mam98031 • Volunteer Community Member • Buyer/Seller since 1999
What you are referring to as your "recovery time" had nothing to do with me. I realize you believe it did, but it didn't.
Yes I've read some posters stating the same thing about Mercari. I don't know if it is accurate or not as Mercari's published policies do not say that and it isn't a site I sell on, so I just don't know what their applied policy is, just their published one which says SSNs are required.
With that said, IF that is how they apply the policy they will have to change it in short order as more and more states are requiring SSNs at much lower $$ values than IRS does. Some as low as $600. So if this is the unwritten rule of Mercari, it is highly likely already changed.
Etsy would also have to change because they would need a full SSN to issue 1099Ks. So if they aren't collecting them now, they will need to fix that at least in the states requiring the lower $$ valued 1099Ks.
@veronicabooksandart wrote:"For the full year, we expect eBay's revenue to decline from $10.8 billion in 2019 to $9.7 billion in 2020." - Forbes Jun 24, 2020
Forbes got it right. Amazon had record GMV of $490B. All other online marketplaces grew in 2020.
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Remarkably profitable however; eBay that is.
IDK if this helps you or not.
https://www.macrotrends.net/stocks/charts/EBAY/ebay/revenue
https://www.statista.com/statistics/507881/ebays-annual-net-revenue/
I don't compare Amazon and Ebay as they are two completely different types of sites IMHO.
@veronicabooksandart wrote:But why give it to any - marketplace - when only the payment processor requires it?
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That's just messy.
Most sellers can't qualify have or be their own merchant account because they are too small. That is why money processors were born. Ebay use to allow seller that were large enough to have their own merchant accounts so they could process their own CC payments, but they changed that a couple years ago.
So for seller's like me, without a money processor, I would not be able to accept electronic payments.
@veronicabooksandart wrote:It does look like eBay grew YOY in 2020...
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I forgot all the MP escheatment monies bound for State coffers.
MP had NOTHING to do with Ebay's growth and profits in 2020, the pandemic did. All those people at home looking for supplies and stuff they needed. Many sellers are still seeing the boost in sales due to the pandemic.
There weren't but a small amount of seller in MP in 2020. Mid summer it was about 45,000 sellers and by year end it was about 1 million out of 27+ million sellers.
@direwolf wrote:
"When you register for MP they ask you for three things initially, your SSN, bank routing number and your checking account number."
I provided them. Then two days later they asked for more information - information which is not required to initiate a bank transfer.
"So YES Ebay gets to set the rules for their site. That doesn't constitute a monopoly it only means that this is their site and they have every right to set the rules within the laws of the USA. "
Of course setting rules doesn't constitute a monopoly. Owning the overwhelming majority of the online auction marketspace is what constitutes a monopoly. And YES, exploiting that monopoly to the detriment of the consumer and the free market violate the anti-trust laws of the USA.
"In MP it takes them 1-2 days to process a payment. "
Seven days and counting.
"Then on the next available BUSINESS day"
The idea of a BUSINESS day is ludicrous when all the processing is done by machines which operate 24/7, even more so when we're talking about a global business. It's not Sunday at the same time everywhere in the world, nor is Sunday a non-BUSINESS day everywhere in the world. Yet ebay manages to do business in all of them, moreover they can process an incoming transaction nearly instantaneously, while an outgoing one takes seven days.
"All of the similar sites"
Please list all of the online auction sites which have market shares similar to ebay, and explain why you do business on ebay instead.
'Because you don't like something doesn't make it a "scam". '
Of course not. What makes it a scam is the dishonesty and blatant disregard for consumer protection laws.
ebay maintains a huge, interest-bearing account into which it funnels all of its ill-gotten gains. The longer *your* money stays in that account, the more interest they pocket. They're already price-gouging you, nickel-and-diming is adding insult to injury. I have a hard time understanding why anyone would put up with a multi-billion dollar corporation cheating them out of pennies, *defending* them is utterly incomprehensible.
"When you register for MP they ask you for three things initially, your SSN, bank routing number and your checking account number."
I provided them. Then two days later they asked for more information - information which is not required to initiate a bank transfer.
"So YES Ebay gets to set the rules for their site. That doesn't constitute a monopoly it only means that this is their site and they have every right to set the rules within the laws of the USA. "
Of course setting rules doesn't constitute a monopoly. Owning the overwhelming majority of the online auction marketspace is what constitutes a monopoly. And YES, exploiting that monopoly to the detriment of the consumer and the free market violate the anti-trust laws of the USA.
"In MP it takes them 1-2 days to process a payment. "
Seven days and counting.
"Then on the next available BUSINESS day"
The idea of a BUSINESS day is ludicrous when all the processing is done by machines which operate 24/7, even more so when we're talking about a global business. It's not Sunday at the same time everywhere in the world, nor is Sunday a non-BUSINESS day everywhere in the world. Yet ebay manages to do business in all of them, moreover they can process an incoming transaction nearly instantaneously, while an outgoing one takes seven days.
"All of the similar sites"
Please list all of the online auction sites which have market shares similar to ebay, and explain why you do business on ebay instead.
'Because you don't like something doesn't make it a "scam". '
Of course not. What makes it a scam is the dishonesty and blatant disregard for consumer protection laws.
ebay maintains a huge, interest-bearing account into which it funnels all of its ill-gotten gains. The longer *your* money stays in that account, the more interest they pocket. They're already price-gouging you, nickel-and-diming is adding insult to injury. I have a hard time understanding why anyone would put up with a multi-billion dollar corporation cheating them out of pennies, *defending* them is utterly incomprehensible.
Yes if there is some issue with the information you provided, then they will ask for more information. If your name registered on Ebay didn't PERFECTLY match the checking account you attached is the most common issue. There can't be any difference. Same with your address, they must match too.
Ebay isn't a monopoly as there are all kinds of other sites out there to sell your stuff on if you want. Implementing their own payment processing program doesn't create a monopoly either just as it didn't on Etsy, Amazon, Mercari, Offerup, Poshmark or any of the other sites that have their own payment programs.
Auctions are not as popular as they once were, which is why other sites have dropped them. There has been a bit extra interest in them during the pandemic but before that, only a few categories even had success with them anymore. Over 80% of Ebay's listings are fixed price because it is what buyers prefer. You also asked about other similar auction sites. I'm not aware of any, but there may be some that are category specific that I have never heard of because I have never had a need for them.
In MP it takes 1-2 days to clear a payment. Once that happens it then moves from Pending Payout to Available. On the next available Business day, for those using Daily Deposits, the money should transfer to your bank account. That will take 1-4 days to arrive.
I do Weekly deposits. So every Tuesday morning my money transfers. It is in my bank before noon on Wednesday. I do bank with a major bank. For others using smaller more local banks it may take longer.
When a buyer submits a payment to a seller, you are assured you will get the payment through the process I outlined above. Buyers have no ability to cancel, withdraw, change or otherwise fools with a payment once it is submitted. The can't do it with PP and they can't do it with MP. So you will receive the payment.
Ebay has made all the information I've shared available in the policies pages. One just needs to take the time to read them. They aren't hiding anything from you and they do explain how MP works. It is that most of us [yes me too] would like to see it work differently. That however doesn't mean they are hiding anything, it simply means we don't like how it is currently designed to work.
@direwolf wrote:"Ebay can "dictate terms" because they own the site."
No, ebay *believes* they can dictate terms because they own the overwhelming majority of the online auction site marketspace. The FTC has a different view of such things.
No. All similar sites to Ebay have their own money processing programs to include Amazon. And they have had it for years. Ebay is the last of the bigger sites to even adopt their own, so they are a bit late to the party. If the FTC has a problem with Ebay having their own MP, then seem logical they would be going after all the other sites that have their own too. Are they doing that?
@direwolf wrote:In the beginning, ebay used to allow sellers to accept any form of payment - personal checks, bottle caps, whatever worked.
But of course, that meant ebay didn't get their grubby little fingers on all that beautiful money.
Actually the history is a bit different than that.
In the beginning, electronic payments weren't a thing. So you are correct, it was all done by snail mail.
Then electronic payments were more main stream and Ebay developed their own system. They did not make it mandatory at the time, but it failed anyway. Then they bought PP and shortly thereafter made PP mandatory on Ebay. There was just as much bickering and fighting on the threads then as there is now about MP.
Many were sure it was illegal and no way they were going to participate. Some of them left Ebay because of it too. They wanted nothing to do with this craziness of electronic payments.
Ebay is a for profit company that does not make the greedy as many like to call them. Besides sellers are here to make a profit, so I guess we are all greedy then.
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