Our customers and merchants across the pond have been asking for the flexibility and convenience of PayPal Credit in their markets, so today we’re also announcing that we plan to introduce PayPal Credit to the UK and Germany. It also demonstrates how we are moving credit more towards the center of our business, aligning it more closely with our overall brand, and working as a partner with businesses to spur growth. PayPal Credit Evolves and Plans to Expand to the UK and GermanyĪs people and businesses know and trust the PayPal name, this is a natural and logical brand transformation. So today, we are announcing the evolution of Bill Me Later to PayPal Credit, and the exceptional growth of PayPal Working Capital-a global portfolio of credit solutions that help people and businesses leap forward. I joined Bill Me Later with eBay (PayPal) in 2008, because we shared a common vision to make shopping and paying easy, flexible and convenient. The new credit focus is a remnant of former PayPal president David Marcus’s reign (he recently made a surprise jump to Facebook), who also pushed PayPal to act more like a startup and modernize all of its products.Delivering flexible and convenient credit products is something I have been passionate about for nearly two decades. So what took so long to rebrand Bill Me Later? Allocca, who joined PayPal in January 2013 to lead its credit program, said that it likely took longer than expected to fully integrate Bill Me Later’s product into PayPal. PayPal (and its parent company eBay) manage the loans, but they’re issued by its partner WebBank. The program is still invite-only, and it’s only available to merchants who’ve had more than $20,000 in volume on the PayPal network in the past year. PayPal says it’s now increasing the limit of Working Capital loans up to $60,000, and it’s also doubled the amount of eligible merchants. At the luncheon today, Jack Murray, the owner of Jack & Adam’s Bicycles in Austin, noted that he potentially lost some customers for life when they got rejected for previous credit offerings.Īnd while PayPal Credit makes it easier for consumers to get credit, the Working Capital program similarly simplifies the process of getting a loan for businesses. He also noted that we’re going to see PayPal’s credit products broaden in the future.įor businesses, PayPal credit gives them a simple way to offer financing options to customers without collecting loads of personal information and being thrown into potentially uncomfortable conversations. “We want to bring credit closer to the center ,” said Steve Allocca, PayPal’s head of global credit, at the luncheon today. After all, you’re more likely to buy that giant TV if you knew that you could easily spread out the payment. And for the first time, PayPal is also publicizing its products to mainstream consumers (you may have noticed its recent wave of TV commercials).Īt a press luncheon today, PayPal representatives said the new focus on PayPal Credit can increase engagement with customers and potentially boost sales. The rebrand has certainly been a long time coming for PayPal, but it makes sense now that the company seems to be on a roll with new products and announcements, including revamped mobile apps and a better overall experience for developers. Additionally, PayPal is expanding PayPal Credit to the UK and Germany, as well as two more countries by the end of the year.
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