An octagonal bulk bin has sidewalls, end walls and diagonal corner panels interposed between adjacent sidewalls and end walls. Bottom flaps are foldably joined to a bottom edge of the sidewalls, end walls, and diagonal corner panels, and gusset panels connect adjacent side edges of the bottom flaps, facilitating set up of the bulk bin and spacing flap cuts from the corners of the bin to minimize or eliminate initiation of tears in the vertical corners of the bin. A plastic pallet tray has an upstanding lip around its periphery, shaped and sized to closely receive the bottom end of the octagonal bin to reinforce the bottom end and facilitate handling of the bin.