For years, small and medium-sized businesses have relied on PayPal as a payments solution through which customers can initiate and finalize the checkout process. However, in the rapidly growing digital economy, the need for a robust payment system is inevitable. To keep up with digital agility, this payment solutions provider has introduced new features that will go a long way in aiding the competitiveness of small businesses.
Read on for an outlook on the new features built to support the efficiency of online businesses.
PayPal as an Online Payment System
This provider is a payment processor that enhances the transfer of funds between a business and its consumers. There are many informative sites that present reviews on PayPal’s abilities as a merchant service, like for example https://paymentsprocessingsolution.com/, since its Business Module comes with an extensive suite of tools necessary to initiate and complete transactions.
Simply put, this payments solution is designed to replace the banking system in processing payments. Users add credit cards or bank accounts to the processor from which funds are credited whenever they initiate a transaction.
On the other hand, businesses must have merchant accounts into which the funds are debited. This provider’s merchant accounts accept payments on your behalf. The accumulated funds are then deposited into your bank account after a stipulated period.
Overall, this provider’s online payment systems offer a range of capabilities, including:
- Credit Card Processing
Accepts PayPal payments, credit cards, and debit cards online or in person.
- Financial Accounting
Enables businesses to keep track of expenses, send invoices, and reconcile financial accounts.
- Customer Database
The system records consumer data through which businesses can communicate with their customers.
The Four New Features
Through the new features, small businesses will enjoy an enterprise-level payments solution built to offer a range of payment capabilities. These features revolve around crucial components of e-commerce, including broadened payments, security, and account management.
More Payment Choices
The new features include the ability to accept a variety of payment options, including Apple Pay. With Apple Pay, customers can process in-app and online payments in a safer, private, and more secure channel. This is a top boost for customers using Apple devices.
PayPal’s simplified checkout experience comes as a relief for small businesses looking for quick lead conversions. The new feature enables users to save an enterprise’s payment details on the website for recurring payments. Customers can also securely save as many payment methods as possible for future purchases, including digital wallets and cards.
The idea is to drive conversions by minimizing the transactional friction that occurs when checkouts are declined due to misplaced cards or wrong payment information.
More Transparent Pricing
Its new pricing model has been restructured to promote pricing transparency. Businesses will now be able to choose between the IC++ pricing model or the flat-rate model. This allows business owners to get a transparent outlook of all the solution’s processing costs. Again, the transparent pricing models will make it possible for businesses to receive full payments up-front.
This provider is committed to ensuring that businesses continue to enjoy safe and secure payment processing environments. The payment processor will feature Seller Protection, Chargeback Protection, and Fraud Prevention on all validated transactions.
Pros and Cons of Using This Provider for Payments Solution
Here are the pros and cons of using this payment solution.
- Multiple Integrations
The payment processor allows integrations with other software, including marketing, invoicing, and accounting applications.
- Easy to Set Up
The requirements of setting up this provider’s business solution are minimal, and it takes a few minutes to complete the process.
This payment provider’s security policies guarantee all-round security, including protection against fraud and chargeback risks.
- Flexible Checkout Experience
Customers can save payment details on the enterprise’s website, making it easy to check out every time they make a purchase. Additionally, users can save multiple payment methods against which they choose their preferred channel of payment.
- Processing Time
The biggest hurdle of using this payment system is its lengthy processing times. Funds withdrawal and settlement can take several days to complete.
- Chargeback Fees
This provider deducts the funds from your account when a chargeback is initiated. Processing a chargeback comes at a fee, which may vary with such factors as business location.
- Processing Fees
This payment provider’s processing fees can be quite high for a small business. This is because every transaction completed attracts a commission, lowering your profit margins.
- Unavailability of Customer Support
You may not always get answers to your concerns due to the low response rate of PayPal’s customer support department.
PayPal is the go-to option for all your online payment needs, including credit card processing and other popular payment solutions. The company’s new features, such as transparent pricing, enhanced security, and simplified checkouts, are designed to improve business operations. The system also allows small enterprises to integrate merchant accounts with multiple payment methods, including Apple Pay, for online and in-app payment processing.