Working Capital & iZettle - Did anyone ever get funding in 2023?

[canwehaveitnow]

Evening

For years I happily had Working Capital money from Paypal, paid it back early and then it was stopped - I was told back in 21/22 that this was because iZettle wasnt used in the calculations of what transactions went through my account.

Lots of banks and other companies are using card machines to issue small loans against sales but for some reason Paypal are still not - has anyone been successful.

I cant believe a company of Paypals size cant realise that to help us all out, either reopen the scheme or at least explain why they are still not doing so

Becky

[Kriscendo1963]

No and all they will tell you they are working it out with Zettle and Working Capital and no idea when it will ever be available again

[canwehaveitnow]

Why can't they just be upfront with us all and explain the situation ? I understand its Paypals choice but would help us out to know for the future

[Kriscendo1963]

Right? I told them I have never heard of a merger or move like this that was made until EVERY component in place.

[canwehaveitnow]

Gave Paypal a call and the answer was 'something in the pipeline' -  i said, well I havent rung for 2 years so thats a hell of a pipeline, not sure they really were that bothered. Why do they have a whole department dedicated to Working Capital if they are not issuing any or is it simply linked to the iZettle - what a great job, sit there all day saying 'theres something in the pipeline' - so frustrating

[davoaxoim]

Yeah, it makes you wonder what the PPWC customer service does all day. It is all automated, I'm guessing that pretty much every call they get is about loan denial. Now that this is going on, pretty much all the calls they are getting are about Zettle and the fact that it still hasn't been resolved. I saw that PayPal is selling off Xoom because there is too much competition out there. Seems that they would spend some of that money on getting this resolved and keeping customers. Especially in a part of the market, they have been desperate to expand on, Merch retail transactions. I mean they know that there is just so much they can do with online sales and small sites. Having an all-in-one POS and merch transaction system is a huge selling point and really the only way they are going to be able to compete with Square. I mean they offering something for pretty much free that Square charges for and at a lower transaction rate. It's why I went with Zettle in the first place and one of the reasons I've stuck with PayPal was the Working Capital Loans. If this isn't resolved by the end of the next quarter, I'm going to have to move somewhere where there are Loans available. 

[canwehaveitnow]

It really is incredibly frustrating. If it were my business and I had a forum where I could read what my customers were saying, I'd take note and the least I'd do is issue a statement so we can all make decisions about where to place our business. Very frustrating and PayPal are missing a great opportunity to keep a lot of small businesses happy.

[Carmiapple]

I have called them i think every day and they tell me the same thing its in "the works" and it will be great for everyone once the merger is complete.. but alas still no time line and this is very frustrating. I believe the only other alternative is square? 

[Wa6]

I been trying to get another working capital loan since November 2022. I had 7 paid all of them off on time or before. I would be happy if the company give us a statement explaining what is going on and a time frame. Is there any other alternatives out there beside square?

[canwehaveitnow]

I have no idea why they don't issue a statement. PayPal being the size of company they are and the amount of calls they must be getting about Working Capital are really shortsighted to just ignore this issue. I had Youlend but now they have increased the minimum of monthly card transactions. I'm annoyed with iZettle at the moment as any payments Friday or Saturday take until after 1.30pm on Monday to clear - the computer doesn't care what day it is so who's deciding this? I dread to think what answer they will come up with for this question!!