Do you think that PayPal is only for paying for items on eBay? Maybe that’s the only thing you really use it for so you don’t know what else PayPal has to offer? Have you heard of PayPal Working Capital? It could be a great way to help you and your business venture right now. Let’s have a look at what it is all about and see if it is something that would work for you.
What Is PayPal Working Capital?
PayPal Working Capital is business funding with a simple application. If your business needs some monetary assistance, PayPal offers this potential money with one affordable fixed fee and you can repay what you borrow as you get paid. Your approval is based on the PayPal sales you’ve had and your account history. This means that your credit score is unaffected. If that sounds perfect to you and you are looking to pump some cash into your business, it’s definitely worth a look!
How Can PayPal Working Capital Help You?
If this sounds awesome, how does PayPal Working Credit actually work? Firstly, the application process is quick and simple. If you get approved, the funds are received directly into your PayPal account within just a few minutes. There is also no interest which is perfect. You pay just one fixed fee and there are no other fees to talk about. This includes if you repay early or if you have a fluctuation in sales. There are no hidden fees and you get to choose the cash advance amount. You also get to choose a repayment percentage that fits in with your needs and your overall business model. As long as the minimum amount is paid every 90 days, you’re set.
Benefits Of PayPal Working Credit?
The simple pricing and simple payments of PayPal Working Credit aren’t the only benefits. When you compare it with other methods of business financing such as a credit card or a bank loan, the benefits are crystal clear. Rather than monthly payments, you repay via a percentage of each PayPal sale you make. Both credit cards and bank loans will charge interest and also have fees including activation and late payment. They usually have an annual charge too. PayPal Working Credit has no interest, no early repayment fees, just one fixed fee.
Are You Eligible?
Of course, you have to be eligible in order to get some business funding via PayPal Working Credit. As mentioned, this is based on sales you’ve had and your account history. You must have had a PayPal Business or Premier account for more than 3 months and be registered in the UK. The PayPal account you have must annually process at least £12,000 (for Premier account holders) or £9,000 (for Business account holders). You must have repaid any previous cash advances from PayPal Working Credit. All of these requirements must have been met ahead of when you apply, by five days or more.
If you need business funding and are looking for a simple one stop shop to get your hands on some cash, this could be the perfect opportunity for you. PayPal Working Capital is a great alternative to perhaps more traditional methods of funding your business.