Introduction
Are you a business owner struggling with how to balance your spending's? Or maybe you are not able to keep personal finances separate from business financing. The truth remains that many business owners mess around with money. At the end of the day, they are either spending too much on business from their own pocket, or they are wasting lots of money not accounted for. Right there enters this Paypall Business Cashback Mastercard.
In this review, we will take a closer look at how this Mastercard designed by Paypal for businesses will help entrepreneurs put their finances in order. We will examine some cool features of the Mastercard and maybe at the end, someone would like to try it out.
Earn from your business spending
Paypay is a giant in the payments and financing sector. They have put together this amazing card that comes with lots of cool stuff. They call it Business Cashback MasterCard. From the name alone, you can guess that there is some money earned will spending from the card. Your guess is right.
To begin, the card is designed primarily for business spending. For many similar products, there is usually a subscription fee to be paid periodically. But this Cashback Mastercard from Paypal comes at a zero fee. More interesting, there are no monthly or annual card renewal fees to be paid. Both subscription and continuous use is free of charge. Thats just the beginning. There is more!!!
Any time the owner is paying with the card for a transaction, they receive a cashback up too. Yes, there is monetary reward for using the card when checking out. If the payment is made through Paypal, the cashback reward is as high as 3%. All other purchases not processes through paypal still pay a 2% cashback reward. This is really cool especially for businesses that perform large transactions. They have something in return for them.
Other features of Paypay business Mastercard
Here are the other cool features that makes this card right for business owners. Check them out:
More cards for workers: Under the main business account linked to the card, business owners can set up accounts for their employees and also have the cards. While setting up the account, it is possible to set limits on how much they could spend at any point in time. This is crucial for managing all spending's and tracking money flows in the business. Interestingly, creating new accounts and obtaining the MasterCard for them also comes at zero cost.
No cashback limits: All the transactions made through the cards are recorded and cashbacks for them given. There is no limit to how much could be spent from the card. There equally is no limit to how much rewards could be earned. The bigger, the better.
Fast approval times: Once the business owner applies to obtain the card, there is no much delay in processing the application. If approved, the card is released and transactions could begin immediately.
Security: The card service comes with additional security features which ensures that business funds are not kept at risk. There if fraud detection features for the card and the linked phone. The fraud detection feature though does not cover all transactions.
Type of transactions: All business transactions are supported by this mastercard. That includes transactions like:
Supplies and shipping. Devices and software. Inventory. Utilities. Meals and travel. Marketing. Get rewarded for your everyday business purchases. source
Requirements for eligibility
Businesses that wish to apply for this card need to meet up with certain criteria set out by Paypal. They include the following:
Business account: Since the card was designed for businesses, Paypay requires applicants to own a Paypal business account. Those operating a personal account are not eligible for this product. Besides owning a business account, it must not be a new startup. The minimum existence time for the business is 1 year.
Business revenue for 1 Year: Paypal expects businesses that wish to apply to have an annual revenue in excess of $5000. This means that small startups with less annual revenue will not be eligible for the mastercard.
Important questions to ask
Customers might want to know a little more about this service. For example, they might want to know the location where this card service is available or wonder how to redeem their cashback rewards. One thing to make clear here is that this service is still not available to businesses outside the US. And not states in the US can access it like South Dakota and North Dakota. As the service grows, it will be expanded to more states in the US and internationally.
If you are wondering how to apply for this mastercard, check out the info below:
There are two ways to apply for the business credit card. Apply now or log in to your Business account, go to Financing, and fill out an application. You’ll be asked to confirm or provide some information about you as the business owner and about your business, and then agree to the terms and conditions. Once you complete your application, you’ll have a decision usually in less than a minute. source
Conclusion
For business owners in the US in states where this service is available, you might want to try out the Cashback Mastercard. This is for information purposes. Do not trust it as financial advice.
Note: Thumbnail from Pixabay
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Just like me, I’m spending too much money on my business from my pocket and it is really affecting me
Thanks for this though but PayPal is not used in Nigeria