This is an international e-commerce business that allows money transfers and payments through internet. PayPal is the electronic alternative to traditional payment methods, such as checks, money orders and any other paper method. This organization charges a fee by performing payment processing for online vendors, auction web sites and commercial users.
PayPal became a subsidiary completely owned by eBay and since mid 2007 operates across the European Union as Luxembourg-based bank. Anyone can fund his PayPal account with an electronic debit or credit card, being an example of a payment intermediary service that facilitates worldwide e-commerce.
Currently PayPal has over 148 million active registered accounts and is available in 193 markets, also it supports payments in 26 currencies.
As any other important company PayPal has an Buyer Protection Policy were a client may file a buyer complaint within 45 days in case he does not receive the ordered item or in case purchased item is not as described. In case the buyer uses a credit card he gets completely refunded. The Seller Protection Policy is meant to protect the seller from different kinds of chargebacks or complains if seller meets certain conditions including proof of delivery to the buyer so according to PayPal, it protects sellers in limited condition via Seller Protection Policy.
The company informs that the Seller Protection Policy is “designed to protect sellers against claims by buyers of unauthorized payments and against claims of non-receipt of any merchandise”. Also the Seller Protection Policy includes a list of “Exclusions” which itself includes “Intangible goods”, “Claims for receipt of goods ‘not as described'” and “Total reversals over the annual limit”. Not to forget that there are some other restrictions in regards to sale itself, the method of payment and the destination country where the goods are delivered etc.