Technology

PayPal Waives Transaction Fees for Promising Startups

PayPal Waives Transaction Fees for Promising Startups
Image credit: Bloomberg Finance
2 min read
Opinions expressed by Entrepreneur contributors are their own.

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

More from Entrepreneur

Grow Your Business at Entrepreneur LIVE! Join us on Nov. 16 in Brooklyn, NY, to learn from legends like Danica Patrick and Maria Sharapova, pitch our editors, meet with investors, and potentially walk away with funding!
Register here

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

Whether you are launching or growing a business, we have all the business tools you need to take your business to the next level, in one place.
Enroll Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.