eBay is Booting PayPal for Sellers Now? WTF?

WhiteHawk

WhiteHawk

Club Member
Got this, and it appears to be legit. Not sure I like the idea of ebay putting money in and out of my checking account. I liked having PayPal as the middleman and keeping the money from sales in there. The only thing I can think is maybe getting a dedicated account somewhere and use it like PayPal. Seems like a pain in the butt though!

-Geoff

ebay.jpg
 
I would hate for Ebay to have their fingers in my account. I do like the way PayPal does act as a middleman. It has been around long enough that most trust it now.

Just my .02...grr
 
Hopefully PayPal will step up and turn the "PayPal Cash" account into a bank account that meets ebay requirements.

-Geoff
 
Fuck Paypal.

We have been on ebay managed payments since Feb. here at work. We were forced to move over. I was happy to do it once they started accepting payments for coins and bullion. We've had no problems so far. We decide when the payments automatically get deposited in our account.

Last April I sold a stamp collection off ebay. It was a little over 26k. The seller (me) has done 3 million in sales over the last 3 years with no problems or chargebacks other then the normal ebay returns. The buyer had even larger volume and money in purchases then I did. Paypal flagged the sale as suspicious. Nobody complained, not the seller or the buyer. Paypal demanded receipts for the purchase of the items sold and proof of delivery. We were getting it together to send to them when they permanently closed my account with the 26k in it plus another 14k I had in there from other unrelated sales. There is no appeal process for this.

At this time there was no other way to accept payments on ebay, the pandemic pushed back the roll out for managed payments. This closed my ebay store.

They sat on my 40k for 180 days to make sure the buyer didn't file a charge back.

During that time I had a ebay return. Someone supplied the wrong address for a $400 purchase. They refunded it, which is fine as the product got returned to me. That transaction reset the 180 days. So, paypal held my 40K for 8 months.



If I never have to deal with paypal again it will be too soon.
 
I've never been a big eBay user, I do once in a while, but been on there for about 20yrs. At some point it seemed they made it exclusive that you had to pay with paypal, I remember sending check to people before this change. Now another wrinkle...I've been selling items elsewhere and using paypal and it has worked out ok, but I'm not a baller like this guy selling millions a year.
To me it seems like they're hurting and just trying to flex...
 
Crap Andy, that sucks. Maybe this is actually a good thing then! It also explains what Ken was saying about getting a 1099 for every transaction - the bank will need to flag it as something as they account for the movement of money in general. Won't that screw you if you sell a $26,000 item and then get a 1099 though? Is there a way to flag it with sales tax or something to not get a 1099?

-Geoff
 
i stopped using ebay for sales of any kind years ago when they got greedy with all of their fee's. kept tacking on new ones what seemed like every month. finally had enough of giving them a bunch of money and closed my account.
 
I miss having my money basically the day after the seller pays, but other than that, managed payments have worked just fine for me.
 
WhiteHawk said:
Crap Andy, that sucks. Maybe this is actually a good thing then! It also explains what Ken was saying about getting a 1099 for every transaction - the bank will need to flag it as something as they account for the movement of money in general. Won't that screw you if you sell a $26,000 item and then get a 1099 though? Is there a way to flag it with sales tax or something to not get a 1099?

-Geoff
Click to expand...

This was my work account. Thats our accountants job....lol
 
WhiteHawk said:
Crap Andy, that sucks. Maybe this is actually a good thing then! It also explains what Ken was saying about getting a 1099 for every transaction - the bank will need to flag it as something as they account for the movement of money in general. Won't that screw you if you sell a $26,000 item and then get a 1099 though? Is there a way to flag it with sales tax or something to not get a 1099?

-Geoff
Click to expand...

Its 600 in a calendar year not a single transaction
 
Any credit car processor will issue a 1099k for the year if you have more than 200 transactions AND they total more than $20,000 for the year.
 
NBFRC said:
Any credit car processor will issue a 1099k for the year if you have more than 200 transactions AND they total more than $20,000 for the year.
Click to expand...

thats this year starting Jan 1 2021 its any form of electronic payment totaling 600.00 in a calendar year

Just like Obama removed the hobby clause biden removed the 20/200 threshold
 
moneypit said:
thats this year starting Jan 1 2021 its any form of electronic payment totaling 600.00 in a calendar year

Just like Obama removed the hobby clause biden removed the 20/200 threshold
Click to expand...

The removal of the threshold is for payments in 2022 to be reported in 2023 though, or at least that's how I read it. I've had a 1099 from paypal for the last couple of years. It's not too bad,I just keep records of my costs for everything.
 
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Wow, this is going to be a game changer for many, many folks!

I'm guessing a renewed interest in yard sales (cash sales) as
opposed to taxable internet sales making a big come-back.
 
4Gas$ said:
Wow, this is going to be a game changer for many, many folks!

I'm guessing a renewed interest in yard sales (cash sales) as
opposed to taxable internet sales making a big come-back.
Click to expand...

Hence the push by some for ending cash. 100% taxation coverage.
 
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