Dive Summary:
Paypal is now offering business loans to merchants and sellers seeking working capital.
The company says the new Working Capital program will be catered towards small to midsize business.
Payments on loans from borrowers will be taken daily as a set percentage of the borrowing merchant’s Paypal transactions.
Dive Insight:
Merchants and private business sellers will be allowed to apply for loans online through the payments unit of eBay and potentially receive dispersed funds within minutes. The program is offered exclusively to U.S. merchants and Paypal says the program is receiving positive feedback from merchants.