New 21 day hold for ALL sellers

[mupcycledcouture]

Just got the email. All sellers.must re-verify identity and all sellers.are subject to a 21 day hold in funds.

This with the increase in fees has just put Tradesy out of business so to speak.

I am only listing in Tradesy but will be moving stuff back to EBay.

I will not wait 21 days for my money.

[SA]

Can you copy and paste the email here? I haven't come across anything in my email.

DISREGARD. I just saw this in their TOS dated 11 April:

Just C/P the part about 21 day holds:

Holding Period

Tradesy, in its sole discretion, may hold seller earnings for up to 21 days after the sold item has been delivered to the buyer, based on its own risk and security policies. The date of delivery is determined by the date upon which the package is delivered to the buyer, according to the shipping carrier’s tracking system. Seller earnings will be available after the 21-day holding period (usually sooner), except in cases wherein it is determined that the item has been misrepresented by the seller. In the event that an item misrepresentation issue arises during the holding period, Tradesy reserves the right to hold seller earnings beyond the 21-day period, and for as long as necessary to review and resolve the issue. As per the Prohibited and Restricted Items and Activities section of Tradesy’s Terms of Use, the Company also strictly prohibits the listing and sale of replica and misrepresented items, and reserves the right to withhold seller earnings in perpetuity when the Company determines, at its sole discretion, that a replica or misrepresented item has been sold through its Website or any Services.

[chapeaunoir]

The operative word here is "may" - I suspect that for the majority of transactions the pay-out won't change much. I'll re-verify - the change doesn't bother me at all, but I don't sell designer goods which I expect is what is targeted with this.

[mupcycledcouture]

Here’s how policy updates impact you.
Important News About Your Earnings

Hi Upcycled,

Thanks for being part of the Tradesy community! We're making a few important updates soon - here's what you should know:

1. 60-Second Re-Verification Process

All current Verified Sellers who wish to withdraw earnings to a bank account (ACH) or debit card will be required to re-verify their identity on Tradesy. This safe and secure one-time verification process will save you time on future withdrawals because you'll now only need to input your information once — not each time you enter a new payout method.

Why?

We’re making updates to more seamlessly integrate with our online payment partner. There are various regulations when it comes to paying out funds — and they broadly include collecting information and verifying the accuracy of the information.

What's Next?

The next time you add a payout method or withdraw funds, we'll automatically prompt you to re-verify your account with a few simple details like your name and address.

2. Your Payouts Timeline is Changing

To better safeguard your funds and ensure that there are no transaction issues, earnings for all sellers will now be held for up to 21 days after an item is delivered to the buyer. Please keep in mind that most funds are released within a week of delivery. During this review period, we'll ensure the security and authenticity of every transaction, protecting both you and your buyers.

As always, you can check the projected release time of your funds on your Manage Payouts page.

Questions? We’re here to help! Learn more or reply to this email.

Thanks so much for being part of the Tradesy community.

Team Tradesy


Like us on Facebook Follow us on Twitter Follow us on Pinterest Follow us on Instagram

Find us in the App Store

Having trouble viewing this email? Click here

This message was sent to you by Tradesy.com
1217 2nd Street, Santa Monica, CA 90401

If you believe this has been sent to you in error, please safely unsubscribe.

[mupcycledcouture]

I just sold a dress there for $270. I am going to be mad if they hold it past the regular time frame, which is 4 days past delivery.

[Deleted]

I don't really care about 21 days wait. I keep my funds there for a long time anyways until total hits about $500-600. I just don't get WHY. Buyer only has 4 days to claim SNAD... are they gonna extend it to 21 days?
Or maybe it's a marketing move, they hope that the longer the funds sit there, the more you'd be tempted to spend it on the website, rather than cashing out.

[mupcycledcouture]

Who knows what the reasoning is. I am guessing the longer they hold it, the more interest they make.

If I choose to leave my money there for long periods of time, that is different. When I sell things I expect to be paid in a timely manner, and 21 days is not timely.

What concerns me the most is the timeline of things. First, remove a bunch of sellers from the professional store program unless they meet a certain monthly sales amount.

Raise fees for those removed from the program and place 21 day hold for new sellers.

Change it so ALL sellers are subject to a 21 day hold.

This, IMO, does not bode well for the future of the company.

[chapeaunoir]

I'm wondering at their direction. They push the same old stuff when in point of fact they can probably make plenty of money pushing everything. But as I've said, their emails and bulletins feature a depressing sameness - they used to advertise more brands.

[mupcycledcouture]

I just reopened my Shopify account. I know that will be a slow growing thing, but I can insert buy buttons on websites and have a Facebook storefront and buyable Pinterest buttons.

I may even try some other social media sites.

[sunsetpainter]

I got this email last week. I didn't even know I WAS in the Business program. I never signed up for it.


Hi there,

Tradesy for Business team is reaching out to you regarding the status of your account. Due to the volume of sales over the last quarter (Jan/Feb/March), you no longer qualify for the Tradesy for Business program. Effective immediately, you will no longer receive the business perks including but not limited to:

Designated Account Manager
Reduced commission
Personalized seller sales
Access to Tradesy data/metrics
‘Ships Next Day’ tags if applicable
Potential early funds release

Moving forward, please direct all communication to Tradesy Member Care at [e-mail] or 844-988-7233.


Just got the one about the 21 day hold today.  Whatever.  I don't sell enough there to worry about.  And if they don't stop relisting things that have sold, I'm closing my account.

ETA:  That "Hi there" greeting bit irritated me.

[chapeaunoir]

Why is everyone "reaching out" - can't they just "contact"? It's like we've turned into a bunch of gropers.

[mupcycledcouture]

Now if they were groping I would feel better about it. Lol

[chapeaunoir]

Unless they're groping for one's wallet...which they kind of are.

[Deleted]

I wonder if they are having trouble paying for some of their bills and using the holds to shift money around. It kind of sounds like what some businesses do before they go under. They start moving money from here to there to cover things without actually paying anything, while they hope income increases.

[mupcycledcouture]

I am guessing that is exactly what is happening peek.

I am selling $200-$300 a week is it so I am hoping I can make some of that up by selling on Pinterest and Instagram. I thought Shopify had a shop button for Twitter but it isnt one of my options. I may need to see if there is a 3rd party ap I can use for that.

[Deleted]

My DD wants to look into selling on Instagram, I might look at it too. I haven't ventured far from Ebay before, though did try Etsy for a while. I think I need to suck it out and start looking around at other online venues. Maybe DD and I need to learn at the same time. She would be doing more teen based items, band t shirts etc.

[val2525]

Apr 20, 2017 0:49:55 GMT peek said:

I wonder if they are having trouble paying for some of their bills and using the holds to shift money around. It kind of sounds like what some businesses do before they go under. They start moving money from here to there to cover things without actually paying anything, while they hope income increases.

I think it's this plus they may be finding their return/store credit policy isn't sustainable. From posts here and other places it seems more and more buyers are claiming SNAD to get a cash refund rather than store credit. They may also be finding it's not so easy to resell the returns.

[mupcycledcouture]

I have no idea how Instagram works. I think most people just post a photo of the item and contact information and price. Then, if someone wants to buy it a Paypal invoice is sent.

There is an ap that works with Shopify so I can have Buy It Now buttons but I cant even begin to explain how that works. I just got my Shopify store remade and am now trying to figure out how to customize my Facebook store front.

I know that people wont come into the store to buy, but I think they will buy from Buy It Now buttons. Worth a try at least.

[Deleted]

Apr 20, 2017 2:14:04 GMT val2525 said:

Apr 20, 2017 0:49:55 GMT peek said:

I wonder if they are having trouble paying for some of their bills and using the holds to shift money around. It kind of sounds like what some businesses do before they go under. They start moving money from here to there to cover things without actually paying anything, while they hope income increases.

I think it's this plus they may be finding their return/store credit policy isn't sustainable. From posts here and other places it seems more and more buyers are claiming SNAD to get a cash refund rather than store credit. They may also be finding it's not so easy to resell the returns.

My sales there have been pretty good recently and I'd been letting the money build up there, planning to pull it out to help get us through the slow summer.  I pulled it all out last night and will keep it at a 0 balance at least for the time being.

[frakinfashion]

If they are smart (big if) they can sustain the return policy. Think of it this way--they pay $0 for inventory and take a cut of any sale. If there is a return, they get to inspect it for fraud. They can deny any return for just store credit if they choose to (cost to them: $0). If they accept the return, they get to sell the item pretty cheap, or very cheap, and make even more money. It's doable. They do have to hire people and store inventory as their costs. That may be why they are squeezing more out of us. But eBay keeps doing that too.

[chapeaunoir]

I don't sell much over there myself - I just don't have the brands, I guess. Emily (Chicagoluxe) sells a lot on Instagram - the site itself is easy but it's social media and you spend an awful lot of time building up your contacts - she said it takes a while to get traction.

But if you don't mind putting that work into it, I think it's a good way to go, particularly for the younger market who are migrating away from eBay and to P2P social media sites. Instagram unfortunately doesn't have a web app yet, but you can use Drop Box or whatever to transfer photos to IG, or use an android emulator like Gramblr. IG was smart in that they started as a social media site and then added ecommerce capability instead of trying to start ecommerce from the ground up - those efforts usually don't come to much.

Shopify is fine but I quit because I don't have the inclination to do the amount of marketing one needs to do - I'm at the end of my career so it doesn't matter. I've sold a fair amount on Facebook, but really don't like FB much.

[mupcycledcouture]

Twitter phased out their Buy button. Which sucks because that is where most of my traffic comes from. I should have built up Instagram but didnt. Will work on it now.

[chapeaunoir]

I wonder why they did that - it was supposed to be a big deal. Twitter is useful in very controlled situations like advertising sales (i.e., what Liz does and what I'm learning) but in general it's anarchic and unfortunately a troll magnet, and I'm wondering if it's too uncontrollable to administer an ecommerce capability, too? Of it they decided it just wasn't a good fit?

Still trying to figure out how to get photos to show on Twitter, it works for Etsy but not eBay (why am I not surprised). Urg. Their help pages are very unhelpful.

[mupcycledcouture]

I have no idea how to do it on Ebay. I know on Tradesy it automatically does it.

Instagram may be what does me in. I cant figure it out. LOL

[dutchjazz]

I sold one thing on Tradesy this month. It sold on 4/22. I just checked and my payout was available (4/30). First time I checked since it sold. I was just assuming it would be held for 21 days.

[Deleted]

Well, I sold several items since the new 21 days policy rolled in and so far, all my funds are available to withdraw, it was a standard 4 days hold for all of them.

[mupcycledcouture]

Did you have to reverify? It never made me do that.

[chapeaunoir]

I sold a couple of things over there with no more than the usual 4 day hold. That's why I said upthread that the operative word was "may" - I think they're increasing the number of brands/items (probably in high fraud categories) that fall under the 21-day rule.

They had a re-verify link for me, but it said I was already verified and didn't need to do it. It hasn't made any difference in sales whether I am or not.

[Deleted]

May 1, 2017 19:45:05 GMT mupcycledcouture said:

Did you have to reverify? It never made me do that.

No, I didn't. But I re-verified couple weeks before.

[dutchjazz]

I didn't reverify.