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Dennis Leonhardi:

--- Quote from: George S on May 06, 2021, 05:52:08 PM ---By law, they have to have your SSN for managed payments. They are complying with U.S. Anti-money laundering regulations, specifically the Bank Secrecy Act and more specifically the Customer Identification Program requirement. All financial institutions (which include services beyond just banks) are required to identify and verify the identity of their customers. Part of that process involves obtaining your SSN.
Ebay is also required to have systems to protect your personal information, such as your SSN (this is called PCI Compliance). Those systems are independently audited at least annually, but breaches certainly do happen but less so than in the past. Breaches are usually at businesses that were storing your information when they didn’t need to be (and thus were not being audited for PCI compliance) – they should have relied on only the financial services party to have that info.

--- End quote ---

 y1

I've been selling on eBay for more than 20 years.  Fact is, my social security number - and yours -- are probably available to about a jillion parties with all the data breaches we've had.  And, yes, everybody and his brother is now or will soon be required to report about every penny they send you ...

I wasn't pleased when eBay announced their "Managed Payments" program, but truth is it's working out really seamlessly.

That said, I've told eBay many times and still maintain their "ethics" are best described as "Take the money and run!"  Until something better comes along though, I'll stick with them (and their clearly idiot programmers, who still can't manage problems I've screamed about for years).  Foreign buyers in particular greatly increase prices on many items I sell.

Dennis

Dan McEntee:
   I was thinking last night after first reading the original post that it sounded familiar, and I think this has been in motion for a long time. It is a way to tax everything that is sold on eBay and get at the people that do it recreationally for side money. Lots of people buy stuff cheap at yard sales and such, then resell on eBay. There have been many books written on how to do it. Some people make some serious money on the side and don't declare it on their taxes, and now they are closing that loop hole.  It's been funny watching all these hacked speeches Biden is try to give about making corporations "pay their fair share" when he's one of the biggest tax dodgers on the planet. I have read a couple of articles on how he and Dr. Jill have moved all sorts of assets off shore in advance of the tax hikes he's pushing. But you won't see that on the Lame Stream Media!!  eBay will probably go on as a high end type of market place where a lot more items and materials other than Green Box Noblers change hands. Just another example of the little guy getting trampled on
   Type at you later,
   Dan McEntee

Will Hinton:
I just opened some exotic musical instrument wood bought through eBay and did none of this stuff, also used Paypal for it.  ???

Will Hinton:
Aah, I understand now.  Well, I guess it's back to my previous wood suppliers and less choices for the exotic goodies.
Thanks for the info! H^^

Peter in Fairfax, VA:
Clarifying one point, both PayPal and eBay are required to obtain an SSN and issue a 1099-K if sales reach a certain level.  That level varies, and is set not only by the Feds, but also by states. 

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