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Goodbye eBay and PayPal
shaf2b
Posts: 31 ✭✭
After 5 years of selling coins and a cumulative >$280,000 worth of sales, experienced the dreaded chargeback after a buyer account got hacked. Zero seller support from eBay and PayPal. Lost a fine 2014 American gold buffalo MS70 in the process. Most of my coin sales were no reserve, few remaining sellers offer coin collectors this option. Wonder how many sellers have ditched eBay because of this. Also, any suggestions on alternative selling sites welcome. At the moment considering Great Collections and Legend for high end coins.
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16 years on Ebay and I just sent my largest consignment to Great Collections.
I'll continue to hold a presence on Ebay but it is a fraction of the past business.
I quit selling 1 oz gold bullion on eBay after I figured out that seemed to be a hot spot for problems at least for me.
However PayPal had my back all 3 times.
Www.killermarbles.com
Www.suncitycoin.com
that happened to me once about 15 years ago, I was lucky and intercepted the package before it got delivered. recovered my package, was sweating it out though. not many places out there that get the looks e bay does, and fees are not bad if you have a store. you will be paying more where ever you go
Have sold with Great Collections. My only complaint with GC is that their photo skills are rather lacking. You want to sell coins? You need great photos that represent the coins.
I am going with Ebay for this last sales push because my photos are much better and the sellers fee are a bit lower doing it on my own. I have paid for the Ebay store plan, am unloading the last of my coins and then I am forever done with Ebay both selling and buying.
Buying coins off Ebay now is like using a $100 bill to light your cigars.
$280,000 in 5 years is less than a pinprick on the butt of the eBay elephant.
They won't notice.
Items over $1000 are about a wash on GC. Plus I can feature them for a nominal fee.
I always wait for the $10 final value fee on any value promo when I sell my high end coins
Please explain this more clearly.
Really sorry about you loosing the gold coin. Can I guess that was the charge back? I myself experienced one of those “charge backs “. By Pay Pal. They hacked into my PayPal account and “ATTEMPTED” to take the money!
But my PayPal account had a Zero Balance. So I was able to STOP 🛑 that attempted try. Ohhh but of course they claimed they could But no money to be taken. It was a PayPal Standoff.
But to get hacked by an EBay hacker that sucks. Never had that happen before. Very sorry you had to go through that. Other than the 10% + 3% fees I still use EBay. But I learned to keep a zero balance in my PayPal account then I controlled When and IF I REPAY ANY MONIES DUE. So far I have been lucky. Sounds like the Hack job was the killer in your case. Very Sorry.
Hmmmm, Did you get signature confirmation of the delivery. If so you should be covered by the seller protection.
Thanks for all the good feedback and suggestions. Correct - 1oz gold tends to be the category where I have had most issues. This one was an elaborate hoax that asked me to ship the coin to Japan. Should have trusted my gut instinct. Definitely partially my fault, but eBay takes no liability for its platform being easily hacked by fraudsters.
The only way I would ship something of that value out of the country is through ebay's global shipping program. Once it arrives in Kentucky the liability becomes ebays!
Sounds like you did not follow Paypal and ebay rules as to shipping to the registered address and instead shipped to a Japan address that was not the official address. Yes, you're at fault.
I've been on ebay since 2000 and still use them. But, to be fair I also use GC from time to time and our BST as well.
Sorry for you lapse of judgement, it cost you.
bob
I had some attempted chargebacks on ebay sales like that; but they backed me up.
You can always try the BST, small number of buyers but it is free.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
This is sort of disheartening because I have my very first attempt at selling on Ebay ending tonight. 😳
I very rarely sell any of my coins.
I have sold a few on the BST and a few to some dealers.
Mixed results.
Pretty sure GC is not the place to sell my widgets although I buy from them all the time.
I decided to give Ebay a whirl for the rare occasions that I feel like selling something.
We'll see how it goes.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Curious minds want to see, got a link?
bob
Eh...don't want to spam this thread but if you wander over to the BST there's a post. 😉
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
EBay isn't difficult to sell on, but you have to follow their rules/ their instructions. Period.
EBay gets lots and lots of eyeballs. If your price is realistic, it will sell.
If your price is only slightly absurd, it will still probably sell.
As a seller of coins, you can't choose to boycott eBay in a way that will hurt them.
It isn't about hurting Ebay, but to stop hurting yourself.
@ARCO Learning not to ship to anywhere besides a PayPal registered address is a no-brainer, if PayPal is involved.
DOH!
Follow the rules and instructions.
Kinder-garden stuff.
I take it you don't like the ebay Global Shipping program! Try insuring a 1 or 2 thousand dollar coin through other methods(if you can even get insurance) and then compare it to eBay's rates. I think you might be a bit surprised!
Edit to add...I have used it many,many times and it has always worked for me. I sent a $2,000+ Flying Eagle Cent to Malaysia this way as a point of reference!
GC charges a 10% buyers fee on coins that hammer for over $1000. Compares to my cost of 8.5% (discounted) Ebay/Paypal fee. Factor in the $28 monthly Ebay store fee and the numbers are very close. $3 listng cost is incidental.
Ebay used to offer a feature option for $20 which i often succesfully used on higher dollar coins. That option is gone though they now have a "promote" feature which i believe costs 5% or more. GC lets me feature a coin for $10.
I just sent them an unusual 1796 quarter...so keep your eyes open.
Don't believe I have received anything like that in a decade. Did get a discounted rate as a one off about 6 months ago though.
I'm not the problem here. Quite a big fan of eBay. Figuratively and literally.
I sell over $150k pet year on ebay. All PayPal payments. No problems. But you need to follow the rules
I was referring to the LOL you gave me. Of course if you are referring to shipping out of the country to the wrong paypal address I understand.
@amwldcoin I was laughing at the reference to Kentucky.
Trying not to jinx myself but...
I've sold hundreds of $20 gold /$10 Indians over the years on E-Bay.
Have small problems popped up? Yes.
1) 2 coins were returned as buyers didn't like the coins.
2)Tracking showed coin arrive in China. Coin was shipped to Chicago and buyer indicated he received the coin.
Problem .. I pay Paypal 3% + I pay PO $25/coin (all shipments go registered). so a $1400 coin has $67 in fees. Adding in $70 from E-Bay and I'm at $137 in costs. I need to be at $90 max so I need the E-Bay promos.
I assume the large dealers pay $7 to ship? A substantial discount to E-bay and Paypal?
I can't compete without a promo and I'm more than willing to hold off until I receive one.
New problem is that on a return the Paypal fees are no longer refunded. On a $1500 coin that is $45 plus two way shipping.
Thanks for all your replies. Anyone tried Bonanza or USA coinbook?
Most, if not all, ebay/paypal "hacks" are the fault of the account holder who logged into their account from a scammer's link in their email.
Rampant currency debasement will be the most important investment trend of this decade, and it will devastate most people.
- Nick Giambruno Buy dollar insurance now, because the policy will cost more as the dollar becomes worth less.
A setting on eBay is that you can block buyers with a low feedback score from making purchases. Or there used to be. Not helpful with an established account with high feedback getting hacked, but it filters out a LOT of scammers with new accounts and low numbers of feedback.
http://www.pcgs.com/SetRegistry/publishedset.aspx?s=142753
https://www.autismforums.com/media/albums/acrylic-colors-by-rocco.291/
I’d be very careful with Great Collections is you’re selling without reserve. They have a fraction of the eyeballs compared to eBay, at least at this point. Nothing against GC, they just aren’t quite there yet.
Dave
That is simply not true. Most hacks on any website are a result of large databases of hacked usernames and passwords being bought and sold. Typically on the dark web.
Choice Numismatics www.ChoiceCoin.com
CN eBay
All of my collection is in a safe deposit box!
Why isn't PayPal covering this? What happened to the so called "seller protection?" That was purportedly how they justified their high fees compared to other payment processors.
Edited: Did you not send to the registered/verified address?
And how do you think those usernames and passwords in the large databases were acquired? In most instances the account owners unknowingly provided them via phishing emails.
Rampant currency debasement will be the most important investment trend of this decade, and it will devastate most people.
- Nick Giambruno Buy dollar insurance now, because the policy will cost more as the dollar becomes worth less.
Because the OP apparently sent it to a different address overseas. This is not a PayPal/eBay problem, it's an OP problem.
Somebody got a "ripper" off a dealer?
No sympathy.
My Saint Set
I sell on ebay daily, stuff just doesn't sell locally. I set up at our annual show yesterday, saved a bunch of stuff to sell, and although I did sell close to 4k yesterday, it was all bullion related material, which I don't sell on ebay usually anyway. I priced everything at sheet or close to it, and less than 200 bucks of sales were collector coins.
20+ years on ebay. Follow rules, make money. 100K+ a year.
Both ebay and paypal have covered my back.
Easy peasy.
Huh?
You are siding with a thief?
Your anti-dealer sentiment itself is disappointing but not uncommon. But are you actually supporting outright theft?
smh
Search "red flags." And no, ebay ain't gonna paint 'em red for you.
Rampant currency debasement will be the most important investment trend of this decade, and it will devastate most people.
- Nick Giambruno Buy dollar insurance now, because the policy will cost more as the dollar becomes worth less.
I get those eBay promos where final value fee is capped at "x" dollars. Problem is that a lot of times the promo excludes listings under "Coins & Paper Money". Do others get eBay promos that include that category? Or do you list it under a different category to take advantage of the promo?
The coins I've put on eBay are ones I am thankful to be rid of. Ditto GC.....almost.
It's taught me that I QUIT the coin bizz in 2003 and am now a ....collector.
It's also made me triple check EVERY purchase to be sure I'm buying a "keeper."
Disgust with that, utter disgust.
Ebay loves us and wants to eat our children.
First off, I admire your business practice of sourcing relatively inexpensive items and working on a substantial margin on Ebay. I never figured out how to do that and from the get go sold higher ticket items with short margins that got eaten alive by the dramatic increase in Ebay and Paypal fees plus the draconian return requirements virtually demanded. I sold a high volume of $20 golds on the site when the fee was 2% on a $2000 sale. At 5.65% it is impossible unless you are getting the Apmex sweetheart deal.
My historic return rate is 1.5%. 90% of sales have been PCGS and NGC holdered coins. rest have been Anacs and the occasional raw lot.
The new Paypal policy is no problem if the margins are there. For $1000+ properly graded coins, GC is my best option.
Ebay was once red hot on a Sunday night. I have my search set to PCGS/NGC/Anacs coins receiving at least one bid, ending soon. Hundreds of coins would end with successful winners. Now it is dead and most of that activity has shifted to Great collections. Ian is brilliant, Ebay leadership are morons.
2 out of 200?
I can handle the extra fees for that ratio,