Attention Resellers: Take Note of eBay’s New Cancellation Policy
In terms of selling anything online, eBay is a powerhouse because of how quickly it can generate sales and lead to profit. It doesn’t have as many buyers as Amazon does, but it’s much easier to get started selling on.
In the last few months, eBay has made some new changes to its cancellation policy. But don’t worry, at the time of writing this story sneaker fees are 0 and authentication is still free. No need to worry about that, but if you want to learn more about the best platforms for reselling, check out the story below:
If you’re a reseller and you use eBay, here’s what you need to be aware of moving forward.
Old cancellation policy
If you already know eBay’s old cancellation policy then you can skip this section. If you don’t here’s a brief background on it.
Buyers had a certain number of days (usually 30) to actually pay for an item. But in the meantime, if they didn’t pay after 2 business days, you could open an unpaid claims case with eBay. There was even an option you could turn on in your account settings that would automatically open an unpaid item case after 2 days.
You also had to reach out to the buyer a few times to ask and see if they were planning on paying. Only after all that could you cancel and relist an item.
This old cancellation policy wasn’t perfect by any means, but it was the policy for a long time before the new update.
New cancellation policy
The new cancellation policy takes a slightly different route.
Opening an unpaid item case is a thing of the past. You no longer have to do it at all. Sounds like a good thing, right?
There’s good news and bad news.
The good news is that waiting 30 days to see if a buyer will pay is gone and so are unpaid item cases.
The bad news is you have to wait a set number of days (typically 5 business days) to give the buyer enough time to purchase before you can cancel or relist an item. It sounds better, but it’s really a flaw if you’re selling certain items like sneakers.
Think about it, if you’re selling pre-orders on eBay, which is really common, if a buyer purchases your pre-order on release day but doesn’t pay that means you’re the one who misses out on the profit. You’ll be forced to wait and sell the item 5 days later when pairs are already in the hands of other resellers.
This could cost you a lot on your profit margins.
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It’s a community of resellers that are here to help you buy and sell products for a profit. These products including reselling sneakers.
You’ll be pointed in the right direction for which sneakers you should buy and sell online.
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