PayPal has long been one of the big players when it comes to
digital money management. Since the early 2000s, they have been at the
forefront of revolutionary payment systems. Whether you use the service for
making purchases, managing your money, or taking payments from customers, it’s
highly likely that you’ve encountered PayPal at some point in your life. Now,
the company is offering business account holders a debit Mastercard. We take a
look at what this means for your PayPal business account.
Master of all
On 26th June 2019, PayPal and Mastercard announced that business customers would be able to instantly access their PayPal funds using a Mastercard. The card can be used for online and physical business purchases, and there’s also a cashback incentive to sweeten the deal.
PayPal Mastercard, ‘gives small business owners a fast, easy way to use the money in their PayPal account both online and in-person, wherever they are in the world.
Nicola Longfield, Senior Director of Small and Medium Businesses, PayPal
Mastercard is one of the most widely recognised payment
cards in the world, and the company estimates there are over 45 million
locations worldwide that accept it. With such power, it’s no wonder that PayPal
was eager to offer their customers one. As the Senior Director of Small and
Medium Businesses, Nicola Longfield stated, the PayPal Mastercard, ‘gives small
business owners a fast, easy way to use the money in their PayPal account both
online and in-person, wherever they are in the world.’
There’s a lot that looks appealing about the new PayPal
Business debit Mastercard. Some of the major features include:
monthly fees. The card is free to order and comes without any fixed monthly
costs. All you need is a PayPal Business account.
access to funds. You can use your finds wherever you can use Mastercard,
this includes both online and in physical locations.
All of your purchases will earn you 0.5% cashback. There are no caps or limits
to this, so if you tend to make a lot of business transactions on your card,
this could be more than worth it.
foreign exchange fees. Whenever you make online or in-person purchases,
you’ll not be charged foreign transaction fees. You’ll also get the Mastercard
withdrawals anywhere in the world. No matter where you travel, you can
withdraw cash for a flat £1 fee.
Of course, you’ll also get all the great features that come
with using a Mastercard debit card. Additionally, you’ll be protected by both
Mastercard and PayPal when you make transactions.
Ordering you PayPal Mastercard couldn’t be easier, particularly if you already have a PayPal account. All you need to do is head over to their website, log in, and request your card. You’ll need to confirm your address, and then you should have a new card within 7 to 10 days. Once it arrives, you’ll need to activate it online. Then, you can start spending and earning cashback. You’ll get 0.5% of your total spend back. Transactions are tracked, and at the end of each month, it will be credited to your PayPal business account.
PayPal notes that you’ll soon be able to request up to four
additional cards for the same account. This is the perfect way of giving other
business users access to make purchases.