03 December 2016

PayPal to take small biz lending programme overseas following US trial success

21 March 2014  |  3615 views  |  0 PayPal logo

PayPal is to extend its working capital programme for small business customers indefinitely, following a successful three-month trial in the US.

The firm says thousands of businesses have successfully applied for PayPal Working Capital since the pilot program launched last September, including a number of repeat customers. More than half of borrowers reported using the loan to purchase inventory.

The loans, which are issued by the lender WebBank, take just minutes for approval because they are based on each business's sales history through PayPal. Loan balances are reapid using a share of business sales, with no fixed payment dates to remember and no monthly minimums.

PayPal says the programme will now be extended to more businesses and will be launched in additional countries overseas.

Separately, PayPal in the UK is to turn on two features in its iOS and Android mobile apps, to let users order food ahead of visiting the restaurant, and using the app to pay for their food when eating at a restaurant by way of a four-digit code. Both Pay At Table and Order Ahead were first announced last year in the US.

Rob Harper, head of retail services at PayPal UK, told TechCrunch that the rollout will kick off a wider push of the services across Europe in the near future.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

EBay rebuffs calls to spin-off PayPal

EBay rebuffs calls to spin-off PayPal

23 January 2014  |  3341 views  |  0 comments | 3 tweets | 3 linkedin
PayPal waives processing fees for start-ups

PayPal waives processing fees for start-ups

30 October 2013  |  7552 views  |  0 comments | 14 tweets | 10 linkedin
PayPal moves into small biz lending

PayPal moves into small biz lending

25 September 2013  |  8234 views  |  1 comments | 12 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreFind out morehttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6088 views comments | 22 tweets | 21 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5444 views comments | 16 tweets | 15 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5353 views comments | 13 tweets | 12 linkedin
EBA told that tougher authentication will have a "chilling" effect on single marketEBA told that tougher authentication will...
5327 views comments | 18 tweets | 20 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5283 views comments | 15 tweets | 13 linkedin

Featured job

Find your next job