ebay's break up with Paypal and new payment method

[deadlyhandsome]

If the IRS thinks I’m running a business on ebay then I can show them that my purchases exceed my sales...can I deduct the difference as a business loss?

 

[jonbuilder]

No one has mentioned the requirement to get your social security number and the tax implications. I'm sure all sellers are following all the income tax rules with their ebay activity...

Paypal did request my SS last year

 

[broll22]

I have a feeling there was an anti-trust concern. eBay sold off paypal in 2015, but it stayed as integrated from pov of the buyer until recently, it seems. I've not tried selling anything on eBay yet.



I used to sell a few bits on ebay. Became more reluctant to do so when they moved from charging for the auction to gouging the final price. If it's as much hassle as it sounds now, it's not really worth it for me as somebody not in business. Course, I'm conforming to exactly what their aim has been for a number of years now in quitting selling on there, but I'm also buying much less on Ebay since it changed. It's often as cheap or cheaper to buy from Amazon. eBay did need to protect the buyer better, but always siding with the customer isn't so great if you're not a business selling high volumes of low-value units... I have a couple of grands' worth of guitars and amps to sell from my collection, stuff I've outgrown and it's time to move on so I can replace it with something else I like. I think I'm going to go with Reverb for that rather than eBay.

I have never sold on Reverb but have had great experience buying there. Hopefully it goes well for you, should you go that route!

 

[Edward]

I have never sold on Reverb but have had great experience buying there. Hopefully it goes well for you, should you go that route!

Thanks - always good to know people have a good experience of a platform. It does seem to be more common on there to see "buyer collects" listings (which seem the kiss of death on eBay); I'm very wary of posting something fragile like a guitar, and as I don't run a car delivery is not an option.

 

[jeepjeep13]

If you read the fine print, it states that eBay can take as much money out of your account as they want and you have no recourse to get the money back since you sign something saying you won’t take them to court. eBay is getting so much worse at helping sellers! I signed up for the new system because I was forced to and even though my money should be transferred into my bank account daily, it takes about a week for eBay to release funds and a few more days for it to appear in my account. Horrible system!!

 

[jonbuilder]

I have not linked my bank account with ebay and do not think I will. I have 8 listings and ebay will allow them to run to expiration. I have one regular customer and she gave me her email so I can sell direct. Paypal is linked through a credit card and I did have to supply them with my SS this year but not my bank. From what I read here and my experience with ebay, I will try another market and or course TFL classifies. Has anyone tried selling on other sites like etsy

 

[jonbuilder]

What I see is ebay has moved away from being a marketplace for individuals with something to sell like us who might sell a couple of jackets per year to an Amazon-like marketplace for retail sellers and the ebay business that sell on consignment. To increase the bottom line they are changing their business plan to match their client retail sellers. I wounder what larger seller who still handles individual items they source will do like

vintage-haberdashers

 

[BobHufford]

Do they think we believe that this is still how transactions are processed in 2021?

 

[PeterRocco]

has anybody completed a full transction as seller on ebay these days, after their new "managed payment" policy and the option to bypass paypal? i (had to) sign up and although i left paypal as one option, my just sold item was paid though i don't see the money anywhere. I think it's still in "processing" but ebay is already asking me to ship, i normally wouldn't ship until i know the money is there.

Hi
Just happened to me I sold two items one went to PayPal the other on hold till I sign up for the money to go into my checking account. I don't want to give that routing number out or my account number. It's for $75.00. Called and got no where. They said if I want my money I have to Sign up with my checking. I'm screwed.

 

[deadlyhandsome]

I’m a careful person with my confidential and financial information, but I also remember sending and receiving postal money orders for eBay purchases and sales. Progress usually comes with costs along with benefits.

I do like the new system and it seems to work without issue for me so far. I’m a small-time seller and it’s been painless for me. Yes, it’s always a concern when you giving anyone account numbers, dates of birth, or SSNs, but this is where the world is. I personally like how eBay is currently working, I like it better than how it was a year ago. Now if only there were more vintage hats for sale in my size.

 

[Frunobulax]

I’m a careful person with my confidential and financial information, but I also remember sending and receiving postal money orders for eBay purchases and sales. Progress usually comes with costs along with benefits.

I do like the new system and it seems to work without issue for me so far. I’m a small-time seller and it’s been painless for me. Yes, it’s always a concern when you giving anyone account numbers, dates of birth, or SSNs, but this is where the world is. I personally like how eBay is currently working, I like it better than how it was a year ago. Now if only there were more vintage hats for sale in my size.

I don't know why they ask; hell, they probably already know.

 

[oneterrifichog]

I set it up in December and sold a few things since then and even though the money comes in after I usually have shipped it has worked out well. The ebay charges are out when you receive the money so no surprise charges from ebay at the end of the month which frankly works out well. I did send them my SS# and routing# for my ebay bank account which is totally separate from anything else so no real issue for me personally there. I don't sell enough to put me over the top for income tax issues since I am retired so screw that. Frankly for Hobby selling like jackets and pocketknives it really hasn't been a big deal. The only issue is shipping cost which comes out immediately in my ebay bank account so I have to be aware there but really that's no big deal.

 

[AerGuitar]

I’ve actually had a few transactions since I last posted in this thread, and so far it seems to be working well. I haven’t had any sales over $200 yet, and hoping that when I sell a higher ticket item, it’ll go off without a hitch. I do miss the money hitting PayPal immediately. Seems like the money is hitting about 4 days after a paid sale. In the meantime, I’ve got a couple of very pricey guitars to list, and just a bit gun shy still.

 

[jonbuilder]

Paypal is was my slush fund for jackets and the occasional hat or cowboy boots, what the wife does not see I do no need to explain. With eBay's new through the bank pay put system she sees everything I am doing.

 

[Pandemic]

Paypal is was my slush fund for jackets and the occasional hat or cowboy boots, what the wife does not see I do no need to explain. With eBay's new through the bank pay put system she sees everything I am doing.

EXACTLY! And I can justify new purchases like a Field Leathers jacket with "oh, it's just something I picked up cheap with a little money I had sitting in my PayPal account".

 

[Yamahana]

Paypal is was my slush fund for jackets and the occasional hat or cowboy boots, what the wife does not see I do no need to explain. With eBay's new through the bank pay put system she sees everything I am doing.

I completely relate and resemble this comment

 

[AerGuitar]

^^^Hmmmm.. I feel your pain.. makes me wonder who’s really behind the new payment structure with ebay... Lounger wives??

 

[jonbuilder]

I think I am going to bite the bullet and sign up with the new eBay payment system. I plan to open a new checking account at my bank for the purpose of receiving funds from eBay, I will keep a small balance and transfer funds out as they come in into my household checking account. This way eBay is limited to how much of my money they have access to. I check Esty and they require linking o a bank account.

 

[Rabbit]

eBay Germany has started the same process as well. Apparently big changes like that are first implemented on ebay.com, then the other domains. Business sellers first, then private sellers.

Independent sources seem to agree that it's best to wait until you as a private seller receive the second email from eBay. The first one merely invites you to sign up for the new system. The second one states an actual date until which you need to switch to the new system.

There may elapse a year or longer between these two messages. For example, eBay Germany is expected (by outside sources) to finish the transition by the end of 2022 or thereabouts.

As long as the transition of all domains isn't complete, using domains other than your own (where your account is registered) may not work for every seller. For example, listing on ebay UK as a German seller may not work for a while.

 

[jpk_NJ]

Just ran into an odd issue and curious if any loungers have experienced this. I bid on / won an item, attempted to pay for it numerous times, but eBay keeps reversing the payment. So I’ll see a $200 debit and then a $200 credit. Tried via credit card, then PayPal, all the same result...