PayPal’s online payment solution enables SMBs’ acceptance of PayPal payments, credit and debit cards, and digital wallets, amongst others. Following the update, SMBs will be able to accept payments with Apple Pay, let customers save their payment methods with the PayPal vault and keep their cards up to date with the real-time account updater, as well as receive access to features that assist them in running their businesses, such as IC++ (interchange) pricing with a gross settlement.
Based on the information detailed in the announcement, the solution enables small businesses to accept an array of payments including PayPal, Venmo, and PayPal Pay Later products. Providing customers with increased choice in how they can pay is believed to help drive checkout, as 59% of respondents from a Ponemon Institute study confirmed that their customers oftentimes abandon their shopping cart whenever their preferred payment method is unavailable. What is more, PayPal’s payments solution helps small businesses process card payments directly within their website, as well as customise the checkout experience to match the brand through means of a single integration.
With the addition of the newly announced features, the company aims to assist small businesses in driving payment acceptance and enhancing their way of running their business. Nitin Prabhu, VP of Merchant Experiences and Payment Solutions, PayPal has advised that as the retail landscape is in continuous evolvement, SMBs have a need for access to an extensive range of tools to help them drive sales, decrease costs, and protect themselves and their customers alike against fraud. As per their statement, by leveraging the PayPal complete payments solution, SMBs are enabled access to all such tools with one integration.
SMBs now have the option to accept Apple Pay together with other payment options, providing customers with an easy, secure, and private way to pay online and in-app when using Apple devices. Additionally, consumers can save their payment information on a business’s ecommerce website for future purchases, which can help reduce friction and drive conversion. By having PayPal assist in managing part of the PCI compliance for storing financial instruments, businesses can better manage the risk and complexity of their businesses. Multiple payment methods can be saved by SMBs within the PayPal vault, with those remaining fresh via PayPal’s real-time account updater service and network tokens, which is believed to help reduce declines and drive conversions by updating lost, stolen, or expired cards-on-file in an automatic manner.
What is more, SMBs will keep on receiving access to features of the likes of automatic transfer, which assists businesses in better managing their cashflow. They will also be enabled to choose between flat-rate pricing or an IC++ pricing model, which helps them get paid the full amount up-front and have transparency towards processing costs. As it aims to keep SMBs secure, PayPal’s payment solution is set to continue providing fraud, chargeback, and seller protection on eligible transactions.
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