SAN JOSE — PayPal is launching 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. 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 increased flexibility they need to manage their business finances, delivering one of the best values available on credit cards today. professionals at no annual cost. 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 AustinBased in 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 a 2-year extended 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 and zero liability protection, 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 it’s critical to ensure they have access to digital tools and solutions that support their needs and growth,” said Sherri Haymond, Executive Vice President, Digital Partnerships, Mastercard. “The PayPal Business Cashback Mastercard is tailor-made to help small business owners navigate their day-to-day operations. Combining dynamic and flexible payment technology with compelling rewards and resources, we’re proud to partner with PayPal to deliver tremendous value and access to small business owners in the United States.