PayPal Expands Buyer Protection on eBay; Up to $1,000 Offered on Qualified eBay Transactions in Time for 2004 Holiday Season
SAN JOSE, Calif.--Sept. 30, 2004--PayPal today announced an expansion of PayPal Buyer Protection, giving buyers up to $1,000 of coverage for qualified transactions on eBay (Nasdaq:EBAY). This expansion doubles the coverage provided by the existing program. Effective November 8, 2004, PayPal Buyer Protection will cover approximately 80 percent of the items listed on eBay.com.
A free program, PayPal Buyer Protection offers increased security for buyers on eBay.com by covering qualified transactions up to $1,000 for non-delivery of items, and for the delivery of items that are significantly not as described. For transactions that do not qualify for PayPal Buyer Protection, PayPal will continue to offer its buyer complaint process, and eBay will continue to provide its standard purchase protection of $200 coverage with a $25 processing fee.
In addition to eBay.com, PayPal Buyer Protection will also continue to be offered on eBay sites in the U.K. and Canada at an expanded rate of GBP 500 and $1250 CAD respectively beginning November 22, 2004. In Germany, eBay buyers will continue to receive coverage of up to EUR 400.
eBay sellers in the United States, Canada, Germany and United Kingdom can offer PayPal Buyer Protection by maintaining a 98 percent positive feedback rating and having at least 50 feedback points. Under the program's expansion, the positive feedback percentage eligibility requirements have been enhanced to include feedback from both unique and repeat buyers, allowing the program to be offered on more listings.
"PayPal Buyer Protection has been tremendously successful in increasing trust and buyer confidence when shopping on eBay," said Matt Bannick, senior vice president of global payments and general manager of PayPal. "So we're very pleased to be able to offer double the coverage on even more listings just in time for the holiday season."
Buyers should still look for the PayPal Buyer Protection icon in the "Seller Information" box on an eBay "View Item" page.
About PayPal, Inc.
Founded in 1998, PayPal, an eBay company, enables any individual or business with an email address to send and receive payments online securely, easily and quickly. PayPal's service builds on the existing financial infrastructure of bank accounts and credit cards and uses one of the world's most advanced proprietary fraud prevention systems to create a safe, global, real-time payment solution. PayPal has more than 50 million account members and is available to users in 45 countries around the world. More information about the company can be found at https://www.paypal.com/.
About eBay
eBay is The World's Online Marketplace(R). Founded in 1995, eBay created a powerful platform for the sale of goods and services by a passionate community of individuals and businesses. On any given day, there are millions of items across thousands of categories for sale on eBay. eBay enables trade on a local, national and international basis with customized sites in markets around the world.