Re: Paypal Cracking down on coin sellers
A. Nony Moose
"Derry" <der...@yahoo.com> wrote in message
news:Xns9EDAF2A38DB1...@94.75.214.39...
> Looks like everyone will get caught up in the latest paypal
> "investigation." Appears to be a one time update on their coin sellers.
> Got a email from them today. I'm a 5 star ebay seller with a perfect
> paypal track record. Sell over 100K a year on ebay and use a personal
> paypal account. They want my bank account info, routing and account
> number, proof that I have my inventory and proof of insurance on my
> inventory. I told them my inventory is self insured, they want proof I
> have the money to back up my inventory or a refund in the event it is
> stolen and I can't deliver. They even asked how I stored my inventory
> (It is secure I replied). They also emailed a Guaranty Letter they want
> signed and returned. According to letter they are clamping down on
> everyone to rid themselves of people who can't/won't deliver what they
> sell. They are currently focusing on coins and currency.
>
>
> They want documentation on three things:
>
> 1. The signed/notarized Guaranty Letter that you will deliver what you
> sell and you will allow them acces to your bank account to enforce the
> agreement.
>
> 2. Proof you own what you sell. Copies of purchase orders and purchase
> invoices. I was able to do this with a few screen shots of US Mint,
> Apmex order details.
>
> 3. Proof that you are financially good or insured on what you promise to
> deliver. I provided screen shots of bank/brokerage statements.
>
> I would not be surprised to see a drastic reduction in the number of
> ebay coin sellers because of this aggresive move by paypal. I'm on the
> up-and-up so it's just one more hurdle in conducting business on ebay.
> While I find it intrusive and time consuming I also recognize the effort
> of paypal to provide the best protection to its costomers. The better
> protection they provide the more likely a customer will send me money
> via paypal. The alternative for online payments is to accept credit
> cards.....well, we all know they dangers in that. I'll continue to stick
> with paypal, for now.
>
> Click here to sign up for 3% rebates on all ebay purchases
> http://www.mrrebates.com/?refid=414722
>
oly
>
> - Show quoted text -
I have no idea about phising for information here, but it might be
reasonable for Paypal and eBay to ask coin people for more credit-
related information at this time. After all, any silver coin
transaction is going to take at least three times as much money as it
did two years ago. If somebody gets stung on a bullion or bullion-ish
gold or silver coin now, the sting is going to be relatively bigger.
oly
John N
Gotta agree, sounds phishy to me.
Frank Provasek
credit card-like
company you are dealing with has the right to satisfy themselves that
you
legitimately own what you are selling (or that it even exists) since
they are
on the hook for your failure to deliver.
----
Frank Provasek Rare Coins www.frankcoins.com
http://shop.ebay.com/merchant/frankcoins Texas Auction License
11259, Board member of Texas Coin Dealers Association,
Member TNA, ANA, PCGS, NGC, ICTA - Full Time Since 1991