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Square Capital to offer eBay sellers credit
eBay and Square Capital have announced a partnership that will soon enable eBay’s sellers in the US to access funding that can help them grow their businesses. While many small businesses still struggle to obtain the financing they need, especially from the traditional banks. Square Capital says it will provide eligible eBay sellers with a simple, seamless and transparent funding source.
eBay is deeply committed to partnering with our sellers to help them grow their business, and our agreement with Square Capital is a great example of how we are helping our sellers succeed by offering them a fast and easy way to access funding. eBay sellers in the US will be able to apply for as little as $500 or as much as $100,000 to help with whatever their business needs might be – from payroll and inventory to equipment and marketing. We will continue to invest in our financial service offerings for our sellers.
– Scott Cutler, Senior Vice President, Americas, eBay
Select eBay customers will begin receiving email invitations to apply for a loan through Square Capital in the third quarter of 2018. eBay and Square Capital will work together to market Square Capital directly to eBay sellers. Square Capital will assess eligibility and risk and determine appropriate sized loan offers by taking a holistic view of an applicant’s financial profile.
This is obviously another move that’s made possible by eBay’s divorce from PayPal three years ago. PayPal has previously offered lending to eBay sellers based on their sales performance. We assume that they will continue to lend but this news obviously doesn’t say anything about PayPal.
But isn’t it all taking rather a long time time? Obviously, there were terms after the PayPal/eBay divorce but why do eBay sellers have to wait until the autumn before getting a loan? And when will the service be available to merchants overseas? There are a number of questions to be asked about eBay changes and the time it is taking to implement them. Many critics think they need to get a wiggle on in general.