PayPal Waives $50,000 of Payment Fees for Startups
Digital startups can waive up to $50,000 in payment processing fees for 18 months through PayPal’s Startup Blueprint Program. “Startups weren’t interested in investment from PayPal; what they were after was help with working out how payments work and getting up and running fast,” says PayPal’s John Lunn. The new program helps startups expand while sustaining them as payment customers. Startups can only qualify for the waiver and program participation if they are less than five years old, make less than $3 million in yearly revenue, and are first nominated either directly by PayPal via one of its developer evangelists or one of its partnering incubators and accelerators. The waiver ends at 18 months or $50,000, since most startups succeed or go under within 18 months. “We’re also offering startups the kind of ‘white glove’ support large companies like British Airways get, offering them a named, local contact at PayPal who will manage their account and help with their business models, plus access to startup mentors and evangelists,” Lunn says. PayPal’s program initially supports a select group of European, Israeli, and U.S. startup incubators, but it aims to expand into other territories with local language support.
From “PayPal Waives $50,000 of Payment Fees for Startups”
London Guardian (United Kingdom) (10/30/13) Gibbs, Samuel