Ebay's LATEST SELLER Rules...Pros & Cons?

Discussion in 'Coin Chat' started by J.T. Parker, May 19, 2021.

  1. J.T. Parker

    J.T. Parker Well-Known Member

    Greetings Ladies & Gentlemen,
    I've bought & sold on eBay since 1998, and have adapted to a plethora of protocol changes.
    However, for me, this latest seller-payment-change is a bridge too far. I do not want eBay to have access to my bank account. I should think having my credit card would be enough.
    Do you now have to link up your bank account to be able to PAY for eBay purchases?
    Please feel free to discuss this turn of events as I always find the knowledgeable opinions from our members most enlightening.
    All The best,
    J.T.
     
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  3. potty dollar 1878

    potty dollar 1878 Well-Known Member

    Exactly why I'm a buyer and not a seller.
     
  4. baseball21

    baseball21 Well-Known Member

    Open a separate checking account and keep the minimum in it. Link that up. The real issue is that they hold your payments for a couple days instead of getting it instantly like with paypal
     
  5. ddddd

    ddddd Member

    Do as @baseball21 mentions and open a new account (likely best to pick one with no fees and a minimum balance). This is only needed if you are a seller. As a buyer, you can still pay with PayPal (or a number of other options).
     
    jafo50 and PamR like this.
  6. kanga

    kanga 65 Year Collector

    eBay hasn't caused me to change -- yet.
    I still operate through PayPal.
     
    PamR likes this.
  7. PamR

    PamR You Never Know! Supporter

    I seem to be commenting on a few things today, but working in banking for years in the past, scams were bad then by the reprinting of checks etc but now they technology is here, although many in the world today order online, I would not store any account numbers especially a debit card of your main accounts. So my opinion is do not store any card on eBay, Amazon, etc. On an order only the last four numbers pop up on an order, but people with technology knows how to get it. An example of that is our ATM at the bank would come up short each week. Few thousand a week. After investigations, a card was programmed to get out a number of bills rather than an amount. The funny part, in front of cameras every bank they hit. Duh! Y’all be safe.
     
    philologus_1 and Matthew Kruse like this.
  8. fretboard

    fretboard Defender of Old Coinage!

    I'm thinking they just haven't caught up to you yet but they may! :D
     
  9. sonlarson

    sonlarson World Silver Collector

    Who gets nailed if the buyer pays with a credit card and then disputes the charge with their bank instead of going through eBay?
     
  10. baseball21

    baseball21 Well-Known Member

    The seller will always be the one who has to pay for reversed charges
     
    PamR likes this.
  11. PamR

    PamR You Never Know! Supporter

    The bank has to eat the bulk of it. You just would dispute it.
     
  12. PamR

    PamR You Never Know! Supporter

    Bank has a trail.
     
  13. PamR

    PamR You Never Know! Supporter

    Not always. If it’s a legit transaction, shame on the bank and the buyer. Many know how to play the system. If you guy says no, it’s no. It is horrible what some can do.
     
  14. baseball21

    baseball21 Well-Known Member

    Depending on the situation it’s not guaranteed that the sellers will lose the dispute though generally it’s a very up hill battle. Once you lose though then you’ll be on the hook for the money. The bank may do like a one time small amount themselves if they kinda suspect fraud as a favor for a long time customer or something, but the seller is always on the hook for lost disputes

    The increase in fraud and rates is one of the things auction houses like Great Collections have really really benefited from driving a lot of coin business off eBay and to them. A lot of people have figured it’s better to just pay a little more in fees and let them worry about all that them get defrauded. It’s one thing if you’re selling T-shirts with huge margins to have to do deal with it it’s another selling coins that have small margins or high/higher value where you’d be out 100s of dollars or more as opposed to the 1.50 your tshirt cost to make
     
  15. Hiddendragon

    Hiddendragon World coin collector

    I might be in the minority but I don't see what the big deal is. I wasn't enthusiastic about the change but I did it anyway. It's pretty easy and I have fees coming from fewer different places now so it's easier to tell what I'm actually making. I guess saving my banking info doesn't bother me. I had to do the same to sell on Amazon and Paypal. Why is eBay different? I do have a separate bank account for it. More concerning for me is that next year the IRS has new reporting rules for online sales so that now anyone who sells over $600 in a calendar year has to report it. I don't know how this can be applied fairly so that you are only taxed on actual profits without being totally buried in paperwork.
     
    PamR likes this.
  16. PamR

    PamR You Never Know! Supporter

    In this day and time, no verification of who is on the other side. No signature etc. I understand what you are saying and especially now, the bank or “people” will not take the time to track. If I were you, the people that are legit will wait. Wait for funds to clear and then release the merchandise. Most people would understand.
     
  17. PamR

    PamR You Never Know! Supporter

    I just gave my opinion. In every aspect of life, fraud happens and unfortunately it will probably get worse. And yes you are correct. It’s better to pay a few more dollars for fees rather than losing your profits and the coin. Ty!
     
  18. dltsrq

    dltsrq Grumpy Old Man

    Your tax obligation isn't changing, only eBay's reporting.
     
    Last edited: May 20, 2021
    -jeffB likes this.
  19. charley

    charley Well-Known Member

    I never understood buying via eBay vs. a sound, trusted, proven numismatic knowledge 4 Star Dealer.

    Then again, I never understood the buying without viewing the coin in hand psyche.
     
    Petercoin and PamR like this.
  20. Beardigger

    Beardigger Well-Known Member

    Today is the day they are forcing me to move to managed payments. Not sure if I will continue to sell on eBay. If I do not switch, I can't sell anyway. My Paypal is connected to my Bank Account and I never had issues, since at one time eBay Owned Paypal, they have already had access to my Bank. I may open a new account at another bank just to use that. I'm thinking Wells Fargo to maybe facilitate my CRH addiction too!
     
    frech001 likes this.
  21. Mcpix

    Mcpix Member

    That’s what I did.
     
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