PayPal will soon be a separate entity from eBay; the corporate decision to spinoff the financial transaction giant was taken a while back.
Often used in transactions involving domain names, PayPal operates in a territory that manages billions of dollars annually.
With that in mind, PayPal sent a notice email, to notify its users about updates to the policy terms, which are going into effect on July 1st.
One of the most interesting changes is the addition of “intangible items” to those that are protected by PayPal. While this covers digital downloads, there is no specific mention of domain names at this time.
Here’s the summary below, for the full text on the updates and changes, click here.
“Soon, PayPal and eBay will no longer be part of the same group of companies and will operate as unrelated, separate organizations. So we’re updating PayPal’s User Agreement, Acceptable Use Policy, and Privacy Policy to continue providing the same great services you’re used to. Although we have updated the Privacy Policy, our focus on protecting your data is not changing. The updated Privacy Policy highlights how we will share data with eBay after the separation to continue to deliver the same level of service to our shared customers. We’re also making other changes to our business practices and policies that aren’t related to the separation.
These updates go into effect on July 1, 2015, so we encourage you to familiarize yourself with the updates. You can read them all at our Policy Updates page. Here are the highlights:
- We updated the Privacy Policy, including regarding sharing your information between PayPal and eBay after the separation.
- The User Agreement has been revised to reflect how PayPal services will work after the separation.
- We’ve updated the User Agreement regarding when and how we may contact you.
- We’ve expanded our PayPal Buyer Protections to include intangibles like digital items and services.
- We changed our fee structure for certain sellers and nonprofits.
- We also updated the terms of the PayPal User Agreement relating to how legal disputes with PayPal are resolved, including changes to the Agreement to Arbitrate.
If you don’t agree to the amended User Agreement, Privacy Policy, or Acceptable Use Policy, you may close your account before July 1, 2015 and you won’t be bound by the amended terms.”
wow, #4 is great news!!
Is it great news? The buyer could claim he didn’t receive the domain, and transfer it and make it look like the ownership is different, and block the payment.
Louise – Unfortunately, PayPal’s July 1 2015 policy updates only expands Buyer Protection to cover digital goods and services and not Seller Protection of such merchandise. In other words, not much changes for the seller.