there will be no monthly billing statement or monthly fees to pay.
Sellers will also no longer have to pay PayPal fees, meaning the only charge you will incur is eBay's flat rate 12.8% of the total sales plus a fixed fee of 30p per order.
If the total amount of the sale is over £2,500 for a single item, you’ll pay 3% for the portion of the sale above £2,500.
eBay purchased PayPal back in 2002 and spun it off in 2015, but the two organisations had remained tightly linked, with PayPal continuing to process payments for eBay.
From June 1, buyers will still have the option to pay via PayPal, however, the money will be sent to the seller's bank, not their PayPal account.
An eBay spokeswoman said that those who do not update their details by the deadline will be given a grace period before any action is taken against their account.
