PayPal announced on Monday the launch of its new small business toolkit, Business in a Box. This news comes just after the payment giant revealed its PayPal Working Capital helped over 115,000 businesses around the world access more than $3 billion in loans and cash advances since its debut in 2013.While sharing details about the Business in a Box, PayPal stated:
“PayPal Business in a Box brings a number of our partners, including WooCommerce and Xero, and our products together in one place for the first time, to deliver a simple, integrated solution that gives you the tools you need to start an online business. Everything is tied together by your PayPal Business account, so it all works seamlessly and simply. Imagine you’re just starting a business for the first time. You know what you want to sell, what your profit margins should be, your roadmap, but you don’t have web design capabilities to develop an online store or know how to set up online or point of sale payment methods. With PayPal Business in a Box, you don’t have to worry about these logistics – we can help you acquire customers through an online store, manage your finances and give you a real-time view of your cash flow.”
Here’s how Business in a Box works:
- PayPal: Accepts Payments
- WooCommerce: Builds Online Store
- Xero: Manages finances
- PayPal Working Capital: Offers business loans
According to WooCommerce, the business tool eliminates time spent picking out and purchasing individual components companies need to set up an online store. Amit Mathradas, PayPal’s head of small businesses for North America, also revealed to International Business Times:
“Business in a Box eliminates those steps and saves you time by packaging everything you need into one place. It’s really about connecting the two-sided network that we have.”
In regards to PayPal’s Working Capital loans, Mathradas added:
“Unlike traditional loans, which are on a monthly installment basis, the way the PayPal working capital loan works is you pay back as percentage of your sales. What that does for the merchant is it removes the burden of having a monthly payment as we look at how cash ebbs and flows and revenue cycles, that’s really the benefit.”