Are you looking to grow your business and need some working capital or maybe you need to make an investment in your business that a big purchase. Well PayPal is now more than just a company to help with online transactions.
PayPal has began to reach out to their members and promote a series of services that you would expect to find in your local bank or credit union. You can get a Loan, finance purchases, get a checkcard and even manage invoices.
Since Paypal is regulated like a bank, and has been for years, it makes sense that they have to follow the same rules.
PayPal Credit
Do you need to make a big purchase like building or redesigning a website, or finance your marketing budget, buying new equipment or office furniture? Paypal credit is a great way to pay for the things you need while managing cashflow.
The cool thing is that it seems you can finance as little as $99. This makes financing an option for businesses of all sizes, however PayPal credit is subject to a credit check.
Some other benefits are that are you pay off your purchase within 6 months there are no additional payments and no interest.
HOW THIS HELPS BUSINESS OWNERS - As long as the buyer is approved, you get paid upfront and in full. This can certainly help with cashflow as well as reduce risks if you are in the service industry. It's also a resource you can use for your own website financing.
- Your Customer get the value of more time to pay
- You get paid up front with no extra charge
- You can promote higher purchase orders
PayPal Working Capital
This is a service we’re excited about. You will need to have a PayPal Business account to apply.
It’s a cash loan based on your prior PayPal transactions. The great thing is that this is a no interest loan. It a fixed fee loan based on how much you want to pay back per transaction.
The percentage per transaction ranges between 10% and 30%. The lower the percentage per transaction - the higher the fixed fee. The higher the percentage, the lower the fee of course.
Payments are automatically taken from your paypal transactions so you don’t need to worry about late fees (they don’t have any by the way) or paying when you don’t have any PayPal transaction. They do, however, have a 90 day minimum payment they require even if you do not have PayPal transactions.
You can literally get access to working capital within 1 minute of applying. The application process takes about five minutes to get through if that long.
- Flexible payments
- One affordable fixed fee
- No credit check
- Funding in minutes
HOW THIS HELPS BUSINESS OWNERS - Get access to working capital in minutes. You can borrow 18% of your previous PayPal annual earnings up to $94,000.
PayPal Business Debit MasterCard
A great tool on the go. Sometimes you don’t want to or can’t wait for funds to transfer from PayPal to your bank. This little debit card that connects directly to your PayPal balance is a gem.
It’s convenient to have immediate access to your PayPal balance with a debit card.
You can even connect it to your bank account to make sure that you’re never declined. With a back up account your card will still work with a $0 balance in your PayPal account.
- Withdraw money from your PayPal balance at any ATM.
- No annual fee.
- Earn unlimited 1% cashback on eligible purchases.t
- MasterCard Zero Liability policy for unauthorized purchases.*
HOW THIS HELPS BUSINESS OWNERS - Make project related purchases immediately after you receive payment. Don’t wait to through transfers if you need access to your funds right away.
PayPal Invoicing
If you’re not on quickbooks or want a low cost way to send and track invoices; PayPal invoices are a great solution.
These invoices are free to send. Just remember that you’ll pay the PayPal transaction fees when a payment is made.
You can track payments made online or with a check in the invoice management center.
You can also use your own logo and customize the fields to fit your business. You can also attach documents and images to your invoices to help keep things connected.
PayPal invoices make it simple to get paid with PayPal, credit cards, debit cards and PayPal credit while managing everything from your PayPal account.
HOW THIS HELPS BUSINESS OWNERS - Use one system to send and manage invoices. Offer your customers an easy way to pay online while getting paid faster.
PayPal MasterCard
Paypal offers a credit card in addition to their paypal credit service. This card give you cash back anywhere that MasterCard is accepted. Enrollment in the rewards program is automatic.
This is an actual credit card that you must apply for. The primary benefit of this card seems to be the reward program, but it also does not have an annual fee.
I would also note the APR is between 20.24% and 27.24%. You can avoid interests fees if you pay your entire balance by the due date of each month.
As business owners we lose a ton of time looking into solutions for our business. I hope that this article will act as cliff notes for your consideration of a few business services that PayPal has to offer.
HOW THIS HELPS BUSINESS OWNERS - Convenient if you are already using PayPal’s other services. Also an additional line of credit.
In Closing
It's always good to know when you have a good resource available. Hopefully these paypal services can help you grow your business. It's good to know additional payment options for you and your prospect clients
We've used PayPal for years and used several of their product to grow our company. They've been a great partner for us and hope that you have a similar experience. Who knows maybe you'll use paypal to finance your new website.
Here are a few other resources we can share to help you grow your business.
- 4 Things i wish I did When I started my business
- 11 Social site to quickly get more b2b sales
- Less task for more results
Need help developing a website? You can certainly finance it with us.
