Done selling on eBay, they are demanding my social security number to sell
They are forcing everyone into what they call "Managed payments" that requires you to give them bank account information and your social security number. Looks like I'll be selling here from now on. I know I gave it to PayPal years ago so they have it, but I'm done giving it out. I called and the rep told me they are legally required to have it in order for me to sell. That is a load of crap.
Its not required. eBay wants social security numbers in order to be able to report sales to the IRS. The stuff you buy new will be depreciated so that selling creates a taxable gain. Or even better, if you can't document what was originally paid then the whole sale is taxable income. Then if you buy and sell more than a few times guess what? Now you're a business. You'll need to buy a license, keep records, pay taxes. Think I'm kidding? Its exactly what they've been doing with cars for years.
This is not a problem if you are a casual seller. I have been on the managed payment system now for sometime now and it is not a problem. eBay is weening it's sellers away from PayPal as the money taker. eBay takes all the payments from the buyer and keeps them in house. Buyer payments go directly from eBay to your bank account automatically. The rate is a bit less than it was when PayPal was in the loop. In addition, eBay accepts more forms of payments that PayPal did. I was skeptical at first, but is is working fine.
So, if I bought an amplifier in 1965 for $800, and sell it today for $2200, is there an adjustment for inflation caused by our socialized monetary system, thereby eliminating any gain in true value, or does the government get to steal that too?
It appears that all of the interweb transaction companies are being hounded by the I.R.S to comply with their new demands - this site included.
I closed my membership on this site because PP and Audiogon require defining one's self as a merchant, a business. I returned only because other sites for selling or buying good equipment suck - especially eBay. You cannot even list an item COD here because of the new stipulations. Ridiculous.
I just looked this up. It is currently available to limited sellers on an invitation only basis. They say they want the majority of sellers on managed payments by 2021. It is NOT a current requirement and I don’t know if it ever will be. If you are a high volume seller it might make sense as you will save a small percentage of fees. I don’t plan on signing up for this at all.
I was told by the eBay rep that they are eventually moving everyone to managed pay. Once you are migrated, PayPal will not be an option for you to accept payments on eBay. Not everyone at once, but the goal is to get it done over the course of this year. So sooner or later you will either agree to be migrated to this program or you will not be able to sell.
I guess I will eventually give in. In preparation, I opened a checking account to be used only for PayPal and eBay so they won't have access to my primary account.
Thank You for sharing this important information. It is going to be interesting to learn how eBay changes their payment option(s). Prior to the eBay/Paypal union, I used to pay sellers via postal money order. Never had an issue.
From another perspective, axeis1 complaining about eBay fees are like questioning the $10 sq ft rent in Los Angeles to the 75 cents sq ft rent in Clevland. LA can charge more because there are 10 million people in LA. Like it or not eBay has the traffic. My philosophy has always been I would rather make a fast nickel than a slow dime. That is why eBay is great for me since 1998. As a business owner, I’m focused on how much I sell per month not how much my rent is. And cash on pickup is still an option on eBay.
Ebay has long ago become unfriendly to transact with-difficult for sellers, who now seem to have become "suspect", complaining buyers, funds being escrowed, too many scammers. I stopped using it completely as it become too painful.
My issue with Ebay is that they do not disclose upfront as a seller your payment can be placed on a 21 day hold. Ebay is not releasing my payment on PayPal for 21 days because of the brand, they claim that Marantz has been prone to problems with the buying public. Although the buyer has left positive feedback they still want release the funds.
BTW, I thought Ebay owned Paypal." They did, however no longer. Their managed payment system has taken PayPal's place as the money collection vehicle for the seller. A buyer can still use PayPal, any credit card, Apple Pay and several other methods and then deposits it directly (in a few days) into your bank account. As an eBay buyer you can still use PayPal just as before.
Along with the hassles of eBay, were some of the customers themselves. It was my fault trying to sell a good product on a site that resembles a garage sale... at least that was how we might be treated by the buyers. 'What is your lowest price?" got old quick, since my items were selling nearly at cost to begin with. I have had better experience here and at US Audio Mart.
You can love or hate ebay but the fact remains they have a massive customer base to sell to. Just this weekend I sold two audio items within hours of listing and not at giveaway prices but fair to all pricing. These two items were also listed on USAM but not even a sniff there. Now yes , costs at ebay are obviously way higher total nearly 13% all in. But depends on whether you want to get your items sold fairly quickly or sit on them for xx amount of time?