Managed Payments - Forget it

[the_boatwiser]

My family has 4 accounts and will not give out our banking info out so I hate to say it will be goodbye to ebay.  Our only hope is that there will be so many sellers like us that do not want ebay to have more of our personal information than they actually need they will revisit this managed payment nightmare.  If pipelines and government  agencies can get hacked how secure do you feel your banking info will be with ebay???  Think about it.

[drusalina]

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@bitseeker wrote:

Setting up a dedicated checking account for eBay use is the best solution. If you still feel that your deposits in the checking account are vulnerable to eBay access, periodically transfer the balance to a savings account that isn't connected to eBay.

If your new checking accounts are at the same bank as your other accounts, then they can get info on all your accounts.   Banks are just as vulnerable as eBay or anyplace else.   The less you have out there, the less chance you will get hacked. 

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[downunder-61]

Just FYI and for peace of mind:

The only time eBay was hacked > it happened in about February / March of 2014 Ebay was hacked.  The site was hacked.  The hackers were able to get the passwords on quite a few accounts.  However that is encrypted information and the hackers were never able to break the coding, so they never got to our more sensitive information.  So no one lost any financial info and Ebay did have some as sellers put in auto payment information for the Monthly Seller Invoice and some sellers had credit cards as a back up funding source.  But the Ebay security held up to this attack and sellers were no worse for the wear. 

[drusalina]

Half of my saved sellers are gone,  1/3 of my saved 60 searches are empty (the polaroid photo) when they all used to be filled with items.   The people that are saying this is all positive don't want to lose business (understandably) and that is why they will go along with MP and have no problem with it.  We are free to choose what we want to do.   

The small seller is leaving.  The ones who have small amounts of listings.  People who make handmade items aren't going to put up with eBay anymore and neither are others who are selling a few sports items, tools or parts.  It isn't worth the hassle. Especially because of all the changes that are  happening all at once. All the small sellers with unique items are gone or going and all that will be left is new current items.  Craft making items already are depleted in search.  I search for some all the time.  eBay won't be the same place IMHO. 

Shipping charges should have been negotiated by eBay with all the shippers to reduce the cost of shipping.  Because it is too expensive to sell and ship some of those unique items now.   With all of the changes happening at once the small seller won't put up with it. 

I am not even breaking even with shipping, costs and supplies.  So what is the point except to pass the time.  I'm losing money.  Sellers are Buyers, and Buyers are Sellers. 

eBay is mostly a proprietary site.   They don't promote your listings outside of eBay.  They don't want to pay Google for exposure.  So the less that is seen the less that will sell.   Don't use Google if you are searching for things.  Google only shows you what they want or have been paid to show you. 

Don't say eBay is too big to fail.  Tell that to Sears, Kmart, Circuit City, Pier One, Sports Authority,  Toy's R Us, Block Buster, and many more.  Wait for it. 

[kelekt]

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Especially because of all the changes that are  happening all at once. All the small sellers with unique items are gone or going and all that will be left is new current items.

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^^^^^^^^^

the world does NOT need another company promoting mass production and mass consumption of junky modern garbage that is imported from countries that pollute our world the most.

in a nutshell: Ebay = evil greedy pigs if they want this site to be mostly cheap modern junk since it's the most Environmentally-Detrimental  direction 

[kythrill]

They won't revisit managed payments.  No sense waiting on that.   E-Bay received upfront payments from Adyen to switch to managed payments.  To reverse that decision means they pay back tens of millions of dollars to Adyen.  I heard the bonus could have been as high as $250 million.

Further, their deal also includes E-Bay getting 5%  of Adyen's stock as a bonus, if by 2023, 100% of E-Bays transactions run through Adyen (100% managed pay by 2023).  There may have been an exclusion for China in that.

Currently Adyen is worth 51 billion euros, so E-Bay would lose 2.5 billion euros if they give up on Managed payments before 2023.  They would be giving away $3 billion USD.  Likely by 2023, Adyen could be worth $100 billion, so it might be $6 billion E-Bay would walk away from to give up on Managed Payments.

How many sellers to you think need to walk away to equal $6 billion in revenue?  You really think E-Bay is going to walk away from $3-$6 billion because YOU won't give them your bank account?  Or YOU and 10,000 of your friends?  Nope.  Managed Pay or Go Away is the new motto.

Go open a new bank account with $500 in it and keep plugging on with Managed Payments.  Limit your potential loss and move on...  

[kythrill]

Paypal was hacked once as well, while under E-Bay ownership.  So really, E-Bay was hacked twice.

But then one of the credit ratings agencies has been hacked, and they have all of your account info for everything.

My health insurance provider was hacked and some info stolen.  They have my bank account number for making direct deposits out of an HSA account.  

If you write me a physical check, I have your routing number, your account number,  your name, your address, and a copy of your signature.  And if I am smart when you give it to me, I'll get your phone number and drivers license number too.

So what piece of info does people think a hacker will steal from E-Bay, that you aren't voluntarily giving out each time you write a check?

Hackers could just hack the company that scans the digital images of checks that your online account lets you view.  Those scans are normally done by a 3rd party processor, and not by the bank themselves.

Let's be sensible, not irrational...

[kythrill]

If you want to see small sellers leave, wait until next year when anything you sell gets reported to the IRS as income, if you sell over $600 worth on the year.

Anyone not setup as a business by the start of 2022 is going to be DESTORYED IN 2023!  If you are not a business, and you take the standard deduction normally, you can't even legally deduct shipping fees or E-Bay fees from the amount you sell.  Those expenses fall under  the standard deduction.  You would have to itemize and then exceed the standard deduction to be able to deduct those from your total sale amount.

This means you pay income tax and self employment tax on the shipping people pay you and on the fees you pay E-bay!

So most small sellers are going to end up needing to pay self employment AND income tax on 100% of the value of their E-Bay sales.

If you are registered as a business and file a schedule C, you can deduct those fees, taxes, and shipping expenses from the total you sell, so your tax burden will be lower than a private seller who can't itemize above the standard deduction.

Most people don't realize this, and will be destroyed at the start of 2023 when they pay their 2022 taxes.  That will be the death of the small seller on E-Bay.  Everyone will be forced to become a business then, or get off E-Bay.

You are going to have a TON of people in trouble with the IRS starting in 2023, for their online sales activities.  ARMAGEDDON IS COMING!  Democrats brought it to your doorstep!

[veronicabooksandart]

You're missing the point. When Paypal said they'd had enough of this **bleep**, eBay had to pivot. eBay and Adyen | Trustly had to sit down and come to terms.
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eBay agreed to force you to waive professional secrecy rights and sneek Trustly in, as the designated bag man, with Power of Attorney rights to monetize your data.

So a hack to eBay or Adyen or Trustly is missing the point.

The Truth is Out There.

[drusalina]

It wasn't Pay Pal or eBay that had enough.  The reason Pay Pal separated from eBay was because of Activist Investor Carl Icahn.  So if you want to put the blame, put it in the right place.  

Here is an old article of when it started. 

https://www.newyorker.com/business/currency/ebay-paypal-broke#:~:text=Save%20this%20story%20for%20la....


An an old Community Post.

https://community.ebay.com/t5/Archive-Selling/It-s-official-Ebay-and-Paypal-to-split/td-p/22856993 

[sales_sales_sales_sales]

Your post is right on & factual. Be prepared to be attacked & bombarded by the Cheerleaders/Bots/Employees/brownie Point gatherers.

I dont understand how any seller leaving is a good thing when that means less people & items on the site.

Yes some will say less competition. Those same people dont say less buyers however.

[veronicabooksandart]

Not pertinent.

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Paypal, as a standalone company, would not renew the contract to process payments.

[drusalina]

You are going to have a TON of people in trouble with the IRS starting in 2023, for their online sales activities.  ARMAGEDDON IS COMING!  Democrats brought it to your doorstep!

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Not just eBay, either.  Amazon, all those Bloggers out there that use Ads to make income.  And eventually they will make all the selling sites, including Facebook, Craig's List and others produce 1099's. 

It will trickle down and hurt some Thrift Stores and Craft Stores because they won't be selling stuff for people to resell or make items to sell.  Cash will be King, until they take that away and it has already started with bitcoin.  Wait for it! 

[powell-memorabilia]

@sales_sales_sales_sales 

We need MORE sellers like you, less that sell USB Cords and dish towels.  Do a search for “amethyst necklace” and tell me that losing some sellers wouldn’t actually improve the buying experience.

[drusalina]

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@sales_sales_sales_sales wrote:

Your post is right on & factual. Be prepared to be attacked & bombarded by the Cheerleaders/Bots/Employees/brownie Point gatherers.

I don't understand how any seller leaving is a good thing when that means less people & items on the site.

Yes some will say less competition. Those same people dont say less buyers however.

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The attacks don't bother me.  I can usually come back with something to counter what they have said, but thanks for thinking of me.  

[drusalina]

And don't forget inflation which was at 4.2 percent yesterday the highest since 2008.  All those people who need extra money to put food on the table will have groceries, gas, and necessities increase.  The administration already rolled back by executive order,  the discounts for diabetes medication that the last admin did.    People are going to be hurting.