New PayPal features for small online businesses

PayPal Holdings announced the addition of new features to their payments solution designed specifically for small businesses. This complete payments solution allows small businesses to accept various forms of payment, including PayPal, PayPal Pay Later and Venmo. Providing customers with more payment options can help to enhance the checkout experience, as revealed by a recent study conducted by the Ponemon Institute, where 59% of respondents stated that their customers often abandon their shopping carts when their preferred payment method is not available. By using PayPal’s complete payments solution, small businesses can now process card payments directly on their website, and they can also customise the checkout experience to match their brand’s appearance and feel, all via one integration.

A complete payment system for small businesses

There are many benefits to using PayPal, which is why it has always been a popular payment solution. For example, one of the great advantages of PayPal is the peace of mind it offers to both buyers and sellers online. This new update means that PayPal will provide small businesses with four new features to assist them in boosting payment acceptance and refining their business operations.

These features will incorporate Apple Pay as a checkout alternative, enabling customers to save payment methods using PayPal’s vault. This will make for quicker future checkouts. There’ll also be an account updater that operates in real time to help customers maintain up-to-date payment methods and access to IC++ pricing.

What is IC++ pricing?

IC++ stands for Interchange++. This is a type of pricing model that is most common in the United States and Europe. It offers full transparency (when compared to other types of pricing) and has a lower fee. 

The structure means the payment provider or acquirer charges a merchant for every transaction in three grouped rates: interchange fees, processing fees and acquirer commission. These add together to make up the final figure payable by the merchant for all card transactions. Essentially, this eliminates any hidden fees. 

More payment options

PayPal’s complete payments solution now provides small businesses with more payment options to help enhance the checkout experience. Small businesses can now accept Apple Pay as well as a variety of other popular payment methods. Apple Pay provides its customers with a convenient, secure, and private means of making payments online and within apps when using Apple devices.

Enhancing conversion rates with simple checkout options

To enhance conversion rates, PayPal’s complete payments solution has simplified the checkout experience by allowing customers to securely save their payment information on a business’s e-commerce website for future purchases. This feature helps to decrease friction and increase conversion rates. 

By allowing PayPal to manage some of the business’s PCI compliance for storing financial instruments, businesses can better handle the risks and complexities of their operations. Small businesses can save multiple payment methods, such as PayPal, Venmo and credit cards, in the PayPal vault. These payment methods will stay up to date via PayPal’s real-time account updater service and network tokens, which can reduce declines and drive conversions by automatically updating lost, stolen, or expired cards on file.

Improving cash flow management

To improve cash flow management, small businesses will have access to features like automatic transfer. Additionally, businesses can now choose between flat-rate pricing or an IC++ pricing model that offers full payment upfront and a clear view of processing costs, providing greater transparency for businesses.

Improved security

As fraud continues to increase, PayPal’s complete payments solution offers small businesses fraud protection, chargeback protection and seller protection on eligible transactions to maintain security. Moreover, SMBs can avail of one of the market’s best processing fee rates for card payments, digital wallets, and alternative payment methods, at just 2.59% + 49c. For PayPal payments, pricing will be 3.49% + 49c.

PayPal and its new features continue to lead the way forward

For over two decades, PayPal has been leading the digital payment revolution. Through technology, PayPal has made financial services and commerce more convenient, affordable and secure, allowing its platform to support 435 million active accounts in over 200 markets, helping individuals and businesses thrive in the global economy. With these recent updates and features, PayPal is securing its position and future-proofing its offering.

Meanwhile, engaging eCommerce development professionals with a deep understanding of PayPal’s evolving capabilities is crucial to successfully implementing the latest PayPal features on your website. Experts like Deeper Connection can help integrate various cutting-edge features to enhance user experience, boost conversions, and foster trust among your customers, ultimately optimising your site’s functionality and making it more competitive and capable of meeting the ever-changing demands of the online marketplace.

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Lee Clarke
Lee Clarke
Business And Features Writer

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