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Tue June 30 2020 17:00:01

PayPal Confirms: Bye Bye Bullion

By: Ina Steiner

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A PayPal spokesperson confirmed that PayPal Seller Protection will no longer cover gold as a traded commodity - not in physical form, and not in exchange-traded form.

PayPal recently announced updates to its User Agreement, effective July 31. Sellers raised concerns in the comments section of our June 19th blog post covering the news. 

One seller pointed out, "PayPal is the only method of payment allowed for purchases of coins and bullion on eBay."

The PayPal spokesperson offered EcommerceBytes the following statement in response to our inquiry:

"PayPal Seller Protection will no longer cover gold as a traded commodity, whether in physical form or exchange-traded form.

"This does not apply, for example, to a piece of jewellery made from gold that may include other materials or decorative items, or any item where the price is not driven specifically by the price of gold. 

"In summary, a piece of gold jewellery will still be covered by Seller Protection, but bullion will not be covered."

Another reader asked about a provision that reads, "We are clarifying that our Seller Protection Program does not cover Unauthorized Transactions initiated in an environment not hosted by PayPal."

The PayPal spokesperson responded to our inquiry with the following statement:

"This change impacts a very specific scenario involving the unauthorized or fraudulent use of a buyer's account following a reference transaction on a merchant's site - outside an environment hosted by PayPal. In these instances, the transaction will not be covered by PayPal Seller Protection."

Do these changes impact you? Leave a comment below, and stay tuned for more on PayPal UA changes.



Comments (3) | Permalink

Readers Comments

Perminate Link for PayPal Confirms: Bye Bye Bullion   PayPal Confirms: Bye Bye Bullion

by: comments This user has validated their user name.

Tue Jun 30 19:08:20 2020

Ina

Thank you for trying!

It is really frustrating that they can't just confirm if numismatic coins are considered bullion or if only bullion is bullion.

Also would be really nice if they could clarify which "environments" they consider to be hosted by paypal or not.....but if asked specifically "are ebay transactions still covered" a simple yes or no would do.......We know about the "environments not hosted by paypal........what we don't know is what that means.....

Perminate Link for PayPal Confirms: Bye Bye Bullion   PayPal Confirms: Bye Bye Bullion

by: Snapped This user has validated their user name.

Wed Jul 1 19:41:11 2020

“ This does not apply,.... any item where the price is not driven specifically by the price of gold.”

“ confirm if numismatic coins are considered bullion ”

Seems it would be reasonable to interpret that coins collectible are not value driven by commodity market factors specifically, and that any precious metal can be substituted for “gold” in interpreting applicability. But this IS eBay, so ‘reason’ may be an oxymoron.

Just like “seller protection” is an oxymoron, in ANY ‘environment’.

Perminate Link for PayPal Confirms: Bye Bye Bullion   PayPal Confirms: Bye Bye Bullion

This user has validated their user name. by: Life During Wartime

Thu Jul 2 12:12:30 2020

Does this have something to do with the fake gold bars manufactured in China, and used in China to secure massive bank loans?  



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