So what is so freakin' cool about PayPal again?

I am trying to sell a bike over the internet and since I have my buyer all lined up, we are still trying to work out a method of payment.

A lot of people seem to like PayPal a lot, calling it “low/no risk.” Why? What makes PayPal so attractive that it reduces risk for the person buying by making sure that I don’t simply disappear with the money?

If the buyer has purchased “purchased protection” (an extra fee) and you don’t deliver item within certain time (30 days, I think) , Paypal refunds the original purchase payment.

Note that PayPal is low risk to the buyer. It can sometimes be high risk to the seller. There is one scam involving PayPal that has become so rampant that it is now a common spam subject: “Make money with PayPal.” Needless to say, a how-to on this would be completely out of place here.

The safest semi-fast payment method for the seller is BidPay.

I would never allow PayPal payments myself except that so many buyers are foolishly enamoured with it. So I take the risk (and the fees) in order to get more business. In a rational world it would be BidPay type systems instead.