PayPal is launching business crediting initiative
A largest online payment solution provider PayPal has announced the launch of its new business crediting program. They promise that trusted organizations will soon be able to receive a loan within mere minutes after it they claimed for it. Of course, they will be able to do it via PayPal. The first marked outside US where this option is about to be available will be Australia.
PayPal becomes a creditor
One of PayPal’s officials, Karim Al Bassam, explained that they chose Australia to be one of the company’s priority markets for a good reason. On the one hand, there this is a large and well-developed land with immense potential. On the other hand, there are numerous enterprises in Australia that could use additional funding. And claiming a credit from PayPal is going to be very simple and fast. The amount of possible credit will depend on annual transactions amount made by an enterprise via PayPal network.
How it is going to work
The max credit amount is going to be up to 8% from the annual amount of transactions a company makes via PayPal. Also, when taking the loan an enterprise will need to pay a one-time fee (calculated basing on the credit amount). PayPal claims that there will be no hidden payments, as well as no hidden penalties. So it can be perfect for the owners of small and medium businesses. Let us wait and see how it will work out, but knowing reputation of PayPal of respected and trustworthy partner it looks like this new program is going to prove a great success.