 These changes are huge. Hey, fellow buddies, thanks for watching. All right, you guys, effective today, March 27th, 2024. Terms of service have changed on Mercari. This is going to affect buyers and sellers. So first off, if you received the email through your email directly, it looks a little different than what you see here. Your email is gonna give you just the new terms of service. Here on the app, you should have gotten an update which is giving you everything, all of the terms of service. So if you wanna refresh on those, you can. But what we're gonna go to is the fees. That is the big change to how selling on Mercari is gonna work now. Again, this affects both buyers and sellers. Before we get started here, I wanna say that I love Mercari, I think it's great. I don't know how these changes are going to impact sellers or buyers. I'm really curious to see what your feedback is in the comments. Do you think these changes are good? Do you think this is gonna hurt the platform, help the platform? Are you happy about it? Are you more of a seller or a buyer on Mercari? Because I think depending on which you are, your answers may be different for these changes. These changes are huge. Wow, I mean, I woke up and I was like, I have gotta do a video on this and see what everybody is thinking because it's definitely going to create a stir. Maybe in a good way, maybe in a bad way. I'm not really sure how I feel about it yet. But here's the thing. The platforms that we sell on, they have their rules and we follow them. If we don't like them, we have a choice to sell on the platform or not sell on the platform. I'm still gonna sell on the platform. And maybe as a seller, this makes you want to sell on the platform. So if you're thinking about selling on Mercari and you're not already on the platform, I do have a referral link down in the description where you can get $10 to shop when you use that referral link to join and another $20 to shop when you sell $100 worth of stuff. This is a referral link. So I also get credit to shop when you use that link. So I appreciate it when you guys use my referral and affiliate links that are in the description of the video. That helps me keep this channel going. So thank you very much. I appreciate you all. But let's dig into the major changes that are happening on Mercari. So listing an item is always free on Mercari. Fees are charged when an item sells or when a service is used. The following charts explain fees on Mercari. All right, you guys ready? Service fee. We work hard to make our marketplace a vibrant and secure shopping experience. Starting March 27th, 2024 when you make a purchase, a service fee will be charged. The amount of the fee will be displayed as part of the final price of your item on the checkout page. So you will know what you have to pay before you check out. However, they're not giving us any idea yet of what that fee is gonna be for you as a buyer. This fee is charged to the buyer and may not be refunded depending on reason for return. Okay, so it looks like the buyer is gonna take on the fee, all right? But we don't know. It just says the fee will be displayed as part of the final price of your item on the checkout page. So me, I do buy on Mercari as a buyer. I kind of was hoping to have a little clarity on what is my fee gonna be. Seller fees. Now, this is huge if you're a seller. This is great news for sellers. Maybe probably bad news for buyers because now a buyer has an additional fee. My question for you all is, is this gonna keep you from buying on the platform? Yes or no? Let me know in the comments. As a seller, is this a good incentive for you to sell on the platform? So let's see what it says about seller fees. Effective March 27th at 8.30 a.m. Eastern time, the selling fee for new listings will be 0% for new listings. So all your old listings, let's see what it says. Note, listings created before 8.30 a.m. Eastern time on March 27th will be subject to a selling fee of 10% of the item price when a sale is completed unless the listing has been updated on or after March 27th, 24. So what does updated mean? I don't know, guys. I don't know if that means you have to end the listing and relist it or if you have to go in and make an edit. So you may wanna contact Mercari to see what updated means. Let's see, transactions and payment fees. Mercari and CURS fees related to payment processing and balance withdrawals out of our system by our financial services partners. Some of these service fees are charged to our users. Okay, so effective March 27th, this is payment processing 8.30 a.m. Eastern time, Mercari will charge buyers a payment processing fee at the time of purchase. Effective March 27th, it will be 2.9% plus a 50 cent fee. Listings created before March 27th, 2024, a payment processing fee of 2.9% plus 50 cents per sale is charged to the seller based on the completed sale plus shipping price of the item unless it has been updated after March 27th, 2024. The payment processing fee is only charged on completed transactions. This fee is not applied to declined or expired offers or canceled orders. So this is charged to the seller based on the completed sale plus shipping price of the item unless it has been updated after March 27th. So this is again items created before March 27th. It is applied to the seller. Effective March 27th, same fees, listings created after 8.30 a.m. on March 27th, a processing fee of 50 cents plus 2.9% of the transaction price, which includes the item price, shipping, service fee, and sales tax will be charged to the buyer. So the payment processing fees are also gonna be charged to the buyer. This fee may not be refunded for returned or canceled orders. For each completed direct deposit to your bank account, there is now gonna be a $2 fee. $3 fee for each completed instant pay transfer. So before we could transfer money from Mercari to our account free, I believe if it went to our bank account, I don't think I ever had a fee. So it looks like direct deposits are now gonna have a $2 fee per transaction and a $3 fee for the instant pay. Balance withdrawals, there are two ways to cash out your earnings from your Mercari balance offered by Mercari. Direct deposit, effective March 27th, 8.30 a.m. Eastern time, there is a non-refundable $2 fee per cash out. Once you've added your checking account and have a balance, you can request a cash out request to your bank using direct deposit. This transaction is typically processed within five business days, depending on your bank's processing times. There is a $2 non-refundable fee for each completed direct deposit request. Instant pay is the fastest way to get paid when you need that extra cash to do this, go to the balance, tap instant pay, complete your ID validation if you haven't already and add a debit card. You can use instant pay for up to 600 per month once per day or eligible debit cards. There is a $3 flat fee per cash out in some cases, depending on your bank's processing time. It can take up to 30 minutes to see the balance in your bank account. So it looks like direct deposit is $2, instant pay is a $3 fee. Shipping and delivery fees on Mercari. I don't know if any of that changed. There was something else on the email that I saw. Let's look at that. It was, let me find it here. Okay, so I'm gonna read to you directly what the email says to me. To our Mercari community, we wanted to let you know that we've updated our terms of service effective immediately. We're removing selling fees to new listings at Mercari, zero selling fees. Mercari is the only major US resale marketplace to do this. Here's what you need to know, effective March 27th of 2024, zero percent selling fees. The selling fee for new listings will be zero percent. That's right. What used to be a 10% selling fee is now zero percent, zero selling fees. Listings created before 830 a.m. March 27th, Eastern time. 2024 will be subject to a selling fee of 10% of the item price when a sale is completed unless the listing has been updated or on or after March 27th, 2024. Buy with confidence. Okay, this is new. Buyers will now be able to return items for any reason. Service fee. When you make a purchase, a service fee will be charged. The amount of the fee will be displayed as part of the final price of your items on the checkout page. Payment processing and withdrawal fee. For listings created on, I'm sorry, for listings created after 830 a.m. on March 27th, Mercari will charge buyers a payment processing fee at the time of the purchase. That includes a payment processing fee of 50 cents plus 2.9% of the transaction price. Includes item price shipping service fee and sales tax. For listings created before March 27th, 2024, a payment processing fee of 2.9 plus 50 cents per sale is charged to the seller based on the completed sale plus shipping price of the item unless the listing is updated after March 27th, 2024. Zero payment processing fees for buyers when using their balance. Okay, so that's different than what I just read on the other page. Zero payment processing fees for buyers when using their balance. So they're encouraging buyers to use their balance, so that encourages buyers to become sellers on the platform. As always, you can request to cash out your balance to your checking account with a direct deposit starting on the date. There is a $2 flat fee per cash out. By continuing to use our platform, we are agreeing to these updated terms of service for more detailed information. Please visit our Terms of Service update article. As always on behalf of all of us, thank you for being a part of the Mercari community. All right, so the only thing different than that I read on the email is the, let's see, it says returns for any reason. Buy with confidence, buyers will now be able to return items for any reason. So that's huge and what was the other thing? Zero payment processing fees for buyers when using your balance. Payment processing fees, so that's not the fee for buying, that is the fee for the processing fee, the 2.9% plus 50 cents. All right, you guys, what do you think about this update? Let me know down in the comments. Thanks for watching.