How E-Bay Works ?

I read the sites too.

Can somebody explain me how e-bay site works ?

What i knw till now is,

the seller process,

1.register/acct creation
2.registration of the product pics/title/photo etc.,
3.Then setting the price,
4.Offering the shipping details

the buyer process,

1.acct creation
2.search for the product and select the product
3.add to cart
4.payment via paypal or credit card or something else
5.Confirmation mail abt payment

My questions,

When seller gets the payment from the seller ? Whether immediately after the buyer done the payment or after sending the product to the customers or after sending the product to the e-bay shipping office or when?

WHo will receive the immediate payment ? Seller or the E-Bay

PS:- No Links Please