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JPMorgan hires new head of fintech and innovation for wholesale payments

LONDON (Reuters) - JPMorgan Chase & Co has hired former HSBC Holdings Plc executive Jeremy Balkin as head of fintech and innovation for wholesale payments, the bank said on Tuesday.

In his new role, Balkin will oversee fintech and innovation initiatives for wholesale payments, and be involved in JPMorgan’s decisions to invest or partner with companies that can help further its strategy in the space, the bank said.

At HSBC in the United States Balkin served as head of innovation and strategic digital partnerships, leading a team whose responsibilities included improving digital customer experience and identifying new products and services. Among the team’s projects was the deployment of humanoid robot Pepper in HSBC’s Fifth Avenue flagship New York branch.

HSBC suggested last month it was trying to sell its U.S. retail unit, a business that has long underperformed.

Balkin’s appointment comes as large banks continue to invest in innovation and financial technology to improve their digital offerings for both business and retail clients. There has been explosive growth in digital payments over the past few years as more commerce moves online.

JPMorgan’s wholesale payments division also recently appointed former BlueVine and PayPal Holdings Inc executive Brad Brodigan as global head of small and medium business for merchant services, the bank said. Brodigan’s responsibilities will include sales and partnerships, according to the bank.

Sours: https://www.reuters.com/article/us-jpmorgan-hire-idUSKBN2B1269

4 Business Loans You Can Get Without a Credit Check

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Maybe you need a loan to start your business or launch a new product or division, or perhaps you are dealing with the unexpected, like a dip in revenue, costly repairs and renovations, or staffing needs. Regardless of why you need the extra capital, there’s one thing that will likely govern how easy – or difficult – it is to secure it: your business credit.

Unfortunately, for some business owners, a credit check could be out of the question. Some simply don’t want a hard inquiry to show up and subsequently damaging their existing credit score, and others are intimately familiar with their credit score and know that, in some cases, it can immediately disqualify them. Whatever the reason is, identifying a financing option to fit your needs can be difficult, but it’s not impossible. There are a variety of options, including working capital loans through your payment process, merchant cash advances, invoice factoring, and crowdfunding.

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PayPal Working Capital Loan (Payment Process)

PayPal has long been viewed as a popular payment processor, but they also offer working capital loans, or loans that can be used to finance everyday operational expenses, e.g., payroll, accounts payable, etc. If you use PayPal as a form of payment, either online or in store, then the PayPal Working Capital Loan may be an option.

Eligibility

To be eligible for a PayPal Working Capital Loan, you must have a PayPal Business or Premier account for at least three months. Business account holders must process at least $15,000 annually, while Premier account holders must process at least $20,000 annually.

Limits

Borrowers can take out a loan for up to 35% of their total annual PayPal revenue, with a $120,000 limit between your first two loans.

Rates & Fees

Eligible borrowers will pay a single, fixed-fee that is determined prior to accepting the loan. There are no additional interest payments or fees. The fixed fee is on the loan total; your PayPal sales history; and the selected repayment percentage, which is the percentage of each sale deducted and paid towards your loan.

Repayment 

Payments are automated and deducted from each PayPal sale, referred to as the “repayment percentage.” Though percentage repayment rates can vary based on the amount of the loan amount, typically borrowers can select a repayment rate between 10% and 30% per transactions. If no PayPal sales occur during a specific time, no payment is made; however, all borrowers are expected to pay either 5% or 10% of the total loan amount over a period of 90 days. In addition to the repayment percentage, borrowers can also make manual payments.

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First American Merchant (Merchant Cash Advance)

Another way to secure a credit-check free loan is through a Merchant Cash Advance (MCA), and though some financers do require a credit score, First American Merchant does offer an option for small business owners that don’t currently have an existing advance. However, First American Merchant (FAM) does offer a no-credit-check MCA and credit check MCA, and so it may be best to contact them via phone to begin the application process.

Limit

Limits are based on the monthly volume and borrowers can take out up to 1.5 times the monthly volume based on three months of bank statements.

Eligibility

To be eligible for a merchant cash advance through FAM, you will need to be in business for at least six months, have at least $10,000 in gross monthly deposits, and have less than three insufficient funds events on your account per month.

Additionally, you, or the applicant, must be willing to undergo a background check in which FAM will verify that you meet their requirements, including the absence of criminal charges or felonies, etc.

Rates & Fees

All advances are subject to a factor rate, which is typically between 6% and 50%. For example, a loan with a 45% factor rate on a $10,000 would result in a final repayment amount of $14,500. Those choosing a no-credit check advance will likely be subject to a higher fee.

Repayment

This lending option is considered “short-term,” and so advances are typically repaid within three to six months, depending on the terms. Repayment is made via daily or weekly ACH payments, though the amount varies by the applicant based on the business type, the amount borrowed, and other undisclosed underwriting factors.

Free Webinar: What Business Loan Can I Get? | 46 min

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BlueVine (Invoice Factoring)

If you’re a corporation and not a sole proprietorship, then you may be interested in BlueVine’s invoice factoring product, which allowed you to leverage outstanding invoices. BlueVine does run a soft credit inquiry, so though they will “check your credit,” it will not be reflected on or impact your credit score.

Limits

Eligible applicants can borrow up to $5 million, though the requirements and application process varies for lines of credit over $250,000. Therefore, anyone seeking to borrow more than that should contact BlueVine directly for additional information.

Additionally, it’s helpful to keep in mind that borrowers typically receive 85 to 90% of the total amount of invoices being factored. The rest, minus a predetermined fee, becomes available once the invoice is paid in full.

Rates and Fees

Rates and fees vary, but typically, borrowers can expect an APR between 15% to 68% as well as a weekly fee between .25% and 1.1%.

Repayment

In this case, repayment takes place on behalf of the client or customer to which the invoice is sent. Once they pay in full, BlueVine will pay you the remaining invoice amount (subtracted from the original amount disbursed originally) minus and additional fees. In most cases, this type of lending option has a term of 90 days.

Indiegogo (Crowdfunding)

Indiegogo is a popular entrepreneurial crowdfunding platform that has helped over 650+ businesses or projects reach their goals. Though this is a way to get access to funds without a credit check, crowdfunding is far from traditional lending, and in most cases, it will take time to get the funds you need. In other cases, you may not meet the financial goals of your crowdfunding campaign.  However, if you’re a B2C company and you’ve exhausted all other no-credit check options, it may fit your needs.

Limits

Technically, there are no limits to your funding goals. You set the required amount. The catch? You must cultivate a loyal community of “backers,” or those who choose to invest in your product. For that reason, this is considered an active form of financing – you can’t just fill out some paperwork and sit back.

Eligibility

There are few specific eligibility requirements, but generally speaking, your campaign must be for one of the following: for-profit business, a nonprofit organization, products or goods, etc. Assuming your goal is to finance a part of your business, it’s likely you’ll meet these general requirements.

However, for a successful campaign you’ll need a pitch video (1-3 minutes); a written pitch; a title, short description, and accompanying image; and a perk or perk strategy, or what backers get in exchange for their donation – typically a discount, early access to product, free product, etc. In other words, you’ll want to revisit your business plan and your marketing skills.

Rates & Fees

Pre-launch activities on Indiegogo are free, but once you begin your crowdfunding campaign, you’ll have to pay 5% of the total earned in the form of a platform fee, and then 3% +$0.30 for third-party credit

Repayment

Aside from the fees mentioned above, which are deducted directly from your campaign funds, there are no repayment requirements.

That said, Indiegogo offers to campaign types: one that lets you keep all the funds even if you don’t meet your goals by the end of your campaign and another that will refund investors if you do not reach your goal.

Finding a traditional loan that doesn’t require a credit check can be difficult, if not near impossible. However, today’s modern lending economy has opened the door for alternative loans, some of which do not require a credit check. If you are seeking for one of these, you may want to first check with your payment process, like PayPal, and then turn to other alternatives like merchant cash advancements, invoice factoring or financing, and crowdfunding.

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This article was originally written on November 16, 2018 and updated on July 14, 2021.

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This article currently has 26 ratings with an average of 4 stars.

ABOUT AUTHOR

Jennifer Lobb

Sours: https://www.nav.com/blog/4-business-loans-you-can-get-without-a-credit-check-32667/
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You may already be using “open banking.” What exactly is it?

Credit card giant Visa just agreed to spend more than $2 billion to buy the Swedish fintech company called Tink. Tink brands itself as “Europe’s leading open banking platform.”

Open banking is the sharing of your personal banking data with a third party. With your consent, an app gets to see your bank account activity. That could range from the size of your direct deposits and, said Markos Zachariadis, a fintech professor at the University of Manchester in the UK, to “the number of transactions, who did the customer transact with, how much did they paid for coffee, and so on and so forth.”

Now these third-party apps — which you may already be using — offer all sorts of things in return. Take Venmo, which allows you to send money to friends. Or a budgeting app like Mint, which will analyze your spending history. Other third party platforms, like the online lender BlueVine, are meant for small business owners. 

Sabrina Howell who teaches finance at NYU’s Stern School of Business explained: “BlueVine might want to access bank information in order to understand how risky a potential borrower is.”

Often, third party apps rely on fourth parties, companies that build the technology that lets them connect to banks. That’s what Visa’s acquisition, Tink, does.

But experts warn there can be a risk to the open banking concept. “By providing the authentication, the login information to these third parties, you know, we open ourselves up to many different avenues for hacking and security breaches,” said Howell.

Sours: https://www.marketplace.org/2021/06/24/you-may-already-be-using-open-banking-what-exactly-is-it/

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REDWOOD CITY, Calif., Sept. 22, 2020 (GLOBE NEWSWIRE) -- BlueVine, the leading provider of small business banking, announced today that it has named marketing veteran Patrick Adams as its Chief Marketing Officer. In this role, Adams will oversee all marketing functions and will report to Eyal Lifshitz, CEO and co-founder.

“As COVID-19 continues to put a significant strain on small businesses, it is more important than ever that BlueVine reach the Main Street business owners who need BlueVine the most,” said Eyal Lifshitz, CEO and co-founder, BlueVine. “With a proven track record and decades of experience leading marketing efforts for iconic brands as well as early and late-stage start-ups, Patrick will help us more effectively reach small businesses underserved by traditional banks and further our mission to transform small business banking.”

Adams brings over 30 years of marketing experience and deep knowledge of both the fintech and financial services industries to this new role. Most recently, Patrick served as Head of Marketing for PayPal, North America. Prior to that, he was Senior Vice President, Head of Marketing at Victoria’s Secret.

In these roles, Adams was responsible for the end-to-end marketing function. He most notably re-engineered marketing into a more modern, customer-centric discipline that routinely produced double-digit increases in customer growth and engagement. In 2017, Adams was named one of Forbes’ Top 50 Most Influential CMO’s in the World. He has also held senior leadership roles at Citi, Chase, and Bertelsmann.

“I come from a family of small business owners and have seen firsthand how these businesses that serve as the backbone of our economy continue to be overlooked and underserved”, said Adams. Small business owners are at the center of everything BlueVine does; in doing so they have attracted the loyalty of hundreds of thousands of small business owners. I am thrilled to be joining the BlueVine team at such a pivotal moment in their journey and help them reach a community that personally means so much to me.”

Adams holds a Bachelor of Arts in Communication and a Master of Business Administration. He lives in New York with his wife and four children. Patrick is actively involved in his family’s charitable foundation. In his spare time, he also acts as an advisor to TechStars NYC, ActionIQ, FIS, and Covenant House International.

About BlueVine
BlueVine provides small and medium-sized businesses with fast and simple access to financial services built with them in mind. BlueVine’s advanced online platform is intuitive and offers a convenient solution for business’ banking and working capital needs. BlueVine offers a suite of products designed to meet the diverse financial needs of today’s business owners including BlueVine Business Checking, Payments, Line of Credit, Term Loan, and Invoice Factoring. Based in Redwood City, California, BlueVine has provided small and medium-sized businesses with access to more than $6.5 billion in financing and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, SVB Capital, Rakuten, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). All lines of credit and term loan products are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC.

For more information, please visit https://www.bluevine.com/ or follow us on LinkedIn and Twitter.

Media Contacts:
Christina Cole
Head of Communications, BlueVine
650-252-1980
[email protected]

Ali Mapplethorpe
Highwire PR for BlueVine
415-675-1457
[email protected]

Sours: https://finance.yahoo.com/news/bluevine-appoints-former-paypal-head-130000642.html
NHỨC ĐẦU ĐƠN PPP FORGIVENESS? BLUEVINE, KABBAGE, PAYPAL BANK ....

‘We were processing something like 65% to 75% of all PPP loan applications nationally’: Ocrolus’ Sam Bobley

One of the major challenges in scaling digital finance solutions is handling old school paper. Even with all the automation and digitization, documents still need to be processed and in many cases, humans need to be looped in. 

Sam Bobley is the co-founder and CEO of Ocrolus, which works with firms like BlueVine, Brex, and PayPal to analyze financial documents in any format.

Sam joins me on the podcast to talk about the challenges of balancing speed and accuracy in data extraction in fintech and how the Payroll Protection Program really highlighted the leaders in the space based on their ability to scale up quickly. Sam shares his view on what it takes for the financial industry to move beyond paper to a fully automated ecosystem. He also shares some insights on where he thinks the market is headed as well as Ocrolus’ product road map.

Sam Bobley is my guest today on the Tearsheet Podcast.

Tearsheet Podcast · ‘We were processing like 65% to 75% of all PPP loan applications nationally’: Ocrolus’ Sam Bobley

Subscribe: Apple Podcasts I SoundCloud I Spotify I Google Podcasts
The following excerpts were edited for clarity.

My name is Sam Bobley. I’m the co founder and CEO of Ocrolus, and we are a fintech infrastructure company that analyzes financial documents of any format or quality with perfect accuracy.

When we first started building Ocrolus, we were very surprised that there was no technology in the market that could analyze financial documents with a very high degree of accuracy. There were dozens of products out there in the optical character recognition, OCR, data extraction and data capture space, but almost all of them were insufficient. When it came to accuracy, they cap out at roughly 80% or 85% accuracy plus or minus, depending on the complexity of the document.

We saw an opportunity to build a unique solution that combines machines and human intelligence to process every document we see with outstanding accuracy. And once we realized that we had a new mousetrap to solve this problem, we started realizing how many amazing market opportunities there were for the company. We kind of stumbled into the fintech lending space as our focal point.

Lenders’ challenges

The challenge for lenders is the balance between speed and accuracy. There are a few different ways that lenders can obtain financial information from borrowers. There are digital connections offered by companies like Plaid, Finicity and Yodlee, where a borrower can credential in access to their bank account and port information digitally over to the lender. That’s fantastic. And when it works well, it’s a very seamless process. 

But in many cases, a lender isn’t able to get that digital connection. And they have to review documents. In mortgage, for example, there are hundreds of pages of documents that are submitted for every loan application. And the lender has the task of reviewing those documents, essentially page by page, line by line, to figure out all of the pertinent financial information and to make a decision. And as part of the process, the lender has a trade off decision: how quickly do they want to go through the documents versus spending more time to go through the documents more diligently and focusing on the accuracy. With Ocrolus, we created a solution that allows a lender to both optimize the speed and accuracy of the review process.

Standardization

Standardization — data normalization — is one of the biggest challenges. Bank statements and pay stubs can come from hundreds or thousands of different financial institutions. Each has its own format and layout. It’s difficult to make all sense of all that data in a normalized format. And then when you throw in the digital connectivity — data being ported in directly from financial institutions — you get this kind of hodgepodge of different, diverse data streams. 

What Ocrolus helps lenders do is normalize the data: data from documents of any format or quality, as well as data directly imported from a financial institution, regardless of where it comes from. Ocrolus can help the lender normalize the data into cash flow scores, income calculations and analytics that help determine the borrower’s financial health.

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Digitization of financial services

We’re definitely making progress. I think we’re at least getting from paper to the PDF. In terms of going full digital, I think it’s going to take longer. We are now seeing some forward momentum towards open banking — we believe that consumers should own their data and should be able to port their data digitally to a lender or to a bank. Ultimately, data portability and fast and accurate review of data ultimately help the end consumer in terms of better price transparency and accessing credit products at a lower cost. I think in order to get to that full financial nirvana, where data can be ported from one system to another, there are a lot of complexities to get there. Ocrolus focuses on being the bridge — we want to provide all of the digital options where possible. 

There’s a regulatory component of the government mandating standards around open banking. And secondly, there’s a technical component, and particularly in the US where the financial landscape is so fragmented (there are literally thousands of financial institutions), it’s very difficult for all of those institutions to all of a sudden have modern technical architecture in order to share their data in an appropriate way. There are going to be a number of steps in order to ultimately get to a world where data can be ported from one system to another. 

Target customers

We power the fintech lending ecosystem. We have more than 100 customers in the fintech lending space. We started in the small business lending space. Our core product is a bank statement analysis product that performs cash flow scoring for small businesses. And we have many of the leading fintech small business lenders on the platform — folks like PayPal, Square, Brex, Bluevine, and Enova. Most of the big players are now using Ocrolus as part of their underwriting automation.

We used the small business lending market as the launching pad to do the same thing in other asset classes. So after that, we built out an income verification product where we could analyze pay stubs and W2s. We launched with several of the leading consumer fintech lenders, like SoFi and LendingClub. And then even more recently, we said, hey, the world’s changing and traditional financial institutions are now moving towards building digital lending flows. So our goal was to do the exact same thing on a larger scale with mortgage lenders and traditional banks. We’re earlier in that part of our journey, but the macro tailwinds around process automation, as well as modernizing credit decisioning, are really playing to our favor. Today we’re focused on launching our product suite with mortgage lenders and banks, and continuing to grow our fintech lending customer base, as well.

Go to market

We’re fortunate now that at this stage — the company has been around for seven years and we’ve raised many millions of dollars in venture capital — we now have a very mature sales and marketing organization where we go after customers from every channel possible. But in the earlier days, we didn’t have that. We got in contact with many of our early fintech lending customers through warm introductions through our network. We have fantastic investors like QED Investors, Fintech Collective, Oak HC/FT, and others who helped us get in touch with these decision makers.  

I think why we’ve been successful is the product sells itself. When we get in contact with these fintech lenders, we encourage them to do an A-B test to compare the manual review process that was the traditional way that they were analyzing documents, versus our API solution where they could send us the documents and we just send them clean structured digital data back.

The buyer

Initially, it was more of a product or operations person. I think the most obvious value proposition for Ocrolus is the opex, just reducing the cost and increasing the speed of doing this work. Over time, as our company has gotten bigger and our technology has gotten more sophisticated, we’ve really evolved to targeting the chief risk officer. 

About 18 months ago, we brought on a guy named David Snitkoff, who was the former co-founder of Orchard Platform. He was really a role model for me when I was first entering the fintech space and learning about fintech lending. He sold Orchard to Kabbage, and he went on to run data strategy and analytics at Kabbage. And then about 18 months ago, we were fortunate enough to get him to come over to Ocrolus and join and build out our analytics function. 

Because we take every document and turn it into highly accurate data, it puts us in an awesome position to then layer on fraud detection, cash flow scoring, and additional business intelligence on top of the data — that component of our business has become much more mature over time. And as the analytics component has become more mature, it’s changed the conversation completely. We’ve now been able to demonstrate with certain fintech lender customers a 20% lift in predicting default, and up to a 3x to 3.5x improvement in our ability to detect fraudulent applications. When you can elevate the conversation to managing risk and really impacting portfolio performance. It’s a different ballgame. 

PPP experience

I think the PPP program really highlights the benefits of an infrastructure technology. When PPP first hit, banks and lenders were figuring out how they would process an unpredictable amount of applications. In the normal course of lending, the lender usually has at least a rough idea of how many applications might come through the doors over the course of a month. Obviously, it can fluctuate plus or minus a bit, but with PPP, they didn’t really have a good sense of how many applications would come through the door. So you have this classic problem of trying to match supply and demand. What many of the big banks did is, without exaggeration, they hired hundreds or thousands of temporary workers to come in and sift through PPP-related documents, documents like 941s and 944s, payroll reports and other documents that small business owners were required to submit as part of the PPP application. 

They had massive backlogs. The big banks were taking days or weeks or months to review applications. Many of the small businesses, particularly the main street businesses, your pizza store, or your florist or nail salon, weren’t getting attention from the big banks because the big banks were catering to their large customers. In contrast, there were a handful of fintech lenders who leaned in to participate in PPP. 

In the first PPP, we launched with customers like Cross River Bank, Square and BlueVine and several others. And in particular, Cross River Bank became a major success story for us. In 2020, Cross River actually became a top three PPP lender nationally in terms of PPP loans originated. They outperformed many of the big banks. Folks like TD Bank, Citizens, US Bank, PNC did fewer loans than then Cross River did. Cross River had Ocrolus in the back end, providing this elastic function to flex up and flex down and automatically handle any application that would come in. We were able to process many of the Cross River loan applications, the transfer bank loan applications within eight to 12 minutes, which allowed them to fund within 24 hours. Iit was exciting for the company from a corporate social responsibility perspective to be able to help small businesses across the country, keep the lights on and it was just a really cool and rewarding experience to go on to Twitter and see small business owners talking about the great success they had applying to fintechs, like Cross River and Square and BlueVine and others, and having really smooth borrower experiences. 

We continued to do work for the PPP program in 2021. We launched with several other fintechs, including Womply, who became one of the largest PPP lenders, nationally. We achieved massive scale with those guys, and believe it or not, by March or April, in the tail end of the PPP program in 2021, Ocrolus was processing something like 65% to 75% of all PPP loan applications nationally. We ended up doing it at a very large scale. And I think the value of automation and human and loop processing versus traditional manual page by page review was really exemplified.

Looking ahead

We’re deep in the mortgage space. Our initial products, our bank statement and income verification products for fintech lenders, were only covering a few document types: bank statements, pay stubs, W2s, etc. In the mortgage world, there are quite literally hundreds of different document types that a borrower may be asked to submit. There are a lot more nuances and edge cases and different things that you need to handle. We’re pretty far down the path already. We support dozens of different document types. 

We have a few dozen mortgage customers already on the platform and successful. But there’s a lot more investment to do in terms of really polishing and perfecting our mortgage product. And that’s the focus point of the business. I think that the timing is great in the sense that the mortgage system was really stressed in 2020 with similar problems, like difficulty matching supply and demand and having to process loan applications in a work from home environment due to the pandemic. And because of the various stresses on the mortgage system, it’s clear that coming out of the pandemic, many of the mortgage lenders are prioritizing process automation and really figuring out ways to add efficiency and scale to their back office. And we are right there to meet the market and to help introduce further automation in the mortgage and banking space.

Sours: https://tearsheet.co/podcasts/we-were-processing-something-like-65-to-75-of-all-ppp-loan-applications-nationally-ocrolus-sam-bobley/

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How do I transfer money from PayPal to BlueVine?

You can transfer money from PayPal to BlueVine once you link them successfully. All you have to do is simply connect your BlueVine checking account to your PayPal account. This can be done in a few simple steps and you can start sending money from PayPal to BlueVine and BlueVine to PayPal.

How to transfer money from PayPal to BlueVine?

To link & make money transfers between BlueVine and PayPal –

  1. Open your web browser
  2. Visit paypal.com
  3. Log into your account
  4. Click on payment methods
  5. Click on Link a bank
  6. Enter your Full Name
  7. Enter your BlueVine account number
  8. Enter your BlueVine routing number
  9. Click on Link Bank
  10. BlueVine gets connected with PayPal
  11. Now, go back to PayPal’s homepage
  12. Have a look at your balance
  13. Click on Transfer to Bank Account
  14. Enter an amount to transfer
  15. Initiate the fund transfer process
  16. Money will be sent to your BlueVine account

That’s it! This is how we can easily connect BlueVine to PayPal and make fund transfers quickly. You can also follow these steps on the PayPal app if it is already installed on your mobile. So, linking the accounts is the only way to make BlueVine work with PayPal.

How long does PayPal take to transfer money to BlueVine?

PayPal takes around 2 to 3 business days to deposit the funds transferred to your BlueVine account. However, you can make use of the Instant Transfer option with which you will be charged a 1% fee on the amount you transfer. With Instant Transfers, you will get your money deposited into your BlueVine checking account within minutes.

For example, if you send $500 from PayPal to BlueVine instantly, you will be charged a 1% fee of $5 from that amount.

How much can I transfer from PayPal to BlueVine?

You can transfer up to $7,500 from PayPal to BlueVine in a month. However, the per transaction limit is $1,500. So, you cannot send more than $1,500 from PayPal to BlueVine at one go. To transfer large amounts, you will have to make multiple transfers.

Sours: https://faqwalla.com/how-do-i-transfer-money-from-paypal-to-bluevine/


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