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.
Latest posts by Ramon Ray (see all)
- 3 Creative Ideas to Boost Your Local Marketing Campaigns - December 11, 2017
- Vistaprint Report Says Many Consumers Will Shop More Small Businesses in 2018 - October 2, 2017
- Kensington Announces Ultimate Presenter with Virtual Pointer - October 2, 2017