It's definitely the risk of chargebacks. There are way too many shady people in this hobby, that's just a fact.
When a person charges back a transaction, the original seller will lose. It is that simple. They may have to show tracking that the item was returned, but the credit card companies ALWAYS side with the buyers. PayPal is a bit better, as their seller protection is significantly more than credit card companies offer directly.
As a merchant (in a different industry) that accepts credit cards, paypal, and is intimately acquainted with disputes and chargebacks, I do not blame these auction houses one bit for not accepting cards or paypal.
Factoring in what they have to "gain" by offering it as a payment method, and what they potentially have to "lose", it's a sound business decision.
That being said, I love how LOTG accepts paypal.
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