PayPal

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According to PayPal’s VP of Credit, Steve Allocca, these changes are part of the company’s efforts to “bring credit more to the center of PayPal.” He says the businesses credit products drive engagement and usage in its network.  PayPal and eBay buyers buy more, and sellers sell more. The service itself will be seeing increased functionality in the months ahead, including a transition away from being an online-only product and more functionality around monthly payments. The idea is to reduce the steps and the barriers between PayPal and PayPal Credit (Bill Me Later) which are currently present, Allocca says.

What makes PayPal’s business unique, Darrell Esch, VP of PayPal says, is that its credit decisions are driven by customers’ sales histories with eBay and PayPal, allowing the company to make instant lending decisions in minutes that are tailored to its customer base using its own internal data.  “We don’t think of this as competing with the new entrants out there, but just providing a service customers are going to love,” says Esch. “A lot of those newer startups are in it as single lines of business – they are providing credit and their earning are based solely on credit economics. We, at the heart, are still a commerce company.”