EcommerceBytes-NewsFlash, Number 190 - October 25, 2001 - ISSN 1539-5065
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1) Effective 11/06/2001, to qualify for the Seller Protection Policy for items $500 or more in value, sellers must provide a proof-of-receipt in the form of a signature from the buyer. This extra security is needed for PayPal to offer chargeback protection on these large ticket items. The signature is part of the proof-of-delivery service provided by most U.S. carrier companies, including the U.S. Postal Service.
2) Effective 11/06/2001, the definition of "new account" for the purpose of the new account withdrawal requirements will be increased from two months to four months. Like the existing policy, new PayPal members will need to complete at least two out of three authentication steps in order to withdraw more than $500 per month. This requirement will automatically be lifted four months after the account opening date, and applies to all accounts opened after 7/07/2001.
3) To reduce the costs associated with credit card processing, the ability to receive credit card funded payments will become a feature reserved for Premier and Business accounts. Personal Accounts that receive credit card funded payments after 11/06/2001 may accept the payment by upgrading to a Premier or Business account, or they will have to deny the payment. Personal accounts will continue to be able to receive non-credit card funded payments for free. Once upgraded, Premier and Business Accounts may receive unlimited credit card funded payments. http://www.paypal.com
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