So, if you like buying stuff online, or your business uses Paypal to settle invoices, then you should know PayPal is changing their legal agreements starting January 2015. It’s not something weird, since most websites we have accounts on have changes their rules at one point or another, but it’s important to know what those changes are, so you can be prepared to take action in case you don’t agree.
Most of the time we agree to the terms and conditions without even reading the first line. It’s because they are made in such a “boring” way (long pages with loads of legal titles) regular people will not understand a word even if they would stop to read. So, to save you some trouble, PayPal is actually letting us know what the changes are and what to do in case you don’t like them.
Here is a short list of the things changing starting January.
- Intellectual Property – about using HTML Paypal logos by merchants;
- Sending Money – about getting your refunds;
- Special Funding Sources – using special funds, such as gift cards and merchant specific balance as payment;
- Preferred Funding Sources when making Recurring or Automatic Payments – modified limitations;
- Your liability for cancelled direct debits – about canceling direct debit (including SEPA Direct Debit) and reimbursing costs made;
- Restricted Activities – about exposing Paypal to the risk of fines from the EU or US
- PayPal Buyer Protection – about improving the conditions of reimbursement
Read more about it on PayPal agreements update page.
When will it take effect?
The changes will take effect starting 29th of January 2015.
What do I do if I hate it?
If you don’t like the changes, you can close you account – here.
What to do if you want to continue using PayPal?
Nothing. They will automatically come into effect.