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| kirkland | 02-01-2018 01:21 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
So seems like 'KYC checks' are what we'll need to go through. According to wikipedia:
KYC controls typically include the following: Quote:
[Collection and analysis of basic identity information such as Identity documents (referred to in US regulations and practice as a "Customer Identification Program" or CIP)
Name matching against lists of known parties (such as "politically exposed person" or PEP)
Determination of the customer's risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
Creation of an expectation of a customer's transactional behavior
Monitoring of a customer's transactions against expected behavior and recorded profile as well as that of the customer's peers
| Yuck... |
| austyn12x | 02-01-2018 01:24 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Quote:
Originally Posted by vidim
(Post 898450)
That has no bearing on what I wrote.
What will be interesting to see is what the fee will be when Adyen are the main payment proceessor for Ebay. Ebay are taking this company from relative obscurity to the heights, for some reason. I see no reason why they would let us sellers get off with paying less.
| We are ****ed. Paypal cost a extra .12 cents. Its already more money unless ebay gets a good deal from them. |
| empirestate | 02-01-2018 01:24 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
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| nodeal | 02-01-2018 01:25 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Quote:
Originally Posted by phaz0rz
(Post 898620)
| If I am to understand correctly, etsy uses Adyen as a payment processor, and they do not require document uploads. So while mandatory doc uploads may be a possibility, it doesn't seem likely if etsy is to be used as a reference for how eBay will operate. |
| J4G3D | 02-01-2018 01:41 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
This will have something to do with the new Open Banking regulations I think.
When they use the word 'open' it really means exactly that. Your finances will be easily obtained and monitored.
Its called becoming an Account Information Service Provider (AISP). They will hide the small print in a new User agreement but essentially, you will authorise them to gather ALL data from your bank/s. ALL your Direct Debit data. ALL you personal payment data. What, where and why.
The idea is that they can offer you competitive services that you will want. Like loans, PPI, insurance, pensions and what have you.
Either way this is NOT good news for us. Stealth will likely come to a end before we know it. |
| phaz0rz | 02-01-2018 01:46 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Quote:
Originally Posted by nodeal
(Post 898631)
If I am to understand correctly, etsy uses Adyen as a payment processor, and they do not require document uploads. So while mandatory doc uploads may be a possibility, it doesn't seem likely if etsy is to be used as a reference for how eBay will operate.
| It will probably be tiered like Paypal currently is. My oldest business PP made me sign a processing agreement directly with Visa/MC/Discover/AE once it passed a certain threshold in 2016.
Maybe we'll get lucky and they'll still let you sell up to 200/$20,000 without having to give any extra info. Idk.. |
| TPS2016 | 02-01-2018 01:49 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
i don't know if i'm missing something but I've read this as a good thing for those that are banned from paypal but NOT eBay... ?? I've never been suspended on eBay so i'm thinking with the new payment platform I can chose not to accept paypal and then receive payment via eBay. Also, whoever said that people will not drop paypal and move to the new platform,again my impression is that they won't have to? They would just pay via VISA if they want to or if paypal isn't an option, Adyen process payment to eBay .. eBay pay us... no? |
| nodeal | 02-01-2018 02:26 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Quote:
Originally Posted by phaz0rz
(Post 898641)
It will probably be tiered like Paypal currently is. My oldest business PP made me sign a processing agreement directly with Visa/MC/Discover/AE once it passed a certain threshold in 2016.
Maybe we'll get lucky and they'll still let you sell up to 200/$20,000 without having to give any extra info. Idk..
| 200/20k as annoying as it could be was a reasonable threshold to make sales and spread your business across multiple accounts. And if you built up sales volume slow and carefully enough, PP pretty much left you alone.
If this new system is going to slam you with Doc/SSN requests after your first few sales that will result in a big problem! |
| slokor | 02-01-2018 03:52 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Quote:
Originally Posted by nodeal
(Post 898653)
200/20k as annoying as it could be was a reasonable threshold to make sales and spread your business across multiple accounts. And if you built up sales volume slow and carefully enough, PP pretty much left you alone.
If this new system is going to slam you with Doc/SSN requests after your first few sales that will result in a big problem!
| Dont see that happening.
That will completely eliminate their small seller business. I dont know of a single person out there who wants to sell a bunch of used household items or anything else they own only to be slammed with a request for their SSN. No one in their right mind will accept that sort of treatment.
Besides like many already said - paypal is not going anywhere. It just wont be the default. Since ebay and paypal are still essentially one entity I dont see how paypal will ever be cut off from being at least one of the options available to buyers and sellers. |
| walkingupwards | 02-01-2018 04:01 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
This is all because of the arrogance of Paypal. PP people thought the company has become too big they don't need anyone's business no more. |
| nodeal | 02-01-2018 04:16 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Quote:
Originally Posted by slokor
(Post 898676)
Dont see that happening.
That will completely eliminate their small seller business. I dont know of a single person out there who wants to sell a bunch of used household items or anything else they own only to be slammed with a request for their SSN. No one in their right mind will accept that sort of treatment.
Besides like many already said - paypal is not going anywhere. It just wont be the default. Since ebay and paypal are still essentially one entity I dont see how paypal will ever be cut off from being at least one of the options available to buyers and sellers.
| I agree with your premise and happen to be of the same mindset - eBay has a nice niche with smaller sellers as much as we may sometimes feel they treat the "little guy" like crap sometimes. This would be a huge upset to their selling platform if they were to hit everyone with a docs request who wanted to sell. |
| Gladiator | 02-01-2018 04:27 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Adyen will not slam you with document requests. |
| phaz0rz | 02-01-2018 04:39 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Quote:
Originally Posted by slokor
(Post 898676)
I dont see how paypal will ever be cut off from being at least one of the options available to buyers and sellers.
| The email sent out to all accounts today says Paypal will be cutoff completely in 2023. |
| Gladiator | 02-01-2018 04:46 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Quote:
Originally Posted by phaz0rz
(Post 898693)
The email sent out to all accounts today says Paypal will be cutoff completely in 2023.
| Adyen will process the PayPal payments. That's how Etsy Payments works.
That said, several countries will not get eBay Payments and will still have stand alone PayPal due to licensing. |
| ace1977 | 02-01-2018 05:56 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
"time frame extended considerably"....oh yeah.
has anyone read a press release from Paypal? were they blind sided? |
| jackdanielsbtch | 02-01-2018 06:05 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Lot of speculation here, and everyone is thinking inside the box.
Paypal is not a bank. So when you add bank details, paypal can not see the name of the bank holder.
Adyen is a bank. https://www.adyen.com/blog/adyens-banking-license
One bank can see the banking details of another bank.
It's like if you have Electile Dysfunction. Someone walking down the street next to you (paypal) doesn't know if you have Electile Dysfunction or not.
Adyen is a bank, it's like another doctor at the same doctor's office, they can pull out your charts and see you have Electile Dysfunction.
So Adyen may not necessary ask you directly for a SSN. They will be able to see if the bank is a legit bank or a VBA. And if it's a legit bank they will be able to see the name and assume since it's a legit bank the bank itself has already asked you for the SSN. And they will put your name in data base and make you verify personal information "what is your mother's name" "what is the name of your high school" etc.
Difference is paypal just assumes your name on bank is the same as paypal, they have no way to verify. Adyen may not verify directly, but they can see the name on the bank etc. |
| Gladiator | 02-01-2018 06:09 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Christ sakes.....
They have a European License to do faster settlements, which can be as short as an hour in places like the UK.
They DO NOT have a US Banking License, ARE NOT a money transmitter (they actually run everything through JP MORGAN CHASE) and THEY DO NOT see the name on the bank account.
I have been doing Adyen stealth for TWO YEARS and have helped people on Etsy all over the WORLD to get around Adyen and not a damn thing that's being cried wolf over has ever come to pass. |
| e2free | 02-01-2018 06:34 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
at least no more paypal thats very good news |
| kittyamnezia | 02-01-2018 07:25 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
I see this as a good thing. Etsy is very easy to set up stealth with a new bank account it seems. No document checks when I set up my etsy, so I would presume Ayden will be doing the same thing for eBay. |
| Fallfromgrace | 02-01-2018 08:34 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Looking on bright side the UK will be last and doubt I'll have a ebay account then. |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Quote:
Originally Posted by Gladiator
(Post 898722)
Christ sakes.....
They have a European License to do faster settlements, which can be as short as an hour in places like the UK.
They DO NOT have a US Banking License, ARE NOT a money transmitter (they actually run everything through JP MORGAN CHASE) and THEY DO NOT see the name on the bank account.
I have been doing Adyen stealth for TWO YEARS and have helped people on Etsy all over the WORLD to get around Adyen and not a damn thing that's being cried wolf over has ever come to pass.
| Amazing Gladiator :thumb: |
| bjammin | 02-01-2018 08:51 PM |
Re: After 15 years, eBay plans to cut off PayPal as its main payments processor
Quote:
Originally Posted by jporter396
(Post 898395)
I'm very optimistic towards this. As the only risk and threat to my business is a PayPal getting limited for selling too much, maybe I logged in too fast, or looked at the PayPal logo the wrong way and boom funds held for half a year and I need to move on from both accounts. Hopefully now that threat would be gone if eBay goes the Amazon route and processes payments internally. Now eBay could do whatever the he'll they want with us just like PayPal can, but ill take my chances that eBay can't be much worse than paypal
| I thought everyone knew not to stare directly at it |
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