Offering customers more payment options can help increase checkout. A recent Ponemon Institute study found that 49 percent of respondents said their customers frequently abandon their shopping cart when their preferred payment method is unavailable.
PayPal’s complete payments solution enables small businesses to process card payments directly on their website, and customize the checkout experience to match the look and feel of their brand, all through a single integration.
Starting now, PayPal will also give small businesses four new features to help them accept payments and improve how they run their business.
This will include Apple Pay as a checkout option, the ability for customers to save payment methods with the PayPal vault for faster future checkout, a real-time account updater to help customers keep their payment methods up to date, and access to IC++ pricing.
“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,” said Nitin Prabhu, VP, Merchant Experiences and Payment Solutions, PayPal.“With our complete payments solution, small businesses can get access to all of these tools with one integration.”
Apple Pay on PayPal
By utilizing PayPal’s comprehensive payment solution, small businesses can now incorporate Apple Pay into their payment options alongside other commonly used methods. Apple Pay provides a simple, secure, and confidential way for customers to make online and in-app payments when using an Apple device.
Note: Pay with Apple Pay on Advanced Checkout is currently for one-time transactions, with recurring payment support to be added soon.
Simplify Checkout Experiences
Furthermore, PayPal’s complete payment solution now enables consumers to securely store their payment details on a business’s ecommerce website for future transactions, thereby reducing friction and boosting conversion rates.
By allowing PayPal to handle some of the business’s PCI compliance for financial instrument storage, small businesses can better manage risk and complexity.
The PayPal vault allows small businesses to store multiple payment methods such as PayPal, Venmo, and cards.
These payment methods remain up-to-date thanks to PayPal’s real-time account updater service and network tokens, which can reduce declines and increase conversions by automatically refreshing lost, stolen, or expired cards on file.
Manage Cash Flow
Small businesses will maintain access to functions such as automatic transfer, which assists in enhancing their cash flow management. Additionally, businesses can now opt for either flat-rate pricing or an IC++ pricing model, enabling them to receive the entire payment upfront and obtain a clear understanding of the processing costs.
Keep Businesses and Customers Stay Secure
To safeguard small businesses in an era of increasing fraud, PayPal’s complete payment solution will persist in providing Fraud Protection, Chargeback Protection, and Seller Protection for eligible transactions.
Additionally, SMBs will benefit from one of the market-leading rates on processing fees for card payments, alternative payment methods, and other digital wallets, set at only 2.59% + 49 cents. PayPal payments are priced at 3.49% + 49 cents.
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