PayPal announced earlier this week it is expanding its PayPal Working Capital program into Germany with PayPal Businesskredit. The popular payments platform reported that PayPal Businesskredit will offer its merchants a financing solution that will help them further grow their business.
PayPal also revealed that its Working Capital is a “unique business financing product” that has already provided over $6 billion in funding to more than 170,000 businesses in the U.S., UK, and Australia. The program recently celebrated its five year anniversary in the U.S. and allows merchants to apply for a loan online, and receive a decision quickly.
“As soon as the merchant decides on the amount and the repayment percentage, the funds are deposited into their PayPal account. The loan does not incur interest, but rather, PayPal charges a one-time fixed fee that is displayed transparently to the applicant.”
Speaking about the expansion of the Working Capital Program, Michael Luhnen, Managing Director PayPal Germany, Austria, and Switzerland, added:
“Since our start in Germany almost 15 years ago, we have supported companies of all sizes in successfully running their online business. With PayPal Businesskredit, we can now offer our large base of small and medium-sized businesses in Germany a quick and easy funding solution and means to grow their businesses.”