Managed Payments on Ebay

[Desert Phone Guy]

I am a buyer and seller on ebay, and have been since 1997.  I have received a "directive" from ebay stating that I "have to sign up for managed payments by July 15, 2020"

Everything I have read from the ebay community posters indicate this is a bad move.  That is my interpretation as well.

Does anyone have any insight on this?  The requirements are providing a SSN and a bank account number. 

Thoughts, anyone?

chapped off ebayer in Arizona...

[Key2871]

I wouldn't do it. Too much can go wrong with giving that kind of information out.
I left eBay years ago because they insisted I signed up for PayPal, at that time I was told it was a bad move, so I left.

[.....]

Just another money grab by eBay. Being Canadian I quit using eBay to purchase anything from the US. eBay uses their Global Shipping to send items to Canada. It costs more for the buyer and then they do the duty grab as well. Keep your money to yourself, don't do it.

[Doug Rose]

Steve...I sold on eBay for almost 20 years, been gone 2.5 years when PayPal started sending a 1099 to the IRS.

My tax guy said, "you are not making any money!"

State taxes, Government taxes, eBay fees and PayPal fees, not to mention buying the item to sell.

Anytime your SS# is needed, that should be an alarm!

I buy on eBay and sell on CL, not without its challenges. On CL the money is mine, worth the emails and the no shows.

Just my humble opinion...Doug

[Key2871]

Well paying taxes on what little I did make is exactly why I left eBay. Because I knew once pay pal was in then the rest would cave.
And I agree with Doug, anytime you give out your SS number that's when things go wrong and you get stuck holding the bill. Bill, Not eBay.