BREAKING NEWS – If You Use Paypal This Affects You! – Changes Coming!
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|Because you’re a valued PayPal customer, we want to let you know about the changes we’re making to the PayPal User Agreement, PayPal Here Agreement and the PayPal Website Payments Pro and Virtual Terminal Agreement that will go into effect on April 19, 2018|
|What you’ll see in the updated User Agreement|
|If you want to get a better understanding of what’s different in the User Agreement, some highlights are:|
|•||Changing some of the fees we charge.|
|•||Changing the balance functionality for your PayPal account depending on whether we have been able to verify identifying information that you provide to us.|
|•||Updating the additional requirements for coverage of Unauthorized Transactions under our Seller Protection program, so that they require that the payment must have been made in connection with a transaction where the buyer logged into their PayPal account to complete the transaction, in order for sellers to be covered under the program.|
|•||Updating the eligibility requirements for the PayPal Purchase Protection program.|
|•||Clarifying that certain checkout transactions will require a backup funding source.|
|•||Clarifying how we calculate transaction exchange rates where we perform a currency conversion.|
|•||Removing terms related to the Pay After Delivery product, as we will soon no longer offer this product.|
|•||Adding terms providing that a hold may be placed on a payment sent to you at the instruction of the marketplace, if you sell on a marketplace and accept payment through your PayPal account.|
|•||Clarifying that Sellers have certain obligations under applicable law around how they collect, store and protect user data of customers in Europe.|
|•||Updating the user agreement to enable you to seek public injunctive relief in court instead of arbitration, if a court decides that you have a right to pursue that type of relief and it is not available in arbitration under the terms of the user agreement’s arbitration provision.|
What you’ll see in the updated Pro/VT and PP Here Agreements
To clarify that PayPal is not acting as a money transmitter in connection with the PP Here and Pro/VT agreements, we added a section to those agreements stating that PayPal is acting as the merchant’s agent to receive payments on their behalf from their payers.
These changes, along with the others detailed on our Policy Updates Page, will become effective April 19, 2018 for all U.S. users. We encourage you to review the Policy Update and familiarize yourself with the changes that are being made. If you do not agree to these amendments, you may close your account before April 19, 2018.
Thank you for being a PayPal customer.
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