Bill Me Later Rebranded PayPal Credit
Bill Me Later Is Now PayPal Credit, PayPal Working Capital Exceeds $150 Million and Both are Going Global – Gary Marino, SVP, Global Financial Services & North America. Since the pilot program launched last September, more than 20,000 businesses have collectively borrowed more than $150 million in PayPal Working Capital business loans through our lending partner, WebBank. The program is also expanding to the UK and Australia to fuel business growth. Businesses in these countries will have access to capital in minutes once they apply and are approved through a simple online interface. PayPal Working Capital allows these businesses to repay with a share of their sales they choose, and don’t repay on days they don’t have sales. Because the program uses a business’s sales history, there iis no credit check or extensive documentation required. The loan charges a single, affordable fixed fee instead of periodic interest so businesses know the cost of the loan up front. It’s that simple.
Evolving Credit Landscape
Offering these products more broadly is a sign of the power that credit brings to both merchants and consumers. Merchants can leverage credit as a tool to secure capital and grow their businesses. Additionally, they can offer credit with flexible payments options for their customers and immediate sales, while consumers experience freedom of choice when buying what they want – when they want it. We recognize this value isn’t limited to our US customers, so we are going global.
