Jamaicans can now get paid directly from eBay!
Jamaicans are now able to get paid directly from eBay to their local bank accounts. In May, eBay announced an agreement with the global payment platform, Payoneer. The agreement enables sellers in select countries, including Jamaica, to get paid for their sales on eBay’s core marketplace.
Speaking on #MoneyMovesJa with Kalilah Reynolds, Cofounder of BaLance eCom Training, Barrington McIntosh, said that has solved a huge problem for Jamaican sellers.
“The payments through PayPal were a problem, but that’s now out the door because just a month ago, there’s been another payment provider who’s now allowing you to get your money from eBay right to your NCB or Scotiabank or JMMB accounts,” said McIntosh.
According to him, eBay is like shopping in downtown Kingston when compared to Amazon, which currently has 90% of the market. However, he said the online platform is still great for persons seeking profits from selling items.
EBay can be tapped to sell both used or new items and it also facilitates auctions.
McIntosh said the wealth opportunities on eBay are vast, noting that in six months, one of his students has been able to rack in some J$2 million (US$13,000) in revenue.
“I’m thinking if she can do this by putting her mind to it, a lot of Jamaicans can. You’re going to have millionnaires out here quickly. Within a year people are gonna do very well on it because all the factors are lining up. You can do it as a Jamaican, have your money coming back to you which was a big hurdle,” said McIntosh.
How to register
He said individuals and businesses can get registered to sell on eBay. Businesses will require their incorporation documents, while individuals will need valid identification, such as a Jamaican passport or driver’s licence.
Once registered, the next step involves setting up a Payoneer account which comes with a debit card. The company will mail the card, which you can then use to access the funds, or you can opt to have the funds deposited to the local bank account.
Jamaican gold mine!
McIntosh said Jamaican products are a “gold mine” for eBay, noting that shoppers are typically attracted to local craft items, grocery and clothing.
“My first sale was going to the craft market downtown, taking a picture of a wooden item (cutting basket) and within two weeks it was sold for $85US. The lady was selling me for J$2500 (US$17),” said McIntosh.
McIntosh said eBay also provides analytics which should help people from reinventing the wheel.
“EBay tells you the items that are selling and what they are sold for. There’s an option called completed listings and it’s gonna tell you, hey somebody just sold 3lbs of this particular product for US$45 so you know before going to the store that can I purchase, ship and still make a profit at US$45 so it’s great data that eBay gives you for free,” he said.
“We use the post office for shipping which is the best kept secret. A lot of people don’t know this, they think oh snail mail, but no the post office packages your product and it gets shipped to these countries: US, Canada, UK, all around the world,” he added.
For further information on how you can tap into ebay visit internationalsellerhelp.com
#MoneyMovesJa is a partnership between Kalilah Reynolds Media and EXIM Bank’s Business Advisory Service. New episodes premiere Wednesdays at 7pm on YouTube.
