eBay Offers New Lending Program to Replace PayPal Working Capital
eBay is partnering with LendingPoint to launch a new program that will give eBay sellers in the US access to funding to help grow and sustain their businesses.
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The program, eBay Seller Capital powered by LendingPoint, is compatible with payments managed by eBay and will unlock opportunities for individuals and businesses to obtain financing, providing eligible sellers with a fast, flexible and transparent funding experience.
“We’re committed to empowering entrepreneurs to make their dreams a reality, and we are continuing to partner with our sellers to provide them with the tools they need to thrive,” said Alyssa Cutright, Vice President of Global Payments at eBay.
“We’re excited to make flexible financing options available that are integrated with our new payments experience. The program with LendingPoint will enable critical funding opportunities for eBay sellers, especially during this time of economic uncertainty,” Cutright added.
eBay Program Replaces PayPal Working Capital
This new eBay program effectively replaces the PayPal Working Capital solution many eBay sellers relied on for many years while using PayPal to accept payments on the platform.
As eBay promotes to sellers that switching to eBay Managed Payments will be a better solution for them, offering an alternative program to PayPal Working Capital became a necessity to improve adoption.
“We are thrilled to be able to use the data and technology we have built into our platform to help eBay sellers achieve their dreams. eBay sellers are some of the world’s most dynamic ecommerce players and our Loan Operating System will help them access the financial tools they need to achieve even greater success with their businesses,” said Tom Burnside, CEO and Co-Founder of LendingPoint.
eBay sellers who work with LendingPoint in the pilot program can obtain quick decisions and access to installment loans.
This program will be offered with flexible terms of up to 48 months to allow sellers to choose the best option for their specific budget needs, and lower repayment plans as part of the longer terms.
LendingPoint will not charge origination fees or early payback fees. In the future, through this partnership, eBay and LendingPoint aim to expand their offering to provide eBay sellers with more tools to help run their businesses.
eBay Seller Capital powered by LendingPoint is rolling out now as a pilot program with select sellers and will be available to all eligible sellers in the US later this year.
During the initial launch, eligible sellers may receive up to $25,000 in funding in as little as one business day.
eBay did not say if they would expand this program beyond the US, but that would likely require a different financial partner as LendingPoint currently only serves the US market.
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Richard is co-founder of eSeller365. He has over 17 years of experience on eBay which includes tens of thousands of sales to buyers in over 100 countries and even has experience with eBay’s VeRO program enforcing intellectual property rights for a former employer. And for about two years Richard sold products on Amazon using Amazon FBA in the US.
To “relax” from the daily business grind, for a few weekends a year, he also works for IMSA as a professional race official.