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:
No monthly fees. The card is free to order and comes without any fixed monthly costs. All you need is a PayPal Business account.
Instant access to funds. You can use your finds wherever you can use Mastercard, this includes both online and in physical locations.
Cashback. 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.
No 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 exchange rate.
£1 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.