Goodbye Reverb!

[ArtechnikA]

Thanks for choosing to sell on Reverb. We want you to have the best selling experience possible so we’re constantly evaluating and evolving the tools and services we offer to help you sell gear easier and faster.

What’s Changing

• 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.
• While PayPal will no longer be a payout option, buyers can still purchase using PayPal and all other payment methods accepted via Reverb Payments.

Please take this opportunity to add or confirm your bank information. Just go to your Shop Settings, add the info under “Reverb Payments,” and you’ll be on your way to getting your funds deposited directly into your pocket. Until you add a bank account, your money will simply stay in your Payout Balance.

I don't have a "shop."
I am an independent occasional private-party seller.
Reverb's not getting my bank account information.

Bye.

 

[DiabolusInMusic]

I don't know. I had the same reaction initially but the more I thought about it, I think the change will be a lot better as a seller. I think we are all aware of the guitar sale horror stories where Paypal sides with the wrong party due to their inexperience with musical instruments. I am hopeful that having a bunch of gear heads will really clear up some of those messy disputes.

Edit: I should also add that I think some of this is may be cultural. For some reason, Americans are extremely wary of giving out their banking information. I have done many high dollar sales internationally and the only people who have issues with bank wires are Americans. In fact, some folks are downright offended at the suggestion of a bank wire. That being said, this is all my own anecdotal experience.

 

[ArtechnikA]

I don't know. I had the same reaction initially but the more I thought about it, I think the change will be a lot better as a seller. I think we are all aware of the guitar sale horror stories where Paypal sides with the wrong party due to their inexperience with musical instruments. I am hopeful that having a bunch of gear heads will really clear up some of those messy disputes.

As they still allow buyers to pay with PayPal, I don't see those issues going away...

 

[capnjim]

Great idea. I always transfer my Paypal balance to my bank. Its ridiculous to give Paypal 3% for absolutely nothing but the inconvenience of my money being in limbo for a couple days.
Im sure Paypal somehow invests the money it "borrows" for a couple days. It makes no sense that is can't be deposited instantly.
Way to go Reverb!!!
Also, Paypal rips us off on the US-Cdn exchange by a couple %.
I will now be getting close to 5% more on my sales.

I actually sold something this week.

I just did the transfer, and Paypal is 10$ less on 275$ than the banks rate of exchange.
Thanks Paypal!!!!!

 

[ajkula66]

I may be a in a minority here, but I actually prefer this upcoming setup.

Being that I parted ways with PreyPal about a decade ago and have absolutely zero intention of using their services ever again, I found it frustrating on more than one occasion that an item I was interested in was listed with PP as the only payment option. Having said that, I fully understand that many sellers were more comfortable with using the PP setup which may have worked well for them previously.

On the rare occasion that I do sell something on Reverb, I always keep in mind that I may end up with a dimwit buyer who'll initiate a chargeback/dispute over anything that they deem fit. I've been blessed with reasonable folks so far, but am well aware of the fact that my luck may run out with the next transaction.

My $0.02 only...