Amy Lin's blog

EBay’s Non-Paying Bidders

EBay is an imperfect system, simply because for the most part it is run on non-binding contracts. You can’t make people who bid on your items pay, even though by bidding, they’re under “legal” contract to pay. EBay could solve this problem by charging buyers' credit cards (which they have on file) once they hit the “confirm purchase” button. But they don’t want to take that responsibility. I guess that would also give them another fee to charge sellers for.

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Credit Card Fee Blues

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Frugal is the new sexy - a scientist says so!

In NewScientist's special report: brillant minds forecast the next 50 years , Geoffrey Miller predicts that flashy and expensive things will become less sexually appealing. People will realize that it shows a "pathetic unrealiability as a signal of individual merit or virtue." This is good news for the savvy spender. Just think: I have money, but will not spend too much in fear that it will take away my sexual appeal. Hey, it's Darwinian. The frugal person becomes the fittest to survive!

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Hype is Expensive

I want a Wii. I really really want one. I’m an avid female gamer and I am dying to play Trauma Center: Second Opinion so I can use Nintendo’s innovative remotes to perform surgery. I want to play Cooking Mama where you race against the clock to mash, slice, cut, and stir based on “real-world receipes.” I want to bring the Wii over to my parents’ house and watch my mom play tennis and my dad try to bowl.

I had one. Actually I had five. I stood in line at Walmart at 6am and was 30th in line at EB Games. I picked up the one I preordered at FYE because no one knew FYE was doing preorders. I got the last one at Game Stop by sheer luck and won a lottery at Costco. I sold them all. At a profit margin of $100-$200, hype paid for the Wii I will pick up when hype cashes in for the year and disappears until next holiday season.

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The Sale Aftermath: Beware of PayPal Chargebacks

PayPal is a necessary evil. As a seller on eBay, it’s impossible to avoid using it. How they are able to do what they do (take money from sellers’ accounts whenever they want) is beyond me but it’s a brilliant business plan. Unlike credit cards where if you report a fraudulent charge or unsatisfactory transaction it’s the credit card company that pays for it, PayPal just moves money between accounts taking no responsibility for fraud charges. They’re just the judge in the de facto court of eBay justice.

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Saving High

Most of us got at least one letter from ING Direct five or six ago with a check for $25 to open an online savings account with them, the first of its kind. I think their interest rate back then was about 2%, which was quite a leap from the .03% regular banks were offering. Nowadays though, with the rise of competitors and consumer participation in these online banks, you can easily find an online savings account with an APY of 5%. 5%!! You won’t get rich on that, but that’s a nice Christmas gift or two these companies are offering to pay for!

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Effective eBay Listing

Think of your listing like you would going into an interview. You have a limited amount of time (space) to sell yourself (item) to an employer (buyer) who will have to decide between you and quite a few other candidates. You highlight your strengths and brush over the weaknesses. You offer references. You follow through. You are quick, clear, accurate, and concise. Here is a checklist to making an effective listing on eBay.

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The Business of eBay

Thinking of quitting your day job to sell on eBay full time? Everybody and their mothers seem to be able to eke out a living doing that. Sounds like a fantasy: no more time cards to punch, no more bosses to answer to, no more personal grooming necessary. Here are a few things you should know before you make the jump.

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