Australia is the first market outside the US to receive the service. It will be introduced to a limited number of partners to begin, before a broader rollout commencing 2015.
SMBs which require the service must complete a four-step application process. Eligibility can be checked by PayPal merchants which have held an account for at least 12 months via the provider’s website. Those that qualify are then able to select the amount of the loan (up to 8% of their annual PayPal sales), and what percentage of each PayPal-facilitated transaction will be allocated to repay the grant.
In recent news, Lavu, a point-of-sale software provider for restaurants and retail stores, has integrated with PayPal’s mobile app that applies digital payments to Lavu iPad POS systems.
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