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Old 08-26-2012, 05:23 PM   #26 (permalink)
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Fairly certain what he meant is that you can not force an immediate payment when accepting an offer

Yes, that is true. But in this case, it was due to him not being able to specify 'immediate payment required' for the buy it now price, since it exceeded $9,999.

This was actually a big topic of debate last year on some sportscard message boards (I was one of the targets as well), since there was a fairly new ebay account that went around pressing 'buy it now' on all high end auctions over 10k (plus the ones under 10k that forgot to specify immediate payment required)...to the tune of like several million dollars. Everyone kept making threads about how epic their recent sale was, and praying for payment...until we all started recognizing we'd been had by the same buyer.

It's a glaring hole in the ebay system...don't understand why there's a 9,999 cap on the immediate payment required option. At least with that option, they have to pay up front for the BIN price, and you can still screen each potential offer's feedback before accepting. Usually being able to screen a best offer's buying history eliminates majority of the dead-beat bidders.
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Old 08-26-2012, 06:07 PM   #27 (permalink)
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Yes, that is true. But in this case, it was due to him not being able to specify 'immediate payment required' for the buy it now price, since it exceeded $9,999.

This was actually a big topic of debate last year on some sportscard message boards (I was one of the targets as well), since there was a fairly new ebay account that went around pressing 'buy it now' on all high end auctions over 10k (plus the ones under 10k that forgot to specify immediate payment required)...to the tune of like several million dollars. Everyone kept making threads about how epic their recent sale was, and praying for payment...until we all started recognizing we'd been had by the same buyer.

It's a glaring hole in the ebay system...don't understand why there's a 9,999 cap on the immediate payment required option. At least with that option, they have to pay up front for the BIN price, and you can still screen each potential offer's feedback before accepting. Usually being able to screen a best offer's buying history eliminates majority of the dead-beat bidders.
My guess is that any banking transaction over $9,999 has to be reported to the government. Just a guess though.
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Old 08-26-2012, 06:08 PM   #28 (permalink)
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Yes, that is true. But in this case, it was due to him not being able to specify 'immediate payment required' for the buy it now price, since it exceeded $9,999.

This was actually a big topic of debate last year on some sportscard message boards (I was one of the targets as well), since there was a fairly new ebay account that went around pressing 'buy it now' on all high end auctions over 10k (plus the ones under 10k that forgot to specify immediate payment required)...to the tune of like several million dollars. Everyone kept making threads about how epic their recent sale was, and praying for payment...until we all started recognizing we'd been had by the same buyer.

It's a glaring hole in the ebay system...don't understand why there's a 9,999 cap on the immediate payment required option. At least with that option, they have to pay up front for the BIN price, and you can still screen each potential offer's feedback before accepting. Usually being able to screen a best offer's buying history eliminates majority of the dead-beat bidders.
My guess is that any cash transaction over $9,999 has to be reported to the government. Just a guess though.
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Old 08-26-2012, 06:12 PM   #29 (permalink)
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My guess is that any cash transaction over $9,999 has to be reported to the government. Just a guess though.
Not sure about that, since paypal already has measures in place so that they have to report $20k or greater gross transaction accounts to the IRS already.
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Old 08-26-2012, 06:20 PM   #30 (permalink)
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My guess is that any cash transaction over $9,999 has to be reported to the government. Just a guess though.
^^^^ this is true. Any and all cash transactions that exceed $10K have to be reported to the IRS/government, with all personal information of the person spending the $$.
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