Changes at eBay in 2021

[grecrom96]

Hi guys. I read that eBay is migrating over to a “managed payment” program this year (2021) where they are gonna need your social security number and bank account info (checking account) for Adyen, the new payment processing company which replaced PayPal. Yikes! I’m reading a lot of negative stuff about these new changes in 2021 about reluctance of SELLERS on eBay to give out this personal info like SSN numbers and financial bank info to eBay/Adyen. What is ur opinion about this? I would worry about hackers penetrating ebay’s computer system and then committing fraud to benefit them financially. Thanks for any feedback on this matter since I was about to start SELLING on eBay. It is appreciated. Hope u had a great weekend.    😎👍

[tdumonde2014]

No need to start a new thread, just search the forum for Managed Payments, there are hundreds of posts.

[wooden_flower]

If you are new seller, then you won't see any difference from the old system 🙂

The new system is very similar to that used on the other major platforms.  In fact Adyen is the same processor used by Etsy and Mercari.  So there is nothing unusual here.

Since the 1099k threshold drops to $600 for 2022, every processor will need your SS# for tax reporting.

[disneyshopper]

I have been in Managed Payments since October 2018.

In my experience, it takes 4 days from when the buyer pays to when the payment (less FVF) is credited to my checking account. My checking account is with a major bank. When I was using my federal credit union checking account, it took longer than 4 days.

I have a 1-day handling time, and I have specified daily payouts since I am a low volume seller. When the item is in Seller Hub > Orders > Awaiting shipment, I ship.