That seems odd - the payment history in PayPal, and the email notification of the payment, should show the seller's name and the seller's email address, rather than being paid to eBay. For example, a payment to me might say "Receipt for your payment to Digital Ghost" and list the email address the payment was sent to (clearly you've made successful purchases in the past, so I'm guessing any anomalies would stand out to you, anyway).
It definitely doesn't show as reversed or refunded? In my account, when payments buyers made to me were reversed, they show as two separate transactions. The first is a credit, the second is a debit in the same amount, sometimes one after the other, sometimes there's one or two transactions in between, though from the buyer's side it should show the opposite I suppose.
I did have one weird one where the buyer definitely purchased an item (as in confirmed the purchase) went through checkout, the item showed as sold and paid on both of our accounts. It wasn't until I'd sent out the item that I discovered the payment had actually been reversed and I never received the money, but it was still showing as fully paid on eBay unless I went into the order details, where there was a red note that said the payment failed. The buyer didn't respond to my messages until 5 weeks later, unfortunately, but insisted the payment didn't show as reversed on their side (I may never know the truth about that one, as they only responded to me when they couldn't purchase anything else and couldn't provide a screenshot to show me what the payment history looked like from their side, but I digress).
If the seller insists that no purchase and payment has been received, but it's showing as a full, completed payment with no indication of reversal, then I'd call PayPal because those funds have to be somewhere.
