PayPal Updates their Policies - Gold Sellers Beware
taxmad
Posts: 980 ✭✭✭✭
https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full
They always save the best for last...
"We are adding payments made in respect of gold (in physical form or in exchange-traded form) to the list of ineligible items and transactions under our Seller Protection Policy."
It appears you need to go straight to your credit card to dispute a charge if you pay via PayPal. It also should give anyone pause who purchases gold and pays with PayPal and doesn't use a credit card as a source of funds.
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Comments
Sounds to me like seller better beware not the buyer. Personally I would never sell gold via paypal/ebay anyway. As a buyer stick with the big dogs. Apmex etc, not the ebay mom and pops.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Counterparty risk running rampant.
Knowledge is the enemy of fear
Hmmm... yeah, looks like paypal can still be used to buy/sell gold, but it would appear the seller has lost protection. Not like they had much anyways... but still. And yes, perhaps will have to rely on credit card for help.
I wonder if 'coins' such as AGE and $5 commems and similar are included? Perhaps just 'bullion' is intended?
You two are correct - I edited the title...
the new policy hurts sellers most.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Agreed - as it would have only kicked in once the buyer tried to get their payment back
I wonder if it matters for any karat gold jewelry.
Collector
75 Positive BST transactions buying and selling with 45 members and counting!
instagram.com/klnumismatics
Just tried a hundred different ways to talk to a living PP person. Good luck wid dat. You just don't come out with vague game changing rules and then have no one available to clarify them.
I'm looking for a new payment processor to be used with ebay sales. Any recommendations?
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Cashapp, Venmo, BTC. Apple Pay. Google pay. Zelle. Skrill. Amazon pay. Square / square invoice. Western union, cash/check, Moneygram. There are some processors that can ACH for next to nothing.
Most online processors are moving towards this. Cashapp and Venmo are treated like cash transactions like PPFF is. You're out of luck if you do it wrong. But you can always go to your bank and dispute the charge...
yes, but which can be used with ebay
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
None but Heritage takes checks and isn't exclusively on Ebay so what's it matter? ;-)
As I said earlier, looking for new payment processor to use with ebay sales. That means as an ebay seller what's a good alternative to paypal?
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
and one that the buyer is willing to use. eBay now allows you to purchase with your credit card without going through PayPal and they offer seller protection. Wonder if this is their attempt to break free and will allow sellers to not accept PayPal.
Note that listing in the bullion>wholesale category allows a seller to accept checks and other forms of payment.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
I just don't think this fleebay/PayPal is worth it anymore. Fwiw jmo
PayPow!!!
Just another added risk when using eBay/PayPal. Good luck to all while trying to business in the Wild West
I will stick with BST and dealers I know and trust
Without all the worthless posts, many threads could focus on the topic of discussion and provide real info where opinion was not sought.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Hey Derry,
@Azurescens gave a list of good ideas. I don’t trade on eBay anymore, so I’m not sure if they accept them. For other transactions outside of eBay, I think Square is an excellent payment processor for credit cards, and Venmo seems to be ok for person to person. I have heard good things about Zelle as well.
Cheers,
Surf
I haven't bought on ebay in a while but I just bought gold on the PM forum for $860 using Zelle. It was super easy and the seller got a fee free payment in minuets. I will now use it before PP anytime.
MIKE B.
Same here with Venmo. Neither solve the problem of looking for a paypal alternative on ebay.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Square's fees are 3.79%. PP is less but now, by losing seller protections this will kill online sales
loss of seller protection is not that critical. Once you have the money in your paypal, then you ship. The only future problem for a seller is a credit card chargeback which has always been a threat.
The loss of protection is going to really affect buyers who will have no recourse (unless they use their credit card) on getting ripped off by a seller after paying the seller. This will cause buyers who do not use a credit card to only buy from the reputable big boys on ebay such as APMEX. I suspect most ebay buyers of bigger ticket items pay with a credit card linked to their paypal account. If this is the case then buyer protection will only be shifted from paypal to the Credit Card companies
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
Rumors that eBay may replace the Fed.
You guys can always just go to reddit.com/r/pmsforsale for stuff at or below melt. Just use what those guys do. They do hundreds of manual transactions a day. Whatever they are currently using is what I offer as secondary methods for coin buys.
only when one enters into a transaction that has not been completed with a delivery. Once the "other party" has been eliminated there is no risk involving the other party. You should know this but I think this is another one of those areas where your brain is stuck in gear.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
But only if there is no 3d party i/e cc involved, where there is always a possibility of a stolen card or possible charge back.
So are you guys saying this new PayPal policy does not offer protection to buyers? I thought the way it read it only applies to selling meaning they would not offer protection to Sellers but would still offer protection to the buyer. Is that right