Anyone Ever Buy and/or Sell on Tradesy?

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#8,596
GemsBerry said:
Tradesy only counts withdrawals as revenue, if withdrawals go over $20K they'll send 1099-k. but last time we checked was in Fall. it's better to ask again, they keep changing things.
ETA: any withdrawals, PayPal included. but if you keep money on Tradesy balance, it's not considered as "revenue".
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The IRS implements this rule not Tradsey. Wether it's a paypal or any other payment processing site. It's 20k AND over 200 payouts.
 
#8,598
nicole0612 said:
I have a $4500 sale that I just shipped on Friday, and I certainly don't want to have the chance that it will be returned in a few months! If I un-link my bank account now, do you think that will protect me? If so, I will do that immediately. When the funds are ready to withdraw, I can withdraw them to my paypal account? Otherwise, I would be fine with opening another bank account that can serve as the intermediary between my own bank account and my Tradesy account.
This is the bag that I sold just recently and Tradesy returned to me for corner scuffs etc that were not there, so they already authenticated it, and it comes with my store receipt etc, but I just don't want to leave them the room to scam me.
It is sad when I am now much more concerned about Tradesy itself scamming me compared to buyers scamming me!!
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You can switch account linked to Tradesy at any time and they will retain only info to your most recent be it PayPal or bank. I believe per banking regs they do not and cannot retain previous account info you entered.

That said, I highly encourage you create a burner account for Tradesy, an account that doesn't link to your daily or day to day checking/savings account. DO NOT USE PAYPAL as they link your account to credit cards/checking account. You can even open a new account at the same bank you already have. An account to be used for money transfer from Tradesy and that you'll transfer to your regular account. Must remember to empty the burner account to avoid the scenario of Tradesy or any institution for that matter to randomly debit your account. Yes it's a roundabout way of doing things, and it takes longer for you to have access to the money as every transfer you initiate takes a few days to go into effect (Tradesy =>Burner account=>everyday account) BUT I wouldn't have it any other way. It's an insurance policy that 3 weeks/months/years down the road Tradesy can't randomly debit your account for something you sold 3 buyers ago (yes they do have that policy of retracing to seller zero in the case of authenticity issues). They will try to claw back money but the bank will deny their request when your account balance is $0.

Been doing this burner account for over a year now once I understood and read about what was happening go to their sellers, especially the seller zero bit.
 
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#8,599
nicole0612 said:
I have a $4500 sale that I just shipped on Friday, and I certainly don't want to have the chance that it will be returned in a few months! If I un-link my bank account now, do you think that will protect me? If so, I will do that immediately. When the funds are ready to withdraw, I can withdraw them to my paypal account? Otherwise, I would be fine with opening another bank account that can serve as the intermediary between my own bank account and my Tradesy account.
This is the bag that I sold just recently and Tradesy returned to me for corner scuffs etc that were not there, so they already authenticated it, and it comes with my store receipt etc, but I just don't want to leave them the room to scam me.
It is sad when I am now much more concerned about Tradesy itself scamming me compared to buyers scamming me!!
Click to expand...


I closed the bank account I gave Tradesy months ago after reading the nightmare stories on here.
 
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#8,601
alwayscoffee89 said:
You have every right to be nervous with a sale like that. That's a lot of money. but try not to stress too much. Did you put a security tag on it? As long as you listed all wear (if any), you should be good. I haven't had anything bad with Tradesy as far as returns go. I think I have had 2 returns, but they ended in my favor. I even had a Chanel bag removed from my sales, but I still got paid and the money is in my bank.

I am also thinking about deleting my bank information as well. I just don't think that is right with what is happening to some of the girls on here. There has to be a line.
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Yep, I put a security tag on and added the photo of the security tag in my Tradesy listing. I am getting paranoid!
 
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#8,602
jmc3007 said:
You can switch account linked to Tradesy at any time and they will retain only info to your most recent be it PayPal or bank. I believe per banking regs they do not and cannot retain previous account info you entered.

That said, I highly encourage you create a burner account for Tradesy, an account that doesn't link to your daily or day to day checking/savings account. DO NOT USE PAYPAL as they link your account to credit cards/checking account. You can even open a new account at the same bank you already have. An account to be used for money transfer from Tradesy and that you'll transfer to your regular account. Must remember to empty the burner account to avoid the scenario of Tradesy or any institution for that matter to randomly debit your account. Yes it's a roundabout way of doing things, and it takes longer for you to have access to the money as every transfer you initiate takes a few days to go into effect (Tradesy =>Burner account=>everyday account) BUT I wouldn't have it any other way. It's an insurance policy that 3 weeks/months/years down the road Tradesy can't randomly debit your account for something you sold 3 buyers ago (yes they do have that policy of retracing to seller zero in the case of authenticity issues). They will try to claw back money but the bank will deny their request when your account balance is $0.

Been doing this burner account for over a year now once I understood and read about what was happening go to their sellers, especially the seller zero bit.
Click to expand...
I will do this right now!
If I have a paypal account or a credit card linked to my account for purchases, can they use that to potentially withdraw money? Meaning, do I have to remove my payment methods as well to be safe?
 
#8,604
nicole0612 said:
I have a $4500 sale that I just shipped on Friday, and I certainly don't want to have the chance that it will be returned in a few months! If I un-link my bank account now, do you think that will protect me? If so, I will do that immediately. When the funds are ready to withdraw, I can withdraw them to my paypal account? Otherwise, I would be fine with opening another bank account that can serve as the intermediary between my own bank account and my Tradesy account.
This is the bag that I sold just recently and Tradesy returned to me for corner scuffs etc that were not there, so they already authenticated it, and it comes with my store receipt etc, but I just don't want to leave them the room to scam me.
It is sad when I am now much more concerned about Tradesy itself scamming me compared to buyers scamming me!!
Click to expand...
jmc3007 said:
You can switch account linked to Tradesy at any time and they will retain only info to your most recent be it PayPal or bank. I believe per banking regs they do not and cannot retain previous account info you entered.

That said, I highly encourage you create a burner account for Tradesy, an account that doesn't link to your daily or day to day checking/savings account. DO NOT USE PAYPAL as they link your account to credit cards/checking account. You can even open a new account at the same bank you already have. An account to be used for money transfer from Tradesy and that you'll transfer to your regular account. Must remember to empty the burner account to avoid the scenario of Tradesy or any institution for that matter to randomly debit your account. Yes it's a roundabout way of doing things, and it takes longer for you to have access to the money as every transfer you initiate takes a few days to go into effect (Tradesy =>Burner account=>everyday account) BUT I wouldn't have it any other way. It's an insurance policy that 3 weeks/months/years down the road Tradesy can't randomly debit your account for something you sold 3 buyers ago (yes they do have that policy of retracing to seller zero in the case of authenticity issues). They will try to claw back money but the bank will deny their request when your account balance is $0.

Been doing this burner account for over a year now once I understood and read about what was happening go to their sellers, especially the seller zero bit.
Click to expand...
I totally second that. Burner account with cc linked to it, no overdraft. not PayPal (they with take money from other funding sources if the main source is empty).
With Tradesy retracting policy and now when Etsy extended review/complaint window to 100 days it invites scammers to "try" things out and return them claiming fake or it broke months later.
 
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#8,605
I have been a huge seller on Tradesy. I've sold like 12k of merchandise over past few years. Recently sold a david Yurman bracelet around Mother's Day. The buyer returned because he didn't want to keep it- not due to any other reason. Cited reason states "changed mind" Normally Tradesy keeps it, resells it, Gives buyer a credit. However- they told me my listing was not as described, took their money back from my bank account and make me resell it and this was one month later. I thought it was a four day policy- they changed it without me knowing. Now I won't sell there.
 
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#8,606
turquoisey said:
I have been a huge seller on Tradesy. I've sold like 12k of merchandise over past few years. Recently sold a david Yurman bracelet around Mother's Day. The buyer returned because he didn't want to keep it- not due to any other reason. Cited reason states "changed mind" Normally Tradesy keeps it, resells it, Gives buyer a credit. However- they told me my listing was not as described, took their money back from my bank account and make me resell it and this was one month later. I thought it was a four day policy- they changed it without me knowing. Now I won't sell there.
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Sorry to hear that. so it was a month after sale when they returned the bracelet to you and they took money from your bank account, not from Tradesy balance, right?
 
#8,610
GemsBerry said:
Sorry to hear that. so it was a month after sale when they returned the bracelet to you and they took money from your bank account, not from Tradesy balance, right?
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Yeah I don't keep a balance for that reason and i don't link to PayPal. He didn't even return it because it wasn't as listed. And when I contacted them they wouldn't budge. Normally in this scenario it goes to their "penny lane" account which is where they resell returns. They told me i had it listed "like new" but their in house jeweler noticed microscopic scratches. Lesson- never list as new.
 
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