eBay extorting Sellers to use their Managed Payment Program

[laxmanrs12]

Is anyone else upset about eBay's extortion of sellers, to gt the mto sign up for their managed payment program? I called ebay customer service and they answered many of my questions, which I came to find, with the answers that would get me to sign up. Including the rationale behind the move. "As a business, performance is based on income. If we can add 3% from every item sold on our site, we can show increased growth" Basically it is being done to increase their bottom line, while not providing anything to the sellers. Several hours after the call I got an email contradicting what their customer service rep had stated. Today I called and talked to a managed payment specialist who confirmed that pretty much everything the rep told me was a lie. The email state "you must register by July 15th. If you miss the registration deadline, the ability to create new listings will be interrupted." So basically, they are extorting my ability to make a living unless I switch to a program that will pay them roughly 3% of everything I sell. That is the definition of extortion ("the practice of obtaining something, especially money, through force or threats). They threaten me (us) unless we agree to pay them a percentage of sales. Seems pretty illegal. But they know that they have the best product (service) to sell merchandise online and they are using it against us. Not to mention all the viruses and errors that are currently rampant on the eBay site. Which they claim does not effect the security of our accounts. Until it happens that is. I really wish some lawyer would pick up the cause and pursue the cause. The program should not be mandatory!!!

[knjhj]

They have now signed me up for this 9or tricked me into signing up by looking at what is required to sign up). They want my social security number (national ID) and my bank account number. I cannot find any way to undo this. Unless I am able to undo this I will be forced to cancel my auctions and hope I can find another venue on which to sell. This is BS, and yes, is extortion.

Furthermore, my last two ebay purchases went through without asking for my paypal info. I don't know where the funds are coming from.

I will be contacting Elizabeth Warren's office and my own legislators to tell the ebay has officially gotten to the "too big not to regulate" category and request this monopolist extortion be investigated immediately.