eBay and Square Capital today announced a new partnership that will soon enable eBay’s sellers in the US to access funding that can help them grow their businesses.
While many small businesses still struggle to obtain the financing they need, Square Capital will provide eligible eBay sellers with a simple, seamless, and transparent funding experience.
“eBay is deeply committed to partnering with our sellers to help them grow their business, and our agreement with Square Capital is a great example of how we are helping our sellers succeed by offering them a fast and easy way to access funding,” said Scott Cutler, Senior Vice President, Americas at eBay. “eBay sellers in the US will be able to apply for as little as $500 or as much as $100,000 to help with whatever their business needs might be – from payroll and inventory to equipment and marketing. We will continue to invest in our financial service offerings for our sellers.”
“Expanding access to capital, including to those who have been underserved when seeking funding, is core to Square’s purpose of economic empowerment,” said Jacqueline Reses, Head of Square Capital. "Square Capital understands the needs of small businesses and facilitates a simple, seamless funding experience. We're proud to partner with eBay and enable more sellers across the US to invest in growing their business."
Since 2014, Square Capital has facilitated $2.8 billion to more than 180,000 businesses and in 2016 began providing loan offers to businesses outside of the Square ecosystem through its partnerships program. Square Capital facilitates loans ranging from $500 to $100,000 to all types of small businesses, providing critical financing to sellers that may be either unable to access loans from traditional lenders, or whose needs are not served by existing offerings. Square Capital is able to meet the needs of sellers as they grow their business - enabling them to use funding for activities ranging from purchasing inventory and equipment, to marketing, to expanding sellers’ omnichannel presence and managing everyday cash flow needs.
Access to capital is one of the biggest hurdles in making business growth a reality, with 70% of small businesses not receiving the funding they want. Square Capital aims to address this challenge head on. Loans through Square Capital have a simple loan application that takes only a few steps, removing the need to fill out long, often complicated forms. Additionally, funding is in the hands of approved customers quickly, in as little as one business day after submitting an application. This speed of funding supports the cash flow needs of small business owners and allows them to immediately put the funds to use and grow their business. Finally, the experience is transparent, as loan offers through Square Capital clearly detail the total borrowing cost, which, with timely payment, never changes for the life of the loan.
Select eBay customers will begin receiving email invitations to apply for a loan through Square Capital in the third quarter of 2018. eBay and Square Capital will work together to market Square Capital directly to eBay sellers. Square Capital will assess eligibility and risk, and determine appropriate sized loan offers by taking a holistic view of an applicant’s financial profile.
Note: All loans are issued by Celtic Bank, a Utah-Chartered Industrial bank, Member FDIC, located in Salt Lake City, Utah.
2017 Small Business Credit Survey, Federal Reserve Banks
eBay to Begin Rolling Out Apple Pay Acceptance on its Marketplace Platform This Fall
Offering Apple Pay as a form of payment on eBay is the first step in providing more choice and flexibility in payment options to our tens of millions of buyers.
As eBay begins to manage payments on its Marketplace platform, Apple Pay, an easy, secure and private way to pay, will be among the first forms of payment offered in its new payments experience. Earlier this year, eBay announced it will manage the end-to-end payments flow on its platform to further simplify and improve the buying and selling experience. The company is on track to start managing payments on a limited scale in the US early this fall, at which time buyers will be able to use Apple Pay to purchase items from sellers participating in the initial phase of the new payments experience. Using Apple Pay on Apple iOS and Safari, consumers will be able to check out on eBay via the app and mobile web.
“Apple Pay is one of the most ubiquitous forms of payments and provides users with an easy, fast and secure way to pay,” said Steve Fisher, Senior Vice President of Payments at eBay. “Offering Apple Pay as a form of payment on eBay is the first step in providing more choice and flexibility in payment options to our tens of millions of buyers.”
In a rapidly changing and competitive ecommerce landscape, shoppers expect to be able to both shop and checkout on the site on which they transact. As eBay manages payments, shoppers will be able to complete their purchases within eBay. The company’s payments initiative is expected to deliver value to customers through an improved shopping experience, enhanced selling tools and streamlined costs.
“Managing the end-to-end payments experience on eBay’s Marketplace is a key initiative for the company. As we expand our new payments experience over the coming months, we look forward to offering our global customers many other forms of payments on our platform,” Fisher continued.
eBay will continue to expand its payments initiative in 2019 and expects to have transitioned a majority of its Marketplace customers to its new payments experience by 2021. As the company scales its new payments experience to include more volume in more geographies, Apple Pay will be available to more customers, on more items and in more regions.