Global payments company PayPal has launched a product for small merchants and businesses called Business in a Box which will allow them to set up online stores, accept payments, manage finances with accounting tools, and apply for working capital. This latest product is in line with PayPal saying that it wants to focus on merchants transactions over P2P transactions. Merchant services accounted for around 85% of the company's total volume in the March quarter. PayPal had mentioned that it has changed its approach to merchant relationships over the last 3-4 years: "[W]e are offering a host of services across a common platform that we never did before. Full checkout type of capabilities, credit capabilities, contextual commerce toolsets, rewards integration through API sets and the list goes on and on and so invoicing capabilities." PayPal has partnered with WooCommerce and Xero for Business in a Box, and requires a business account. Business in a Box will allow merchants to set up an online store through WooCommerce; PayPal will process payments and will even accept payments through cards and Net Banking, and Xero will provide accounting tools for the business. Eligible businesses can apply for PayPal Working Capital business loan. Competition in India In India, PayPal will be taking on players like PayU, Instamojo and Infibeam who have similar products to help merchants. Instamojo already allows merchants to build a storefront and has an app store which allows third-party apps for taxation, legal advice, customer support, and so on. Infibeam's BuildaBazaar will develop online websites and storefronts for businesses and…
