Paypal is the dominate online payment solution for small business owners. They’ve recently branched out and now also offer loans to their small business customers. Here’s a high level view of how it works:
- It’s a business loan that enables PayPal merchants to repay the loan with a share of their PayPal sales, so there are no minimum monthly payments. If you have no sales on a particular day, you owe no payments for that day.
- Select PayPal merchants can apply online, review and agree to the terms of the business loan and if approved, get funding into their PayPal account in minutes.
- Pricing is simple and clear. The loan is available for a single, fixed fee that is displayed to a business before signing up. There are no periodic interest charges, late fees, pre-payment fees, or any other fees, so a merchant knows what they’ll pay, down to the penny.
- Under the PayPal Working Capital program, the lender uses PayPal sales history to extend credit, so no credit check is required and the loan does not affect a business’s credit score.
As a small business owner there are several options you have for obtaining financing: credit cards, bank loans, crowd funding, friends and family and probably a few other options. Strategically and purposefully consider how you access capital for your growing business.
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