Where does my money go after a sale?

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New to selling and my first item will end in a few hours. I thought that the sale money would automatically be credited to my PayPal account but EBay keeps saying I need to enter bank details and that's where they will deposit it. I'm slightly concerned that they say they will deduct any of their costs from here. Also the name of the account needs to be the same as the EBay account. Should I set up another account just for EBay? Or have I missed an option to have my funds paid into my PayPal account? Concerned they have access to my funds. TIA

Ebay and PayPal are no longer linked so you need to use a bank account. I'm surprised they let you go ahead and list items before they verified your account.IDK how long it takes to get a new bank account, but I'd get that set up asap.

Yes they pay the sale proceeds less their fees directly into your bank account now. The link with PayPal ended years ago!

So although the buyer pays by PayPal the money is routed through EBay into your designated bank account?
EBay allow you to list although keep reminding you to set up a bank account. I suppose they just keep your money until you do!
Thanks for the replies

Yes, eBay collects the money, then pays it to your bank depending on if/how often you have your autopayouts set to.

However, as a new seller, your first lot of payouts may get put on hold - which is common.
I believe it's like a 2 week holding period, where eBay will hold your money after selling an item to make sure that the item is delivered to the customer(s), and that the customer reports no issues with the item(s).

Ok, thanks for that.

As mentioned above eBay has separated from PayPal
When you submit a listing there is an option for the payment methods you accept
PayPal will no longer be listed and you would get the options of ‘eBay payments’ or ‘cash on collection’

Now that eBay payments are being used the buyer doesn’t pay into PayPal but they pay into eBay
(They could opt to pay into eBay via PayPal)

eBay hold the payment
For new sellers they will hold your funds for a little longer, but once you have been selling they will pay out periodically - for me I get payouts the next day

It will usually work as follows:

1. Buyer pays
2. eBay deduct sales fees from your balance
3. You purchase the postage, either through eBay or at the post office etc (either way you pay the postage from your own money, it does not come from your eBay balance
4. eBay pays out your balance

eg you sell something for £10 plus £1 postage
the buyer pays £11
ebay charges it’s fees £2.15 (16.82% for a new below standard seller, plus 30p)
You purchase postage (let’s say it fitted into a letter and was 75p

EBay pays out £8.85 and you have already spend 75p, so you have ended up with £8.10 of the £11 total

https://www.ebayfeescalculator.com/uk-ebay-calculator/

Make sure that you have enough money available to post items for the duration of the extra time it will be held by eBay - and very importantly that your minimum bid and postage are sufficient to cover fees
New sellers often get caught out by postage costs (including packaging) and the fact that the postage amount also has fees deducted

If the total sale is low the 30p can make a big difference - on a £1 total the payout is 53p, then you have to take the postage out of the 53p
But for a higher sale the 30p becomes much less of a proportion

Always use the fees calculator to ensure it’s worth your effort and to avoid surprises

A summary of the holding policy is here:

https://www.ebay.com/help/selling/getting-paid/getting-paid-items-youve-sold/payments-hold?id=4816#section3

The normal new seller hold is 14 days / 2 weeks but if the postage is tracked and you have entered the tracking details on eBay (or used the eBay option to buy a label) then you may get quicker payouts

I used to always use 1st or 2nd Royal Mail signed for with full tracking, but that adds to the cost.
For cheaper items I now use 1st or 2nd with the confirmation reference number. This is good enough that Royal Mail mark it as delivered and has up to £20 compensation

I would up the level of postage based on value etc, and offer a higher second option for buyers to choose.
I normally list ‘free postage’ of 2nd class and then a quicker option of 1st class etc charged at the difference

If it’s bigger / heavier / awkward then I’ll offer couriers etc

Wow! I'm only selling books and magazines so it looks like I need to make sure I will get a net profit! Thanks for the info. I should really have checked out those links first.