The new PayPal Business Cashback Mastercard ® is one of the industry’s leading cash back business credit cards with no annual fee and 2% cash back on all purchases with no cash back limit that can be earned – helping small business owners be rewarded when they make professional purchases.
PayPal Holdings Inc. (NASDAQ: PYPL) today announced that it is expanding its suite of credit offerings to include a new business credit card to better meet the day-to-day financing needs of small business owners. The PayPal Business Cashback Mastercard, issued by WebBank and powered by the Mastercard network, is the first business credit card offered through PayPal. The card has no annual fee and rewards cardholders with 2% cash back on all purchases with no rewards earning limit or expiration, making it one of the most popular cash back rewards. higher available.
The PayPal Business Cashback Mastercard provides businesses with an easy way to pay for day-to-day business expenses and those that may arise unexpectedly, while earning cash back on all purchases. Approved businesses get immediate access to their assigned credit limit via a virtual card that’s automatically integrated into the business’ PayPal account and is immediately available as a payment method when merchants pay with PayPal. Account and spending details are easily accessible through the cardholder’s PayPal Business account.
Small businesses need a range of tools to finance their day-to-day business expenses in a flexible way. According to the 2022 Small Business Credit Survey conducted by the Federal Reserve Banks, credit cards were the second most common form of financing sought by small businesses. 1 The PayPal Business Cashback Mastercard offers small business owners the opportunity to qualify for a business credit card.
“As small business owners continue to recover from the challenges of the past two years, it’s more important than ever to have multiple financing options to meet their capital needs,” said Bernardo Martinez , Vice President of Global Merchant Lending, PayPal. “The PayPal Business Cashback Mastercard gives merchants greater value, more choice and the added flexibility they need to manage their business finances, delivering one of the best values available on business credit cards with no annual fee today. “This new solution continues PayPal’s commitment to supporting small businesses and providing options to help manage the day-to-day costs of running their business.”
The PayPal Business Cashback Mastercard was developed in collaboration with Austin -based Concerto card company , WebBank and MasterCard to provide PayPal merchants with access to a high-quality, high-value credit card for small businesses. Cardholder benefits include:
- 2% cash back on all purchases with no earned cash back limit or category restrictions
- No annual fee
- No foreign transaction fees
- Competitive APR for purchases ranging from 13.99% to 29.99%
- Virtual card that can be used immediately upon approval when merchants checkout with PayPal, in addition to a physical contactless card
- Free employee cards with separate account numbers
- Enhanced Mastercard benefits, including an extended 2-year warranty on purchases, cell phone protection and access to discounts through Easy Savings™ and Mastercard’s digital merchant offers, among other features
- Advanced security features including Mastercard Identity Theft Protection ™ and Zero Liability plus 24/7/365 global emergency services
- Consolidated billing to eliminate expense reports and reimbursements
- Integration into PayPal’s merchant platform to access transactions, balances, available credit and rewards
- Available for use at over 90 million outlets worldwide – anywhere Mastercard is accepted
“Small businesses are a force multiplier for our economy, and ensuring they have access to digital tools and solutions that support their needs and growth is critical,” said Sherri Haymond , Executive Vice President, Digital Partnerships, Mastercard. “The PayPal Business Cashback Mastercard is tailor-made to help small business owners navigate their daily operations. Combining dynamic and flexible payment technology with attractive rewards and resources, we are proud to partner with PayPal to offer value and access to small business owners in the United States.”
“PayPal’s mission to democratize financial services for everyone – businesses and consumers – aligns closely with Concerto’s corporate strategy,” said Dan Duncan , CEO and co-founder of Concerto Card Company. “Our goal is to provide the tools necessary for business success – and the PayPal Business Cashback Mastercard helps both companies advance their respective missions.”
“Providing small businesses with credit to manage their business needs is a key area of WebBank,” said Jason Lloyd , President and CEO, WebBank. “We appreciate the opportunity to work with PayPal, Mastercard and Concerto Card Company to make the PayPal Cashback Business Mastercard available to small businesses.”
PayPal continues to support small businesses by providing more ways to accept payments, grow their business and access financing solutions, including PayPal Working Capital, PayPal Business Loans and now the PayPal Cashback Business Mastercard.
You can find more information about the PayPal business credit card at http://paypal.com/businesscreditcard
- Based on 2022 Small Business Credit Survey conducted by the Federal Reserve Banks, from September to November 2021, involving 11,000 small American businesses (less than 500 heads).
PayPal Business Cashback Mastercard ® is issued by WebBank under license from Mastercard International and operated by Concerto Card Company. Mastercard is a registered trademark and the circle design is a trademark of Mastercard International Incorporated.
The lender for PayPal Business Loan and PayPal Working Capital is WebBank, Member FDIC.
PayPal has remained at the forefront of the digital payment revolution for over 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform enables more than 400 million consumers and merchants in more than 200 markets to join and thrive in the Mondial economy. For more information, visit paypal.com .
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside our company. With connections in more than 210 countries and territories, we are building a sustainable world that unlocks invaluable opportunity for all.
Concerto Card Company is a next-generation technology company focused on building better credit card programs for innovative brands. The company combines creativity, technology and analytics to deliver programs designed to excite customers. The management team has decades of experience building and managing some of the nation’s largest credit card programs. Concerto is based on Austin, TX . Learn more about www.concertocard.com .
About Web Bank
WebBank is a Utah chartered industrial bank headquartered in Salt Lake City, Utah . Since its inception in 1997, WebBank has originated and funded over $150 billion in consumer and commercial credit products. As ” The bank behind the brand ® “, WebBank is a national issuer of consumer and small business credit products through strategic partner platforms (brands), which include retailers, manufacturers, finance companies, software as a service (SaaS) and financial technology (FinTech) companies The Bank is a leading player in the digital lending space, driving innovation in financial products through integrated finance with strategic partner platforms WebBank is committed to a full range of banking activities, including consumer and commercial loan products, revolving lines of credit, credit cards, private label cards issuing, self-refinancing and more.The Bank provides capital under the form of asset-backed loans and other credit facilities to strategic partner platforms, credit funds and other lenders, with the ac cent on specialized financial assets. The Bank is also a leading provider of commercial insurance premium financing products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com .
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SOURCE PayPal Holdings, Inc.