Changes to the User Agreement and Combined Financial Services Guide and Product Disclosure Statement.
Effective date: 1 September 2015
PayPal is changing some of its Legal Agreements with effect from 1 September 2015. We encourage you to review this policy update to familiarise yourself with the changes that are being made. By continuing to use of our services from 1 September 2015, you are agreeing to these changes. Should you decide not to accept the changes, you can notify us before 1 September 2015 to close your account immediately.
Set out below are the key changes to the:
- User Agreement, including the Seller and Buyer Protection Policies; and
- Combined Financial Services Guide and Product Disclosure Statement.
You can also click HERE to review the complete terms of the revised User Agreement and HERE to review the complete terms of the revised Combined Financial Services Guide and Product Disclosure Statement.
Changes to the User Agreement
We have amended the User Agreement as follows:
- In clause 7.2, we are requiring sellers to provide us in a timely manner with information or documentation we reasonably need to allow us to determine whether there are any risks or will be any risks associated with your account. Such information or documentation includes your most recent financial statements (audited or otherwise), and your merchant processing statements, where applicable.
- We have replaced clause 7.3 with:
“You authorise us to disclose Credit Card-related profile and purchase behaviour information to card associations and our acquiring banks for the purpose of eliminating fraud and illicit behaviour.”
- We have replaced clause 10.2 with:
“Some Payment Methods will not be available in certain circumstances, including:
- American Express will not be available as a Payment Method for certain merchants, such as branded airlines and certain travel merchants, and for Check In transactions.
- Some Credit Cards may not be available as a Payment Method for certain merchants, such as those in the gambling industry.”
- Clause 10.6 has been updated to allow us to refuse to process a payment if it is sent to a person or country sanctioned by the United States government.
- In clause 10.8, we have clarified that normally, if you have a PayPal balance, it will be used first as a means of funding a transaction.
- We have updated clause 17.2 to read:
“We, in our sole discretion, may place a reserve on funds held in your account where you are a seller and we reasonably believe there may be a higher than acceptable level of risk associated with your account or your use of any of our products or services (based on the information available to us at the time of taking the reserve and what in our sole discretion we regard as an acceptable level of risk to us). The reserve helps protect us and our users from the risk of financial or other loss.”
- We have updated clause 17.8 by adding the words “if we determine that there is a risk associated with your account” to the end of that clause.
Change to the Seller Protection Policy
The Seller Protection Policy is contained in Schedule 1 to the User Agreement. In clause S5.1, we have clarified that the Seller Protection Policy will not apply to a Personal Transaction.
Changes to the Buyer Protection Policy
The Buyer Protection Policy is contained in Schedule 1 to the User Agreement. We have amended it as follows:
- Clause S12.1(i) contains a list of categories in which purchases may not be eligible for Buyer Protection. We have added “activities involving gambling, gaming and/or any other activity with an entry fee and a prize” to that list.
- In clause S13.1(b), we have removed the words “or a claim with eBay or any other company with respect to the same transaction.”
Changes to the Combined Financial Services Guide and Product Disclosure Statement
We have amended the Combined Financial Services Guide and Product Disclosure Statement as follows:
- In clause 14.1, we have clarified the suitability of each of our three account offerings (personal, premier and business).
- In clause 18.2, we have removed the reference to “Non-Australian bank account” because it no longer applies.
- We have inserted the following section at the end of clause 18.4:
“Registered Charities and Not-For-Profit organisations may apply for the following special rates for receiving payments:
Domestic Transactions*^ Cross-border Transactions*
1.1% + fixed fee 2.1% + fixed fee
*Excluding Website Payments Pro - Hosted Solution and API, Virtual Terminal, Payflow and PayPal Here.
^If your sender funds your payment entirely or partially by a non-Australian Credit Card you will incur an additional 1% processing fee on the amount funded by that card.”