PayPal Holdings, Inc. has recently announced the addition of new features to its complete payments solution for small businesses.
The updated solution allows small businesses to accept various payments, including PayPal, Venmo, and PayPal Pay Later products, which gives customers more flexibility and choice in how they pay. The introduction of these new features will help small businesses to drive checkout, streamline the checkout experience, and enhance their business operations.
According to a recent study conducted by the Ponemon Institute, 59% of respondents reported that their customers frequently abandon their shopping cart when their preferred payment method is not available. By enabling more payment options, PayPal’s complete payments solution can help small businesses reduce cart abandonment and increase conversions. The solution also allows small businesses to process card payments directly on their website and customize the checkout experience to match their brand.
PayPal’s complete payments solution now provides small businesses access to four new features to help them enhance their payment acceptance and streamline their business operations.
The first feature is Apple Pay, which enables customers to pay easily, securely, and privately using Apple devices.
The second feature allows customers to save their payment information securely on a business’s ecommerce website for faster future checkout.
The third feature is the real-time account updater that helps customers keep their payment methods up-to-date. The fourth feature is access to IC++ pricing, which enables small businesses to get paid the full amount upfront and get a transparent view of processing costs.
Nitin Prabhu, VP, Merchant Experiences and Payment Solutions, PayPal, said, “The retail landscape is constantly evolving, and SMBs need access to a range of tools to help them drive sales, cut costs and protect themselves and their customers from fraud. With our complete payments solution, small businesses can get access to all of these tools with one integration.”
By simplifying the checkout experience, PayPal’s complete payments solution can help small businesses reduce friction and drive conversion.
The solution allows small businesses to store multiple payment methods, including PayPal, Venmo, and cards, in the PayPal vault. Once saved, these payment methods will remain fresh via PayPal’s real-time account updater service and network tokens, which can help reduce declines and drive conversions by automatically updating lost, stolen, or expired cards-on-file.
Small businesses using PayPal’s complete payments solution will continue to have access to features like automatic transfer, which helps businesses better manage their cash flow.
They will also have the option to choose between flat-rate pricing or an IC++ pricing model, which helps them get paid the full amount upfront and get a transparent view into processing costs.
To help keep small businesses secure in an environment where fraud is on the rise, PayPal’s complete payments solution offers Fraud Protection, Chargeback Protection, and Seller Protection on eligible transactions.
SMBs will also get one of the market-leading rates on processing fees for card payments, alternative payment methods, and other digital wallets, at just 2.59% + 49 cents. Pricing for PayPal payments is 3.49% + 49 cents.