PayPal Launches “Business in a Box” for Small Business Development
Yesterday, PayPal launched a new program for small businesses called Business in a Box. The platform allows entrepreneurs to set up an online store, accept payments, manage their finances and borrow money for their business, all in one place.
PayPal has partnered with WooCommerce, an eCommerce website developer, and Xero, an online accounting software company. Business in a Box users get access to exclusive offers with these partners, including three extra months of service with WooCommerce and a $100 credit with Xero.
To get started, business owners must create a PayPal business account. This can be used to send invoices, manage business finances, and get a PayPal Business Debit Card. With this debit card, funds in PayPal are instantly available like they would be in a bank account. There is no need to transfer them to another financial institution.
Users can tie their business account to the website created with WooCommerce or other platforms not included with Business in a Box. This allows them to accept payments from any debit or credit card or from other PayPal accounts. PayPal also has a mobile payment processor, PayPal Here, which works like Square—plug it into a phone or tablet, and accept credit card payments in person.
Business owners can apply for PayPal Working Capital after having an active business account for three months. As with any loan, acceptance is subject to credit approval and loan amounts vary based on business income.