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The on the web shopping site eBay stated this week that it will increase fraud protection for both buyers and sellers who use its PayPal payment tool.
The company will cover the costs for sellers when customers cancel payment because they got the wrong product or didn’t get anything (usually because a thief ordered in their name, not because the product was lost in transit).
In the past, eBay had limited protection to $5,000 a year. Now protection will be unlimited.
Buyers will also get new protections.
In the past, eBay would refund only $200 to customers who got products that didn’t match up to what they ordered (though eBay would cover up to $2,000 for products from its most established merchant). Now there will be no cap.
In a separate move, the company will cut fees for PowerSellers who have a customer feedback rating of at least 4.9 on a 5-point scale. The move has angered smaller sellers, but it could lower prices for customers who purchase from power sellers.
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