PayPal Change

[Tundra]

PayPal Change FYI...
  I just sold motorcycle parts and paid shipping without receiving payment. I'm okay with that, I told him to pay me when you are pleased with your purchase. If not, you pay return shipping.
 
He agreed. All is good, he pays me via PayPal as I've done countless times before.

PayPal will not allow me to deposit the money into my PayPal account without "updating" my personal information including date of birth, full social security number/tax Id number and link my bank account number. Well, none of these options are viable for me. My PayPal account has previously been linked to my online purchase credit card only. PayPal has worked very well for me over the years, but this is the end. Goodbye PayPal

The outcome of this is good. I refunded the buyer in full, contacted him and asked him to pay by check.
He agreed without hesitation, standup guy and a pleasure to do business with

Just an FYI to those of you using PayPal.

[John Schmidt]

Doug, I got the same thing on mine so bye-bye Paypal. It's not so much that they will be reporting a total of $600 rec'd. over a year's time, for me it's wanting all that personal info that's none of their business and makes you more open to hacks. This practice includes venmo, velle, etc., any that operate in the same manner as Paypal to transfer funds between parties. For me, from now on if within 50 miles it's cash only and I'll meet you halfway. Farther than that, it's a bank draft or postal MO. Small postal MO's can be cashed at the post office.

[Tundra]

I agree John and I understand it's intent...people selling stuff and making a living not paying their fair share taxes. My problem is providing my most important and safeguarded personal information online. I don't care how safe they claim it is. I've had three fraud attempts/successes on my Discover card in two years, they also claim safe to be and private. Bottom line, nothing online is safe. Giving your social security and date of birth and bank account just escalates the possibilities to a whole new level. My decision may be my loss of convenience. I'm willing to accept that. Good news is, I've never once been disappointed with any member of any motorcycle forum regarding purchases/sales.
It's a new world in so many ways.

[OLDFRT]

I did away with PayPal about 10 years ago when they stopped handling payment for ANYTHING gun-related. If they can't support ALL of  MY CONSTITUTIONAL RIGHTS, then they won't be making any money off me. Intercourse them all!!!!!

[_Sheffjs_]

The walls are closing in on all sides and we have another online fail!  Thanks for the info.

[Thunderbolt]

I haven't sold anything this year but as I understand it the government thought they were missing out on an opportunity to double or triple tax things that you sell.  No matter that you already paid tax on it when you purchased the item.  So thanks Doug I think Paypal and Venmo etc. has effectively been put out of business by greed.  I did not know about the additional personal information they were requesting.
Here's an interesting link re the 1099k form. https://stepanchukcpa.com/paypal-changes-you-should-know-about/

[Bronxboy]

They want it all, every penny u make small or large! They will regret this move, as everyone will go back to cash.

[Farside]

They want it all, every penny u make small or large! They will regret this move, as everyone will go back to cash.

I believe so also Nick. I don't sale much mostly buying and used Paypal 90% of the time. Not anymore. Thanks for the heads up Tundra.