PayPal Rolls Out New Features for Small Businesses
PayPal has announced its newest features to allow for a seamless consumer checkout including more payment methods, simplifying the checkout experience, managing a business’ cash flow and preventing fraud.
The company’s complete payment solution integration already enables shoppers to accept PayPal, credit and debit cards, digital wallets such as Venmo and PayPal Pay Later and more. To allow businesses to accept a wider range of payments, PayPal is introducing Apple Pay for Apple devices users with one-time transactions in-app and online. Recurring payment options are soon to be added in the future.
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By allowing for a variety of methods of payment, consumers will be more likely to complete their checkout. Notably, in a study by the Ponemon Institute, 59 percent of people said that their customers abandoned their online shopping carts when their preferred method of payment was not available.
PayPal’s complete payment solutions will also allow for processing payments directly on a small business’ website and introduce a more customized approach to checking out that aligns with a company’s brand identity.
Furthermore, customers can also save multiple preferred payment methods — including PayPal, Venmo and credit and debit cards — behind the PayPal vault for future purchases, thus driving conversion through consistent and faster checkout times. A real-time account updater will help a business customer by automatically updating their lost, stolen, or expired payment information on file.
Small businesses now have access to automatic transfers to manage cash flow. They can also choose between flat-rate pricing or IC++ pricing for credit cards to transparently see the breakdown of processing cost fees. To keep businesses secure and prevent fraud, PayPal’s complete payments solution will continue to offer Fraud Protection, Chargeback Protection and Seller Protection on eligible transactions.
“The retail landscape is constantly evolving, and small businesses need access to a range of tools to help them drive sales, cut costs and protect themselves and their customers from fraud,” said Nitin Prabhu, vice president of merchant experiences and payment solutions at PayPal. “With our complete payments solution, small businesses can get access to all of these tools with one integration.”
Notably, PayPal also recently announced it will continue its partnership with Bold Commerce to bring headless commerce to Adobe’s Magneto Open Source. Through this venture, businesses can now bring checkout experiences to shoppers via social media, blogs, digital interfaces, QR codes and more.
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