Ebay Managed Payments - Has anyone heard? Is it real?

anglinomics

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I got an email yesterday saying I had to sign up by the end of the year. They want your social security number and your bank account information. I called ebay support and they said it's real, but when I called my bank this morning they were skeptical. I do think it's valid, but maybe I've been fooled.

This change of going to managed payments has the proceeds of your sales going to your bank account rather than Paypal. They have also raised there fee structure so there won't be any big savings. They say that through your sales, you will be able to offer google pay, credit cards, and others, where before I was only offering paypal. Paypal is still accepted. The buyer can use paypal among others, but the seller won't have the money go to paypal, but their bank account. It is my thought that they want social security numbers so they can issue 1099 forms to the sellers.

Is this legit? Has anyone else been contacted? I saw a warning article about this that was from the paypal community. That had to do with the seller loosing paypal protection, so there are other negatives.
 

anglinomics

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Thanks for the replies. This email might not have been sent to everyone. I'm thinking it only went to sellers. And I think sellerss get a 1099 form if their sales are over $600 per year. That dollar amount is from my experience as a CPA, but I'm 16 years removed from that knowledge. Whether ebay can issue 1099's might be in question. Because you sell to multiple people. So the 1099 limit should apply to individual buyers, and not ebay sales as a whole. I have a help desk ticket open with ebay. For the time being I'm waiting to give out my information. Thanks. Dave
 

GotMelky

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I've already had to convert over on my account - yes it is real. I've been using it since August and it has good/bad to it - the real issue I have is that the money is no longer available via Paypal when I make sales. They cash you out once a day (or longer if you like) and so it takes a day or two before you actually have the money.

The upside is that they already take out your fees and you can pay for shipping with pending funds.
 

cjay101

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It’s legit, they’re planning on moving all sellers over by the end of the year. Not a huge fan of that idea, but waiting for my notification to arrive.
 
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