eBay India has announced that they have made changes to the process of paying the Final Value Fee to the company. Final Value Fee is the payment that sellers have to pay the company whenever their products get sold. This depends on which category the product comes under and what it’s final sale price is. Normally, sellers on eBay had to manually pay this fee whenever eBay India sent them an invoice.
Now, in an effort to improve the process and make it easier for sellers, the company has announced that this Final Value Fee will automatically get deducted from a seller’s My PaisaPay account. The new policy will get activated on December 26th at 12.01 am. All transactions done starting from that period will come under the new policy.
Once a seller receives a Final Value Fee invoice from eBay India, he/she will have 7 days before the amount and the applicable tax is deducted from their My PaisaPay account. An entry about this deduction will be passed to your invoice, thus informing of a successful debit.
Sellers will have to make sure that the requisite amount is present in their My PaisaPay account before it is debited after 7 days. In case a seller’s My PaisaPay account does not have the sufficient balance, they can pay the amount via online bank transfer or demand draft on or before the due date. Also, if a seller’s account does not have the complete amount, eBay India will deduct the amount that exists and the remainder can be paid by the seller using online bank transfer or demand on or before the due date. Remember, eBay India cannot debit the amount from your bank account but only from your My PaisaPay account. This new change in policy is only applicable to domestic sellers who have a My PaisaPay account. eBay India can also debit the applicable amount from your Remittance amount after 7 days of invoice being generated. If for some other reason, the amount is not settled, then eBay will debit the Final Value Fee from a seller in the next Remittance cycle.
Sellers should note that the process for other payments like listing fees, shop subscription fee etc. has not changed and will continue function as before.
We hope all our readers who are domestic sellers on eBay India take note of this and make sure that they prepare for it.
You can read about the official announcement here.