Apart from Venmo and PayPal, clients using the Quick Books Online platform can also proceed to checkout and choose from a variety of payment methods, including Apple Pay, credit and debit cards, or ACH transfers.
By integrating with popular payment methods such as PayPal, clients will benefit from a faster, smoother checkout process, which will translate into less friction. At the same time, clients accepting these payment methods will only have to set up one account instead of juggling with separate ones, which also means an enhanced user-friendly experience.
At the same time, Quick Books Online will automatically match transactions that are made through its payments infrastructure, which means customers who already accept PayPal will benefit from automatic reconciliation transactions, for a smoother and faster experience. Overall, by switching to alternative payment methods like Venmo and PayPal, businesses who use Quick Books will reconcile their payments up to four times faster than through traditional paper invoices.
Although the US remains behind in the payments processing sector with more than 50% of its businesses still using paper invoices to get paid, digital payment methods continue to be on the rise.
The most used online payment service remains PayPal, with over 80% of the US consumers reporting they have used it for an online transaction during 2022. By adding PayPal as a payment method during the checkout process at Quick Books, the company can benefit from a 30% higher checkout conversion and up to 43% higher spend with merchants.
At the same time, Venmo is the second most-used online payment service in the US, according to a brand report from May 2022, with over 83 million users. Users checking out through any of these two payment services will be able to choose between a business or a personal account to boost the simplicity of conducting B2B or B2C businesses.
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