⚡ Get All Content for 20% Off ⚡

PayPal Waives Transaction Fees for Promising Startups The company's new program, Startup Blueprint, provides free transaction services and support to tech startups making less than $3 million a year.

By Brian Patrick Eha

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Bloomberg Finance

In an effort to support early-stage startups, PayPal is teaming up with accelerators, incubators and venture capital firms to provide mentorship, customer service and free payment processing. For companies in the new program, called Startup Blueprint, PayPal will waive up to $50,000 in transaction fees for the first 18 months.

The program looks to be mutually beneficial, as it will encourage promising startups to use PayPal, the world's largest online payment processor, for their transactions. PayPal is giving Startup Blueprint companies the star treatment, including "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," John Lunn, global director of PayPal's developer network, told the Guardian.

PayPal is focusing on tech startups that are building software or hardware for the web and mobile devices. Only private companies making less than $3 million a year or less than five years old are eligible for the program. And there is no application process; startups must be either nominated by a Blueprint partner or invited to join by PayPal itself.

As of now, PayPal has only three partners: London-based accelerator Seedcamp, which invests in European startups; 500 Startups, an early-stage seed fund and incubator based in Mountain View, Calif.; and Elevator, an incubator in Tel Aviv. But according to the Startup Blueprint website, PayPal plans to form additional partnerships soon.

Related: PayPal Updates iPhone, Android Apps to Make Transactions Smoother and Faster

Brian Patrick Eha is a freelance journalist and former assistant editor at Entrepreneur.com. He is writing a book about the global phenomenon of Bitcoin for Portfolio, an imprint of Penguin Random House. It will be published in 2015.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

The Remote Side Hustle a 43-Year-Old Musician Works on for 1 Hour a Day Earns Nearly $3,000 a Month: 'All From the Comfort of Home'

Sam Ziegler wanted to supplement his income as a professional drummer — then his tech skills and desire to help people came together.

Business News

Costco CFO Reveals Uncertain Fate of $1.50 Hot Dog and Soda Combo

CFO Richard Galanti reveals that the price will stay the same — but only "for a while."

Business News

The Most Unexpectedly Popular Side Hustle of the Decade Has Low Startup Costs and High Markups

A new report shows that vending machines are a popular investment — and the industry is set to grow up to $3 billion by 2031.

Marketing

Ever Wonder Why Certain Websites Rank Higher Than Yours? This SEO Expert Reveals The Secret to Dominating Search Results

It's often the smart use of SEO, now supercharged with AI, particularly in keyword optimization.

Business News

AI Is Impacting Jobs. Here Are the Gigs Affected the Most, According to an Analysis of 5 Million Upwork Postings

The researcher said in the report that freelance jobs were analyzed first because that market will likely see AI's immediate impact.

Leadership

Former Interrogator Shares 5 Behaviors Liars Exhibit and How to Handle Them

Five deceptive behaviors to look for and how to respond to those behaviors when you encounter them.