Darrell Esch, VP and GM, SMB Lending, PayPal


 

paypal working capital.jpgThousands of businesses have successfully applied for PayPal Working Capital since the pilot program launched last September, including a number of repeat customers. PayPal is helping to fill a distinct need for capital in the small business community: already, customers have collectively borrowed and repaid tens of millions of dollars. Reflecting overwhelming customer satisfaction, a number of businesses repaid their initial loans in full, and subsequently re-applied for new loans. Due to the success of the three-month pilot program, we recently announced plans to extend the PayPal Working Capital product indefinitely. This includes eligibility extended to more U.S. businesses, and with plans to launch a similar offering in additional countries.

 

Applying for PayPal Working Capital, which is issued by the lender WebBank, takes just minutes because it is based on each business’s sales history through PayPal. Ease and convenience are monumental reasons why merchant response has exceeded our expectations. We have received strong feedback from PayPal Working Capital business customers of all types in a recent customer satisfaction survey. In fact, 90 percent of our customers gave us a 9 or 10 (on scale of 0-10) on their likelihood to recommend PayPal Working Capital to other merchants. Merchants are overwhelmingly pleased with how PayPal Working Capital allows them to repay their loan balance using a share of their sales, with no fixed payment dates to remember and no monthly minimums. They enjoy the peace of mind that the flexible repayment structure allows. Other highlights of our survey*:

 

  • We know that a small business’s time is precious and are pleased that 97 percent of those surveyed gave us the top rating of "very fast" on speed of application and funding.
  • 92 percent gave us the top 2 ratings for our customer service – a strong PayPal differentiator.

More than half of borrowers reported using the loan to purchase inventory, including Steve Contratto, owner of CF Sales, a company that sells Logitech computer accessories. Steve leveraged his $20,000 PayPal Working Capital loan to purchase inventory, which he turned into $40,000 in sales, growing his business by 40 percent for that month**.  The program is making a real difference in the lives of small business owners by helping them grow. We look forward to sharing more details of our product expansion soon.

 

 

*PayPal Working Capital Customer Satisfaction Survey, conducted by PayPal, February 27, 2014.

** Not every business will be able to achieve this type of growth from the PayPal Working Capital loan.

Comments
by tedster247 on ‎03-21-2014 07:42 AM

Very Cool :smileyhappy: 

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