Is eBays payment system safe and FDIC insured

[bivv_0]

Hello, We are a company that sell items that have a cost range from $450. to $1k+. The items are made in the U.S. and ship same day from our online outlet. We are about to try ebay but have been reading some posts and watching the news that has us really worried. 

How safe is ebays payment system? Is it secure and encrypted? Is it FDIC insured in all States?

[dugoldstuff]

Not now, but soon, I believe as monies are held longer and longer and off-shored further and further, there will come a time when it will have to be insured. It's inevitable that there will be oversight and regulation, and the days of eBay "doing whatever it wants," will be over.

Heck, even before the massive July 4 ransomware attack, the EU was forming an "emergency team" to begin to pull resources to combat cyber crime. Part of that will inevitably be regulation to protect people's monies being held by payment processors.

[chapeau-noir]

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@7606dennis wrote:

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@bivv_0 wrote:

Thank you. This program is not meeting our standards for a secure selling platform.

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If that is the case then you will probably need to find a different platform on which to do business.  What other alternative do you have?

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Ironically, 😖  the OP states that they ship from their 'online outlet'.  I'm not sure how someone can build and run their own website as an outlet for a manufacturing company without knowing some basics.  

[7606dennis]

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@bivv_0 wrote:

Thanks

Our New York merchant cc provider does and is insured. We've also been very impressed with PayPal for online transactions. From what I read eBay is new at this.

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While your Credit card provider, being a banking institution, may indeed qualify for FDIC insurance.  PayPal, being merely a money transfer agency and not a banking institution, never did qualify for that protection.

Of course, there are regulations on money transfer agencies as to how long they can hold funds before turning them over to the intended recipient.  These are usually regulated by the state in which the agency is licensed to operate and they are required to be licensed in each individual state in which they operate.

With regard to the current payment processing company, I believe that they are based outside of the USA so I'm not sure how they are licensed.

[chapeau-noir]

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@7606dennis wrote:

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@bivv_0 wrote:

Thanks

Our New York merchant cc provider does and is insured. We've also been very impressed with PayPal for online transactions. From what I read eBay is new at this.

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While your Credit card provider, being a banking institution, may indeed qualify for FDIC insurance.  PayPal, being merely a money transfer agency and not a banking institution, never did qualify for that protection.

Of course, there are regulations on money transfer agencies as to how long they can hold funds before turning them over to the intended recipient.  These are usually regulated by the state in which the agency is licensed to operate and they are required to be licensed in each individual state in which they operate.

With regard to the current payment processing company, I believe that they are based outside of the USA so I'm not sure how they are licensed.

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They have local acquiring licenses with every country they process for - that way there aren't stumbling blocks in international transactions (i.e., US bank won't accept Spanish transaction) because Adyen is the acquirer.

I read a month or so ago in Forbes that Adyen has almost completed the process with the Fed for establishing a bank here.

[vintage-car-magazines]

I thought their application was already approved and the first US branch will be in SF.

[lepke1979]

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@vintage-car-magazines wrote:

I thought their application was already approved and the first US branch will be in SF.

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Of all the places they could be and they choose San Francisco? Someone should mail them a bucket of poop so they can acclimate to the area.

[orlandobuysell]

I sold $1,400 $1394 and change to be precise and I have received approximately $600. This is over a period of four or five weeks with the last sale being about 5 days ago now for which I was finally paid today that doesn't show in my bank but eBay says they made the payment finally they were able to get through the blocked bank account which was not blocked. They are not paying. They are not paying. eBay is not paying.

[slippinjimmy]

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@lepke1979 wrote:

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@vintage-car-magazines wrote:

I thought their application was already approved and the first US branch will be in SF.

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Of all the places they could be and they choose San Francisco? Someone should mail them a bucket of poop so they can acclimate to the area.

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Besides being the Tech capitol of the world it's also the Fin-Tech capital of the world.

They would also be down the road from eBay who hold 5% of Adyen.

[katzrul15]

This thread is now on page 13.......I checked out somewhere around page 8.  Anything new?  Did someone convince the OP and his "business" to give e-Bay a chance?

[chapeau-noir]

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@vintage-car-magazines wrote:

I thought their application was already approved and the first US branch will be in SF.

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That may well have happened - it was in the works in late May/early June when I read the Forbes article and I haven't checked in on it since but remember it was in the works. 

I agree that they're establishing in one of the fintech capitals in locating in San Francisco.  Money follows money.

[moondogblues]

No gigs yet, chapeau...Hubs had his 1st shot and goes back the 19th for the second, I will get my 1st that day.

We've been very lucky in our tiny town, really very few cases so far.  But one would be all it would take for me, I only have one lung, had a tumor removed (both parents smoked) when I was eight years old.  History of strep throat, chronic bronchitis, etc.  A walking pre-existing condition that 'they' love to tout.

Hubs almost died of toxic shock two years ago so CD-19 would not be good for him either.  And we are no spring chickens either.  I would love to at least go do Karaoke but people at the Legion just get all huggy and kissy and I've gotten very sick twice from there...had the five week cough from hades.  Can't risk it.

Supposed to be hot hot hot again tomorrow, we'll see.  

Is Neah Bay near Nehalem...I almost moved there.

[chapeau-noir]

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@katzrul15 wrote:

This thread is now on page 13.......I checked out somewhere around page 8.  Anything new?  Did someone convince the OP and his "business" to give e-Bay a chance?

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No, the apparent goal of sustained satire was not achieved as the effort fell apart early on with all the grace of a truck losing its retreads. 

[moondogblues]

"Of all the places they could be and they choose San Francisco? Someone should mail them a bucket of poop so they can acclimate to the area."

SF has its problems but it is still one of the most beautiful cities in the world.  I used to work there and loved it.

[moondogblues]

"They would also be down the road from eBay who hold 5% of Adyen."

Actually UP the road...one hour north of San Jose, where eBay is located.

[chapeau-noir]

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@moondogblues wrote:

No gigs yet, chapeau...Hubs had his 1st shot and goes back the 19th for the second, I will get my 1st that day.

We've been very lucky in our tiny town, really very few cases so far.  But one would be all it would take for me, I only have one lung, had a tumor removed (both parents smoked) when I was eight years old.  History of strep throat, chronic bronchitis, etc.  A walking pre-existing condition that 'they' love to tout.

Hubs almost died of toxic shock two years ago so CD-19 would not be good for him either.  And we are no spring chickens either.  I would love to at least go do Karaoke but people at the Legion just get all huggy and kissy and I've gotten very sick twice from there...had the five week cough from hades.  Can't risk it.

Supposed to be hot hot hot again tomorrow, we'll see.  

Is Neah Bay near Nehalem...I almost moved there.

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It's on the northwest edge of Washington State across the water from BC - Makah tribe territory (Cape Flattery, etc.) - it feels very remote and wonderful.  Forks is nearby and I used to race mountain bikes out that way.

We got our shots several months ago - our governator was pounding away at the issue and all of we olde fartes were getting vaccinated by March - his strong leadership meant that what could have been an awful situation was avoided and we've opened back up. 

With pre-existing health conditions I would have NO problems wearing a mask around huggy/kissy people.  I belong to Orange Theory which is a high intensity training gym and I'm back and forth about wearing a mask because it's crowded and we're all huffing and puffing. My only pre-existing condition is age, but gyms are such germ factories.

Hopefully you'll be able to start back to playing a few gigs - take it a step at a time.  If you have symptoms with your second shot, don't worry about it, it's common.  I had bad flu symptoms for about 36 hours after the second shot then boom it was gone.  It just means your immune system is in good shape.