I received a notice of PayPal policy updates today....
Raufus
Posts: 6,955 ✭✭✭✭✭
Hi Folks,
I received a notice of PayPal policy updates today.
I know that this is lazy but did anyone actually read through it all? If so, does anything stand out as effecting numismatic sales?
Thanks
This is the text of the notice...
Notice of Policy Updates
Dear :
We are making some changes to the PayPal User Agreement, PayPal Privacy Policy, PayPal Here Agreement and the PayPal Website Payments Pro and Virtual Terminal Agreement that will go into effect on March 29, 2017. If you're interested in more detail, please visit our Policy Updates Page. Updates include:
We’re updating the list of items that will not be eligible for PayPal Purchase Protection or Seller Protection.
We’re revising the set off rights by removing the 180 day past due requirement.
We’re updating our list of restricted activities.
We’re notifying you of the movement and processing of information to cloud-based service providers.
We’ve updated the "Payment Method Used for My Transaction" section to describe changes that give you more control and choice in how you want to pay.
We’re changing some of the fees we charge.
These changes, along with the others detailed on our Policy Updates Page , will become effective March 29, 2017 for all U.S. users. We encourage you to review the Policy Update and familiarize yourself with the changes that are being made. If you do not agree to these amendments, you may close your account before March 29, 2017.
Thank you for being a PayPal customer.
Sincerely,
PayPal
Comments
I just hope they don't decide to pull seller protection then offer insurance in lieu of their former protection at an attractive %.
So fees are going up for many of us who buy or sell overseas.
**We are changing the standard transaction fee for sellers selling goods or services online to buyers outside the U.S. from 3.9% to 4.4% plus the existing fixed fee based on the currency.
We are changing the standard transaction fee for in store transactions received from buyers outside the U.S. from 3.7% to 4.2%.
We are removing the tier based fees we charge to nonprofits who receive payments from senders outside the U.S. and are charging a flat rate of 3.7% plus the existing fixed fee based on the currency for all such transactions.
**
Ebay sellers using global shipping presumably will pay US rates.
I didn't see anything that would exclude it. Unless the seller gets tricky on describing the item.
I don't know if the ole "I don't know if it's real or not" would get the seller out of a return on a fake item. Or something like that.
PayPal is updating its set off rights allowing us to debit a PayPal account when an amount owed to PayPal, our affiliates or eBay, Inc. becomes past due by removing the 180 day past due requirement.
We are updating the list of items that are not eligible for Seller Protection. The updates to the list are:
they need to clarify financial products or investments of any kind ... in writing.
It's about time.
Wow. That's for sure. Bullion? Coins listed under Bullion???
Benie babies were an investment for many.
bob:(
Art
Antiques
The list goes on
I see confusion in the future
forward it to spoof@paypal.com
Are collectibles investments?
I can see how bullion could be considered an investment.
Collectibles, not as much. I mean they are collectibles.
I'd guess not--it will be based on where the payment is coming from, not where the item is going. Wow, 4.4%??!!?! What do the credit card companies charge if you take them directly? Yikes.
Since the paypal rates are based at least partly on risk I would think that global shipping would take away the risk for paypal of customer fraud, but maybe the rates of false claims internationally is higher?
Well, I went on a wild google hunt about credit card payments. Again, YIKES. The fees the actual companies can charge is 2.1%, then add on all the 'value added' stuff like processing, customer support etc, and your small internet shop is likely paying 3.75% (or more) to use an online payment...vs. a local swipe which may be closer to 2.75%. Some states allow 'convenience fees', some don't. You can get around this by offering 'cash discounts' etc.
In other words, it's a morass out there and PayPal is pushing the envelope, again.
Got to love it as 'consumer protection' and 'convenience' are steering people more and more to electronic payments. What a fat payoff for the banks/credit card companies and their middlemen.
Think how much money the merchant is saving by not having to go to the bank to deposit checks and cash??!! And how helpful the tracking is. Wow, those processing fees are sooooo worth it. (Where did I put that dang sarcasm font?).
The cashless society push is really quite beneficial...to someone.
The problem is that people DO invest in collectibles, rather dumbly in my opinion. And to be completely literal, coins are financial products. I honestly don't know.
Fan of the Oxford Comma
CCAC Representative of the General Public
2021 Young Numismatist of the Year
They do but the past few years collectibles are a declining market and not much of an investment. Played right of course people make money at it. Up market, down market, some people just can't lose and others can't win.
I think PayPal is more considering "financial products or investments" traditional financial stuff, stocks, bonds, loans.
I can't imagine them arguing that you purchased a "financial or investment product" out of the collectibles catalog on Ebay.
Bullion, I don't even think that would qualify as financial unless someone was whining about losing a ton of money and wanting it back because the gold or silver market tanked overnight.
I'd be more concerned that a bad seller might win a case selling a fake or significantly not as described because they took jacked up pictures, wrote and and on leading you to believe it was a nice Unc and it's cleaned or something, or in a high graded holder that developed spots. Or send a fake while disclosing that "They have no idea of the authenticity" yet have 1000 feedback on selling just coins.
I've had some terrible luck personally with the quality of stuff I have gotten from high feedback "PowerSellers" but nothing big enough to spend any time one.
I received it but did not open it
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date