Feedback: This is the backbone of eBay. Buyers and sellers leave short responses about transactions - positive, neutral or negative. The more positive feedback you get, the higher your feedback score.
Buyer protection: A PayPal scheme that allows sellers to offer buyers protection of up to £500 against them failing to send the goods or describing them misleadingly. This is free but you qualify for buyer protection only if you're a verified PayPal user and have a feedback score of at least 50 which is at least 98 per cent positive. This means you need to buy and/or sell at least 50 items. Without buyer protection, all buyers are covered for up to £120. However, there are conditions and this shouldn't stop buyers from being cautious when trading on eBay.
PayPal: eBay's online payment service that allows eBay users to exchange money safely for a fee.
Proxy bidding: A free service where eBay automatically bids on your behalf up to your maximum bid and lets you know if you've been outbid.
Reserve: You can pay a fee to set a reserve price (the minimum reserve is £50). If no bids meet your reserve, you don't have to sell.
Escrow: An online payment method for expensive purchases. The Escrow company holds payment in trust until the buyer receives and approves the shipped item.