Changes to Reverb Payments

Discussion in 'General Music Discussion' started by oracles, May 5, 2020.

  1. oracles

    oracles Australian in Canada

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    Looks like Reverb is making some changes to their payment options for sellers. Interested to see what this will mean for disputes between buyers and sellers.

    "
    Moving to Reverb Payments from PayPal FAQ

    On May 19, 2020, Reverb Payments will become the exclusive payout option for all sellers. When an item sells, your funds will simply be deposited directly into your bank account.

    1. What if I don’t have a bank account?
      Your money will simply stay in your Payout Balance until you add a bank account.

    2. Is there any other way to get my money?
      No. Payout to your bank account is the only way to get paid out on Reverb.

    3. What if a buyer wants to pay me via PayPal?
      Buyers will still be able to pay you via PayPal, but you will only be able to be paid out to your bank account.

    4. How long will it take after I sell something to get my money in my bank account?
      Depending on your specific bank, payouts may take 1-3 business days to appear in your bank account after initiated by Reverb.

    5. Can I use my payout balance to buy items on Reverb?
      No. You'll need to withdraw your payout balance to your bank account before spending it on Reverb.

    6. Why did you make this change?
      Reverb Payments allows us to provide you with the safest possible experience since buyers no longer need to leave the site to log in to PayPal and our site is encrypted with around-the-clock security.

      Plus, all transactions made through Reverb Payments qualify for Reverb Protection. Reverb Payments also allows you to accept a wide variety of payment methods, which attracts more buyers and helps you sell gear more quickly."


    https://help.reverb.com/hc/en-us/articles/360046957834
     
  2. 7 Strings of Hate

    7 Strings of Hate Mid-Level Asshole Contributor

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    i.e. "This allows us to control the money exchange, giving us full power to fuck you over at any time, thanks"
     
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  3. KnightBrolaire

    KnightBrolaire only the dead have seen the end of GAS

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    yeah now they can unilaterally jack up their fees.
     
  4. Carl Kolchak

    Carl Kolchak Last of the famous international playboys

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    I assume the 1-3 day waiting period for your payment to clear will give Reverb enough time to report all your transactions to the IRS as well. ;)
     
  5. c7spheres

    c7spheres GuitArtist

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    Suprised it didn't happen sooner actually. It's what "they" do.
     
  6. broj15

    broj15 SS.org Regular

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    I was waiting for the big changes to roll out after reverb was bought by Etsy. Looks like this is one of them unfortunately. Giving the seller less control and fewer options is not the way to attract new sellers.
     
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  7. Edika

    Edika SS.org Regular

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    I was going to list some pickups in Reverb for the first time a few weeks back and it was asking me for my bank account in order to be able to post the listing.
    I just didn't do the listing and I don't think I'll be selling anything on Reverb.
     
  8. TheTrooper

    TheTrooper SS.org Regular

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    Well, I guess I will keep buying and stop selling then.
    What a s*it decision, even with the fees, Reverb was the one I liked the most.
     
  9. eggy in a bready

    eggy in a bready SS.org Regular

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    please enlighten me if i'm missing something, but i don't see how this is worse than using paypal as a middleman? seems nice to not have to pay paypal fees in addition to reverb fees
     
  10. MaxOfMetal

    MaxOfMetal Likes trem wankery. Super Moderator

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    And thus the cycle is complete, they’ve transitioned fully to becoming eBay.

    That's not a dig really, it was inevitable. A new marketplace goes live, has rules akin to the Wild West and slowly follows eBay’s path of bloat, retail sellers, limited walled off payment processing, etc.

    Rinse, repeat.

    But they do it because it’s a winning model. They make their cash off of data mining, and retail sales, not some dude flipping a $400 used Ibanez or LTD.
     
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  11. mpexus

    mpexus SS.org Regular

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    I might be missing something here... but Who doesnt have a bank account? Is anyone getting legally paid at work without a Bank account anymore?
     
  12. GunpointMetal

    GunpointMetal SS.org Regular

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    Most people do, but in the age of digital identity theft its a little bit of peace of mind to only have one entity (PayPal) with that information and have them as a sort of firewall between everything else.
     
  13. Jonathan20022

    Jonathan20022 Engineer

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    This is the falacy with all the VPN shilling going on nowadays, we are no longer tip toes in the digital lifestyle. If you think you can keep your banking information restricted to a single corporate entity, I have some bad news for you my friend. No one is as off the grid as they think they are, especially if you're on any device capable of posting on Sevenstring.org.

    Paypal is and will never act like a firewall for your personal information, them having it over Reverb is inconsequential unless Paypal has some highly exploitable vulnerability I haven't heard of in the last few days. If you don't take your security into your own hands no one will.

    Reverb removing options is shit like others have said, but I talked to my buddy about these changes tonight who's a premium seller or whatever they use to describe high volume selling. He gets his payment faster, pretty much the second UPS scans the item as picked up, and apparently he gets an even bigger cut of the sale since they lower fees for being a high volume seller + using their built in system. Seems like a win win to me, if they weren't providing incentives like that then they'd be indistinguishable from eBay.

    Reverb did it's thing, they cornered the musical sales market and forced eBay to match it's fee structure which was a net positive for the community. But these changes surprise nobody, they got sold off to etsy and reform was bound to happen.
     
  14. broj15

    broj15 SS.org Regular

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    I operate using a prepaid banking card from visa/some bullshit bank that is actually just a server somewhere. I keep maybe $50 in there at all times for emergencies and if I ever need to make an online purchase I can go to a retailer and add money to it for a $5 fee. It's cheaper than having an actual bank account with all the monthly fees that usually entails & if anyone does get ahold of my banking info they won't get to far with it cuz the chances of me having a substantial amount on there is very low. Keep in mind I also work for a small business and still get a paper check as opposed to direct deposit like most people who work for a bigger company.
     
  15. Nicki

    Nicki Twit

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    There's also the matter of Reverb now able to dodge Paypal's fees. It adds to Reverb's bottom line.
     
  16. Alexa run my life

    Alexa run my life SS.org Regular

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    "There used to be two middle men, and we need to be the only middle man".
     
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  17. jrh60

    jrh60 SS.org Regular

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    Having been a Reverb seller for 5 years, I liked the convenience of being able to keep my hobby $ separate from my other $ and not have the hassle of going to make a checkbook entry for some odd $-amount (once the fees were taken out, it was never an even amount) every time I sell a pedal or something. Whatever $ I made stayed in paypal and I didn't have to do anything to "keep the balance up-to-date" like I would if its mixed in with my bank account that I'm writing checks out of & making paycheck deposits into, etc. This is a step-backwards (as in, more of a pain for me) and prefer the paypal payment model that ebay still has.
     
  18. DC23

    DC23 SS.org Regular

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    I'm not too fussed about it. I'm willing to take a cut for the convenience of having wider audience, payment system handled externally (not by me), and musician-friendly support. I'm always pretty vigilant (as is my wife) when it comes to monitoring the bank account the payments go into. When I started selling more recently it was a bit of a pain waiting for my payment (in the case of the first sale via Reverb payments, they waited until Delivery was confirmed), but after that payments have been quite quick. Plus, frankly, I've found Reverb buyers to be far more serious than Kijiji / Facebook Marketplace, etc.
     

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