The Benefits of Using PayPal for Business
If you have been wondering if to start accepting PayPal payments in your business, then you have come to the right place. With over 17 million merchants and over 250 million people that use PayPal worldwide, chances are you have heard about it and happen to be a regular user. PayPal is a mostly used payment system globally, all thanks to its simplicity, affordability, and variety when it comes to solutions for accepting debit and credit card payments, eCheck, Apple Pay, etc.
So, is it time to adopt PayPal for your business? Why should you consider it, and what are the benefits? This article delves further.
Give Customers a Better Experience
Nothing is more inconvenient than shopping with a company that does not accept your preferred payment method. There are millions of consumers that utilize PayPal to shop online. So, if you are a merchant, having several payment options is vital. Many people opt for PayPal as there is no need to enter private financial details. You log in and confirm the payment total. Also, you can choose to pay using a PayPal balance or a linked debit or credit card.
To ascertain a quick and seamless buyer experience, you need payments to go smoothly, and with PayPal, your customers can quickly checkout. You’ll also be able to accept all major cards from clients that do not have PayPal accounts, which is a plus.
Start Accepting Payments Quickly
Nowadays, you cannot afford to wait for days or weeks to have your payment systems set up, and this is one of the best things about using PayPal. It is quick and easy to set up and will accept payments in a matter of minutes. The same cannot be said when it comes to setting up your payment gateway.
It’s also essential to keep in mind that PayPal integration does not entail the hurdle of a strict and extensive application process. This is exactly what you can expect when creating your payment terminals or gateways. There are IMA requirements that need to be met before you can start processing payments. For example, you need to present a detailed business plan, trading history, suppliers, etc.
When setting up a business PayPal account, you don’t have to go through any of this.
Accept Both Domestic & International Payments
Going international is a massive achievement for any company. However, it comes with significant hurdles, such as accepting payments from different nations. The most common issue is the varying currencies and having an easy way to convert to your preferred one is vital. So, if you use a convenient PayPal currency converter before making any transactions, it can help you out.
With PayPal, you can accept 25 different currencies from over 200 markets all over the globe. So, why would you limit your sales to only domestic clients when you can go global? Thanks to swift PayPal integration, you can quickly and easily accept payments for your merchandise from abroad.
However, you’ll want to list which countries you accept purchases from as the shipping costs can easily skyrocket based on their region. Ideally, you’ll want to factor in if you have a way to convert their currency.
Offer Clients Enhanced Security
As mentioned earlier, trying to create your payment gateway can be hectic, and if it leads to a lawsuit, things only worsen. With PayPal, however, you can be confident you are getting access to a secure gateway that your clients can utilize to complete their transactions.
By including this option in your site, you’ll allow customers to purchase straight from your business, and once they click the PayPal option, they will be redirected to another portal away from your website. This is vital as the transaction is not handled on your website. Once a customer logs in and confirms the payment, they are returned to your website.
With this solution, no credit data or other financial information is submitted through your website, thus removing the critical data burden. This would ideally need you to be PCI-compliant, which is another hectic procedure.
With PayPal integration, you simplify the payment process for both your customers and business.
Set Up Recurring Payments
If you are offering a subscription for a service or product, you’ll want to implement a recurring payment solution. This ascertains your clients get their product or service on time every month without interruption.
Additionally, it helps you secure a consistent cash flow for your company every month. Thanks to PayPal, you can easily create a subscription-based product for your customers to buy. This instantly beats having to send out invoices or payment reminders. Instead, they are automatically billed through PayPal via PayPal balance, credit/debit card, or bank account.
Receive Payments Instantly
Unless people are sending you e-checks, card transactions, and PayPal to PayPal transactions are processed instantly. This is one of the primary advantages of using this payment solution for your business, particularly when you need the money to replace inventory or dropship.
Those in the service industry can ideally benefit from being able to get instant payments. For example, you can confirm receipt of payment and start providing your services to the client. Also, it puts your clients at ease when they know their products or services will arrive soon because of quick payment. This maintains steady flow and helps build trust with new clients.
Become a Reliable Business
Finally, being able to process payments promptly and deliver services or goods fast helps raise the bar for your company. You will gain your customers’ trust and build a reputation as a reputable/reliable business.
As you probably know, being labeled as reliable is vital in the online marketplace. Whether you are a service provider or an e-commerce store, being consistent with payment processing is expected.
If you have a payment gateway that’s always faulty or down, you will quickly lose status. The good thing about PayPal is that they have a team of experienced technicians still at hand to help keep the system up and running round the clock.