Justin Payne Posted November 18, 2020 Share Posted November 18, 2020 1 hour ago, CaptainCanadian said: This is disgusting. At what point will they eliminate cash? I guess I'll start accepting bitcoin as payment. Hopefully, Atari Tokens. ? 1 Quote Link to comment Share on other sites More sharing options...
+cvga Posted November 19, 2020 Share Posted November 19, 2020 On 11/13/2020 at 5:53 PM, Albert said: This is absolutely true, as a payment processor they need this information so they can submit this income data to the IRS if you go over the yearly threshold (you exceed $20,000 in payments and have more than 200 transactions during the year). You're not going to be able to avoid this if you are using any payment processor. I don't understand this on multiple levels. Income (earnings) and revenue (sales) are not the same thing. How do they know that we aren't selling items at a loss that would generate no income? I'm also not sure how eBay can view sellers as independent contractors. We're using their platform, we're not working for them nor did they contract us to provide a service. I'm glad I haven't sold all that much. I should send eBay a 1099 for the amount that I've purchased on their site. Quote Link to comment Share on other sites More sharing options...
+OLD CS1 Posted November 19, 2020 Share Posted November 19, 2020 10 hours ago, CaptainCanadian said: At what point will they eliminate cash? There are political reasons for cash to be eliminated, but also political reasons why cash cannot be eliminated. In 2017, I believe the number was just under half the population of developed nations still use only cash. This is generally due to poor credit, criminal history, and low socioeconomic status. Eliminating cash would incur disparate impact. 1 Quote Link to comment Share on other sites More sharing options...
+LS650 Posted November 19, 2020 Share Posted November 19, 2020 (edited) 12 minutes ago, OLD CS1 said: There are political reasons for cash to be eliminated, but also political reasons why cash cannot be eliminated. In 2017, I believe the number was just under half the population of developed nations still use only cash. This is generally due to poor credit, criminal history, and low socioeconomic status. Eliminating cash would incur disparate impact. During COVID, many small businesses here in Canada have put up signs asking that people pay with plastic, or even "cash not accepted". It got so bad that the Bank of Canada put out a statement asking businesses to start accepting cash, pointing out that many of the poor or homeless do not have bank accounts, and so cannot pay with electronic transaction. https://www.bankofcanada.ca/2020/05/bank-canada-asks-retailers-continue-accepting-cash/ Edited November 19, 2020 by ls650 Quote Link to comment Share on other sites More sharing options...
Justin Payne Posted November 19, 2020 Share Posted November 19, 2020 Just now, ls650 said: During COVID, many small businesses here in Canada have put up signs asking that people pay with plastic, or even "cash not accepted". It got so bad that the Bank of Canada put out a statement asking businesses to start accepting bash, pointing out that many of the poor or homeless do not have bank accounts, and so cannot pay with electronic transaction. https://www.bankofcanada.ca/2020/05/bank-canada-asks-retailers-continue-accepting-cash/ I was surprised to hear, at least in the US, that legal tender (AKA: cash) wasn't required to be taken by businesses even when COVID wasn't a thing. I guess there are safety concerns with using cash. This sort of reminds me of having a physical copy of a game and just having a digital copy. 1 Quote Link to comment Share on other sites More sharing options...
+OLD CS1 Posted November 19, 2020 Share Posted November 19, 2020 1 hour ago, Justin Payne said: I was surprised to hear, at least in the US, that legal tender (AKA: cash) wasn't required to be taken by businesses even when COVID wasn't a thing. I guess there are safety concerns with using cash. This sort of reminds me of having a physical copy of a game and just having a digital copy. Indeed. There are no laws which require the acceptance of cash. The statement, "this note is legal tender for all debts, public and private," is not compulsory. https://www.treasury.gov/resource-center/faqs/currency/pages/legal-tender.aspx 1 Quote Link to comment Share on other sites More sharing options...
+batari Posted November 19, 2020 Share Posted November 19, 2020 8 hours ago, cvga said: I don't understand this on multiple levels. Income (earnings) and revenue (sales) are not the same thing. How do they know that we aren't selling items at a loss that would generate no income? I'm also not sure how eBay can view sellers as independent contractors. We're using their platform, we're not working for them nor did they contract us to provide a service. I'm glad I haven't sold all that much. I should send eBay a 1099 for the amount that I've purchased on their site. A business or independent contractor only needs to pay tax on actual profit. The IRS doesn’t know how much of your 1099 is profit, so you use Schedule C to report it. Keep good records and save receipts and you’ll be able to prove what you report in taxes even if it’s an overall loss. I’ve reported a net loss on a business before with Schedule C and the IRS didn’t come beating down my door about it even though the loss ended up reducing my overall tax liability. 2 Quote Link to comment Share on other sites More sharing options...
+OLD CS1 Posted November 20, 2020 Share Posted November 20, 2020 18 hours ago, batari said: A business or independent contractor only needs to pay tax on actual profit. The IRS doesn’t know how much of your 1099 is profit, so you use Schedule C to report it. Keep good records and save receipts and you’ll be able to prove what you report in taxes even if it’s an overall loss. I’ve reported a net loss on a business before with Schedule C and the IRS didn’t come beating down my door about it even though the loss ended up reducing my overall tax liability. Yup. I have had several years in which my tax liability was zero. No IRS at my door. Just make sure you have your paperwork straight. 1 Quote Link to comment Share on other sites More sharing options...
Shawn Posted November 20, 2020 Share Posted November 20, 2020 23 hours ago, ls650 said: During COVID, many small businesses here in Canada have put up signs asking that people pay with plastic, or even "cash not accepted". It got so bad that the Bank of Canada put out a statement asking businesses to start accepting cash, pointing out that many of the poor or homeless do not have bank accounts, and so cannot pay with electronic transaction. https://www.bankofcanada.ca/2020/05/bank-canada-asks-retailers-continue-accepting-cash/ Not accepting cash is against Canadian law. Same thing as those businesses that say "we won't accept bills larger than $20" or $50 or whatever. They can't say that. Legal tender is just that. 1 Quote Link to comment Share on other sites More sharing options...
+LS650 Posted November 20, 2020 Share Posted November 20, 2020 33 minutes ago, Shawn said: Not accepting cash is against Canadian law. Same thing as those businesses that say "we won't accept bills larger than $20" or $50 or whatever. They can't say that. Legal tender is just that. They shouldn't say that, but they do. Quote Link to comment Share on other sites More sharing options...
+OLD CS1 Posted November 20, 2020 Share Posted November 20, 2020 18 hours ago, Shawn said: Not accepting cash is against Canadian law. Same thing as those businesses that say "we won't accept bills larger than $20" or $50 or whatever. They can't say that. Legal tender is just that. Interesting twist (emphasis mine): "The Bank of Canada says it's up to sellers to determine what kinds of payment they will accept for transactions, and there is "no law" that would require anyone to accept bank notes or any other form of payment for a commercial transaction. However, in certain circumstances, refusing to take cash in a store may actually violate provincial human rights codes. Michael Bryant, executive director of the Canadian Civil Liberties Association (CCLA), warns that a store's no-cash policy could inadvertently discriminate against seniors, people who are disabled, impoverished or people who just don't have credit or debit cards." https://www.cbc.ca/news/health/cash-coronavirus-questions-answered-1.5609691 This lends itself to my statement on why it is politically unpalatable to eliminate cash wholesale. 2 Quote Link to comment Share on other sites More sharing options...
Machine Posted December 15, 2020 Share Posted December 15, 2020 So is everyone opening a second checking account at another bank? I will not be linking my regular checking account since I sometime move money through it and do not want to put that account at risk. Guess I go down and see how much a checking account is gonna cost me a year.....ARGGGG! This is crazy, if I was only selling a few things, I would not even bother. I am guessing ebay is gonna loose a lot of smaller sellers. Unfortunately, after 15+ years of a hiatus of selling on Ebay, I started up again when Covid forced me indoors. What I don't understand is why they need your to allow them to pull money out? If they take all fees out before they even deposit the money, they shouldn't need to ever pull money out. I am guessing it is for when buyers dispute a purchase. What is weird is they are still allowing buyers to use Paypal, but sellers can eat a bag. ? 1 Quote Link to comment Share on other sites More sharing options...
Bratwurst Posted December 15, 2020 Share Posted December 15, 2020 18 minutes ago, Machine said: What I don't understand is why they need your to allow them to pull money out? If they take all fees out before they even deposit the money, they shouldn't need to ever pull money out. They still charge you the fees for the end of each monthly cycle. And yes they want to be able to claw anything back if there's a buyer dispute/refund involved. 1 Quote Link to comment Share on other sites More sharing options...
Goochman Posted December 15, 2020 Share Posted December 15, 2020 11 hours ago, Machine said: So is everyone opening a second checking account at another bank? I will not be linking my regular checking account since I sometime move money through it and do not want to put that account at risk. Guess I go down and see how much a checking account is gonna cost me a year.....ARGGGG! This is crazy, if I was only selling a few things, I would not even bother. I am guessing ebay is gonna loose a lot of smaller sellers. Unfortunately, after 15+ years of a hiatus of selling on Ebay, I started up again when Covid forced me indoors. What I don't understand is why they need your to allow them to pull money out? If they take all fees out before they even deposit the money, they shouldn't need to ever pull money out. I am guessing it is for when buyers dispute a purchase. What is weird is they are still allowing buyers to use Paypal, but sellers can eat a bag. ? Did that day 1 when ebay/paypal back then required it. I keep $20 in the account 1 Quote Link to comment Share on other sites More sharing options...
Machine Posted December 15, 2020 Share Posted December 15, 2020 1 hour ago, Goochman said: Did that day 1 when ebay/paypal back then required it. I keep $20 in the account So happy I have to jump through another hoop to give them my money. It's not the biggest hassle, but I really do not want yet another account to watch/track. So fun. Quote Link to comment Share on other sites More sharing options...
taxman Posted December 17, 2020 Share Posted December 17, 2020 I opened up a checking account at the credit union where I already had a couple loans and a savings account through. No monthly fees there. Quote Link to comment Share on other sites More sharing options...
Machine Posted December 17, 2020 Share Posted December 17, 2020 3 hours ago, taxman said: I opened up a checking account at the credit union where I already had a couple loans and a savings account through. No monthly fees there. Just did the same thing. I do not like how ebay wants you to ship the item before you even get the money in your bank account. 1 Quote Link to comment Share on other sites More sharing options...
Goochman Posted December 21, 2020 Share Posted December 21, 2020 I just pulled the few actions I had - looking at the new setup eBay wants a cut of the auction and payment fees - some examples they provide show 15%+ in fees. As a small time operator its ridiculous. Quote Link to comment Share on other sites More sharing options...
Machine Posted December 21, 2020 Share Posted December 21, 2020 25 minutes ago, Goochman said: I just pulled the few actions I had - looking at the new setup eBay wants a cut of the auction and payment fees - some examples they provide show 15%+ in fees. As a small time operator its ridiculous. Between Paypal and Ebay, the take at least 20% before all this.....I dont like not seeing the money in my account but they want us to ship before transfer. Quote Link to comment Share on other sites More sharing options...
Tanooki Posted December 22, 2020 Share Posted December 22, 2020 20% since when? I guess if something were so cheap it would chew into the margin closer/around that. 10%FVF on ebay, then 2.9%+29cents on PP. Usually they slice 15% off. When it stings are those like sub $10 items, then it hurts more because of the criminal FVF bullshit on the shipping. Have a $5 item, $3.50 shipping you're at 8.50 at 10% You lose .85cents off $5, and then PP takes another 50 cents or so whatever it is. You're like nearly $1.50 off a $5 item. Quote Link to comment Share on other sites More sharing options...
eightbit Posted January 14, 2021 Share Posted January 14, 2021 I have been in the dark on this until today. I never recall receiving any email from ebay, but today I received an email requesting my bank account information within 7 days otherwise my seller rights will be removed. I have had my account since 12/20/1998 and when it began I recall receiving money orders from customers (or checks) cashing them and then sending the item....boy have times changed. Well, I will tell you that there is no way in hell I am adding my personal bank account to ebay nor will I wait days for ebay to distribute to my bank and then days more for a money transfer to complete. And I suppose I am supposed to send the item out on my dime right away? I didn't read into it that far but I can imagine that is the case as they will not expect the buyer to wait what could be six days before the funds are in my account for me to ship their item. What about charge backs? I suppose my bank account will just be debited by ebay any time something like that happens? It looks like after 22+ years my selling days are over on ebay. I am not going to create another account just for them, sorry. 4 Quote Link to comment Share on other sites More sharing options...
carlsson Posted January 14, 2021 Share Posted January 14, 2021 FWIW, the Swedish auction site Tradera which is owned by eBay since a number of years ago (but still not converted into an eBay site, oddly enough) also are making changes. Over here we have no security worries about handing out bank account numbers to strangers, but Tradera have determined they don't have control over payments if the buyer and seller settle the business on their own so they're slowly discontinuing all forms of 3rd party payment solutions in favor of their own built-in payment methods which include a couple of ways to get paid at the expense of Tradera withholding the funds for up to 2 days, plus that they introduce the option for business sellers to offer invoicing and payment plans, meaning that customers may buy more stuff than they currently can afford. To my knowledge, over here you would explicitly have to acknowledge your bank for a foreign entity to be able to make withdraws from your account so filling in account and identity numbers are no big issues as long as you're certain that the auction site (e.g. eBay) won't try to use your bank account for money laundering by making deposits and then asking you to transfer it to another account, but the ways to remove 3rd party payment options in the name of added security and practicality sign that eventually they will introduce additional fees on using those as well. 1 Quote Link to comment Share on other sites More sharing options...
Mayhem Posted January 14, 2021 Share Posted January 14, 2021 None of this has been introduced yet to the UK or Europe, but I'm waiting for it. Making people think dealing with Paypal before was actually not so bad, at least you got your money immediately! I opened a new bank account just for Paypal years and years ago when they "forced" you into adding one to your profile, and to be honest, it has been useful when selling to then get money out of Paypal that I need to spend on non Paypal related matters. No way would I have ever added my main bank account though heh. So if I'm forced to add a bank account for eBay, it will be the same one as for Paypal. 3 Quote Link to comment Share on other sites More sharing options...
eightbit Posted January 16, 2021 Share Posted January 16, 2021 On 1/14/2021 at 7:02 AM, Mayhem said: Making people think dealing with Paypal before was actually not so bad, at least you got your money immediately! Exactly. Ebay is trying to place a spin on it with "no more Paypal fees!". Well, let ME decide if I want to use a particular service and absorb fees....especially considering it is MY stuff that I am selling and I should be able to decide how/where/when I get paid. Ebay however has decided that for me apparently. I guess the act of using their service gives them the right to dictate all of it, eh? I didn't mind the fees because I was paying that fee for the convenience of having the funds immediately. I could then use some of the funds to buy packing material....and I dunno....actually pay the shipping? I don't know about everyone else, but I typically do not have the upfront money to pay to ship an item first. I need that sellers payment (including shipping costs) to get the package out the door. I guess I am no longer one of Ebay's target sellers. 1 Quote Link to comment Share on other sites More sharing options...
taxman Posted January 16, 2021 Share Posted January 16, 2021 If you purchase shipping USPS shipping through ebay, that is the one thing they are willing to deduct from your pending funds. Quote Link to comment Share on other sites More sharing options...
Like us on Facebook
Follow us on Twitter
AtariAge on Instagram
Watch us on YouTube
Chat on Discord
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.