mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@thechampishere215 wrote:Where is a good place to sell coins/bullion ?
Likely on Ebay.
MP will be allowing these listings on January 25th.
@ozone9 wrote:Well, I registered in their managed service today and an hour later all my coins sales got waxed. If you have sales pending that will terminate before Jan 20th...don't enroll yet......
"You missed the deadline to update your account details, but don’t worry-we’re giving you more time. Update your account details by January 20, 2021, or your ability to revise or relist existing listings, or create new listings will be disabled. Don’t wait!"
Coins aren't allowed yet in MP. Not until January 25th..
@gurlcat wrote:I'm not sure if ozone meant registered or pre-registered. I did believe there was a difference, that the seller provides their bank account and whatever else is required, but they aren't actually 'enrolled' (if that's the term) in MP until Ebay takes that information and uses it to enroll them, and I thought I understood the gap was a matter of days or weeks, not an hour.
You are correct. However there seems to be very mixed experience as to when after registering you actually enter MP. Sometimes it ids days or weeks, but for others it has been hours and even immediate. So I don't know if there is actually a standard anymore like there was this past summer and fall. It seems to have changed.
@slippinjimmy wrote:I'd guess the "weeks" are people who registered after receiving the first notice to do so. The ones who are "hours or immediate" are those that ignored all the advance requests and were finally given the ultimatum.
I signed on about a week after receiving my first notice, 7 weeks later I got my warning that I would be converted in x days (don't remember maybe a week or 10 days). Account was converted on the date I was given.
IDK, I've read some pretty compelling posts that seem to be otherwise. MP has dramatically changed the emails that do go out and the darn things don't even tell sellers what MP is. For sellers that haven't been here long it can be very confusing. They are on their own to even discover what the heck it is. Others are registering with ZERO knowledge of what it is and then are mad as heck because they can't find their money as it isn't going into PP anymore.
I think they are putting people in much quicker than they were this past summer and fall. With little notification too. It is my take away from some of the stuff I've seen on the threads.
@antiquestrader28 wrote:I totally agree. Ebay is not taking into account sellers like me who love antiques and can only afford buying them by selling them. For me it's just trading. I hardly ever make a profit after high Ebay & Paypal fees and often just break even or lose money. I am not a business and don't have a tax number. Ebay has sellers like me who sell their own collectibles now and then, and they have sellers with stores who have real businesses. How can they treat all of us equally? I refuse to be forced to join their managed payments and be controlled in this way. I guess my 20+ years of Ebay selling has come to a halt. I'd rather walk away and sell on other platforms than be bullied into giving them my bank account info and other personal info. I'm never going to do that. I hope other sellers will move on too!
How you define a business isn't really an issue for selling on Ebay or any other internet site. While you don't consider yourself a business, IRS still requires you to claim the income you are earning selling here on your Federal Tax return. You should track your costs too so you can deduct them.
As for your tax number, that would be your SSN unless you want to apply for an EIN, which you can do.
We are equal. All of us. There are NO personal transactions on Ebay. They are all business transaction whether or not you are set up as a formal business.
Selling on other platforms doesn't change anything I said above. You still need to be claiming your sales on your Federal tax returns every year. And all the other sites that are similar to Ebay also have their own Money Processing programs. Ebay is the last to actually start theirs. Unless you want to go to a much smaller site. Then your sales may not do as well because there is much lower traffic. All things you need to consider.
@matneum_15 wrote:Does anyone know what the fees are going to be when MP comes into play for coins/bullion? Still cant find it anywhere. Seems a bit crazy they won't tell us how much they are going to be charging, since based on other fee categories we might be seeing a 50% rise in fees (most categories are 11.5-12.3% range), and coins/bullions was 6%, + the 2.9% processing fee (with a store subscription).
This is a fantastic question as it doesn't currently appear on the policy page for fees.
We need the policies pages updated and we need to know what the fee is.
