Microgravity eases several constraints limiting experiments with ultracold and condensed atoms on ground. It enables extended times of flight without suspension and eliminates the gravitational sag for trapped atoms. These advantages motivated numerous initiatives to adapt and operate experimental setups on microgravity platforms. We describe the design of the payload, motivations for design choices, and capabilities of the Bose-Einstein Condensate and Cold Atom Laboratory (BECCAL), a NASA-DLR collaboration. BECCAL builds on the heritage of previous devices operated in microgravity, features rubidium and potassium, multiple options for magnetic and optical trapping, different methods for coherent manipulation, and will offer new perspectives for experiments on quantum optics, atom optics, and atom interferometry in the unique microgravity environment on board the International Space Station.