PayPal (PYPL) just dealt a serious blow to the crowdfunding industry, but this in no way wounds PayPal’s successful e-commerce service. Instead, PayPal stock is already ticking upward on Monday.
In a policy update on its Web site, PayPal says that starting on June 25 it will no longer cover payments made to crowdfunding platforms with its Purchase Protection feature. Under Purchase Protection, customers have 180 days to file a claim if they use PayPal to purchase an item that is damaged during shipping or if they receive something other than what they ordered.
