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Wednesday, 22 October 2014 22:37

PayPal financing open to Australian small business Featured

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PayPal has provided Australian small businesses with access to funding to help them grow their businesses with the launch of its new loan product Working Capital.

SMBs have been offered quick and easy access to funds through their PayPal accounts, with applications for finance granted to eligible PayPal merchants in four quick steps which PayPal says take just minutes to process.

According to PayPal, Australia was chosen as one of the first markets after the US to launch Working Capital due to SMB demand for a wider choice of financing options to help grow their businesses.

“Working Capital is ideal for small-to-medium-sized business owners who need fast, simple and flexible solutions to fund activities, like staffing up ahead of seasonal demand or buying additional inventory to meet orders,” said Kareem Al-Bassam, PayPal Director of Customer Experience and Solutions.

“We’re using data and technology to provide a tailored credit solution that meets the needs of small businesses today. The capital is granted to eligible PayPal merchants in minutes, and merchants only make repayments when they get paid.”

PayPal says Australian merchants who have had an account for at least 12 months can log onto its website and determine very quickly if they are eligible for a loan. The merchant chooses how much they wish to borrow – up to 8 per cent of their annual PayPal sales – and what percentage of each PayPal-facilitated transaction will be allocated to repay the loan. Within minutes, the amount borrowed is deposited into the merchant’s PayPal account, enabling them to advance their business.

Al-Bassam says borrowers pay only one competitive fee, which is decided upfront and based on the amount borrowed. There are no hidden charges, and no penalties for late payment or early settlement of the full loan. The borrowed amount is repaid automatically by PayPal debiting the selected repayment percentage from PayPal transactions.

“PayPal’s technology platform and its merchant relationships generate rich data that can be analysed in real time to grant loan applications, making Working Capital an ideal solution for SMBs needing to respond quickly to changes in their markets.

“PayPal’s investment in Working Capital is another demonstration of our commitment to support and encourage Australian SMBs, which make such an essential contribution to the Australian economy, by providing them with innovative solutions and technology to expand their businesses.”

PayPal is introducing Working Capital to a limited number of Australian merchants between now and the end of the year, with a full roll-out scheduled for next year.


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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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