eBay

njsmirk · ‎07-08-2021

I've been with ebay for almost 10 years now. I have an above average rating and I've been very happy with everything. Now this Managed Payments has caused me for the first time , to consider closing my account. I don't know what transpired between ebay and paypal but I was happy with it and I

don't care for the idea of having my personal bank account wide open to ebay. There are too many changes going on with Our Government right now and this just feels like one more way of being manipulated into loosing all control . I'd like to know how others feel about this new policy. And if there are no other options I will definitely close out.

this*old*attic · ‎08-28-2021

You’re missing the fact that everyone was supposed to keep track of their costs vs gross and file taxes on their own.

PAYMENT PROCESSORS were required to generate paperwork for bigger sellers but that didn’t excuse small guys from paying taxing.

Strictly speaking you’re supposed to report yard sale profits.

this*old*attic · ‎08-28-2021

Um…. you’re supposed to declare income to social security.

If one doesn’t, that’s cheating same as avoiding taxes.

little*blackdog · ‎08-28-2021

I was skeptical too. This is what I did:

- Opened a new checking account, at a bank separate from my regular banking.

- Made sure the name on the new account matched the name on my eBay account. (That's real important.)

- Got a debit Visa to go with the new checking account.

- Gave eBay the new account information and the last 4 of my social security number, as they asked.

-Ended all ties between eBay and PayPal... have to go to your account settings to do that. Then you can still use PP for other things, not connected to eBay.

-Took eBay off PayPal on the other end of things. Gonna keep them very separate.

-Gave eBay the new Visa debit card number for my "backup" payment method.

Now the new checking account and the new debit card are a closed cycle that goes round and round and stays to itself. It has nothing to do with any of my other banking or accounts. Ebay has been depositing my sales proceeds in a timely manner, within a day or two of the sale, so it's all worked out okay. Every once in awhile I go to the bank and write a check for "cash" and take the money out. It's a little more inconvenient, but at least I'm not worried about eBay stealing from my other, main bank account.

dentalrprtek2012 · ‎08-28-2021

I opened a separate checking account just for eBay nothing in it but eBay sales if they give me a problem I will just close the account would never combine it with my personal or business accounts.

dentalrprtek2012 · ‎08-28-2021

Other selling sights.

dentalrprtek2012 · ‎08-28-2021

Certain people believe they have all the answers. Just move past it and you will also get some good responses. Good luck

femmefan1946 · ‎08-28-2021

@hero-for-hire

A full day where--if I am right--that $$ sits in an Ebay Bank Account and COLLECTS INTEREST!...; BEFORE, when I had PayPal handling things, I had my payment from a sale within one day of the transaction

Neither statement is exactly true.

It's much more complicated.

EBay does not (and cannot legally) collect interest on the money they collect.

This was also true of Paypal. The question came up circa 2002 when eBay forced sellers to abandon untrackable cash, cheque and money order payments and pushed us all into this newfangled Paypal which they had recently purchased.

Note that eBay until about five years ago owned PP outright and was making money on the fees they charged for payment processing (30c per transaction and from 2.9% to 4.4% on every payment).

Then eBay was forced to spin off PP and lost that income stream. Now they were paying another company to process payments.

Managed Payments basically moves eBay back to the status quo ante*.

And while PP would front most established sellers for their payments, new, occasional and questionable seller had their payments Held for up to 21 days against performance.

It was a good bet on PP's part.

It is possible that within a few years, Ayden/Managed Payments will be able to do the same.

Ayden, I understand, is the processor for etsy and has been for some time. I wonder if any etsy sellers here can tell us if their payments are being transferred any faster?

And in the realm of guesswork and spitballing --

We do have the choice of daily or weekly bank transfers (at no charge for the dailies) which might be an improvement over paying for quicker transfers with PP. I've never used that so I don't know.

And PP has already announced a rise in fees for September 2021(?).

There is also a newish something about non-refundable PP fees where the Seller makes a voluntary refund, but that's a situation that only comes up when the buyer is complaining (before Disputing).

*Welllll... sorta. They are undoubtedly paying Ayden for their services, but it would be a good bet that the fee is lowered.

dentalrprtek2012 · ‎08-28-2021

Don’t forget it takes them 2 to 3 days to pay a seller but as soon as one of their dishonest buyers makes a claim your money is frozen and they take the rest out of your account right away.

bearswatching · ‎08-28-2021

Other selling SIGHTS. This makes no sense. Can you clarify? Do you know what sights are? First thing that comes to mind are UFOs. As if the U.S. isn’t into enough trouble. Though, these past few days nothing makes sense. 😂😱

dentalrprtek2012 · ‎08-28-2021

Exactly

dentalrprtek2012 · ‎08-28-2021

Sites sorry not perfect

north40sales · ‎08-28-2021

@femmefan1946 wrote:
@hero-for-hire
A full day where--if I am right--that $$ sits in an Ebay Bank Account and COLLECTS INTEREST!...; BEFORE, when I had PayPal handling things, I had my payment from a sale within one day of the transaction

Neither statement is exactly true.
It's much more complicated.

EBay does not (and cannot legally) collect interest on the money they collect.
This was also true of Paypal. The question came up circa 2002 when eBay forced sellers to abandon untrackable cash, cheque and money order payments and pushed us all into this newfangled Paypal which they had recently purchased.
Note that eBay until about five years ago owned PP outright and was making money on the fees they charged for payment processing (30c per transaction and from 2.9% to 4.4% on every payment).

Then eBay was forced to spin off PP and lost that income stream. Now they were paying another company to process payments.

Managed Payments basically moves eBay back to the status quo ante*.

And while PP would front most established sellers for their payments, new, occasional and questionable seller had their payments Held for up to 21 days against performance.
It was a good bet on PP's part.
It is possible that within a few years, Ayden/Managed Payments will be able to do the same.

Ayden, I understand, is the processor for etsy and has been for some time. I wonder if any etsy sellers here can tell us if their payments are being transferred any faster?

And in the realm of guesswork and spitballing --
We do have the choice of daily or weekly bank transfers (at no charge for the dailies) which might be an improvement over paying for quicker transfers with PP. I've never used that so I don't know.
And PP has already announced a rise in fees for September 2021(?).
There is also a newish something about non-refundable PP fees where the Seller makes a voluntary refund, but that's a situation that only comes up when the buyer is complaining (before Disputing).

*Welllll... sorta. They are undoubtedly paying Ayden for their services, but it would be a good bet that the fee is lowered.

eBay's public release on this matter is a very carefully worded statement that identifies the three specific times that they do not earn interest.

Curious though, what law prevents eBay or any other company from earning money that they are in custody of that is sitting in a commercial interest bearing checking account?