PayPal is a renowned digital payment solution and a revolution that has been staying at the forefront for more than 20 years now. Currently, PayPal houses 435 million active accounts in more than 200 markets by utilizing technology to make financial services and commerce more affordable, comfortable, easy, and secure.
PayPal has been launching many new things to join and thrive in the global fintech apps, in that list, now PayPal has launched some innovative features for online small businesses. In this blog, we are going to see that in detail.
Reasons behind the new features launch of PayPal
On April 4, 2023, PayPal announced the addition of new features to their payment solution app to help small online businesses thrive in the competitive industry.
The main reason to add these features is according to the recent Ponemon Institute study: 59% of their respondents said that they abandon their shopping cart due to the unavailability of their preferred payment methods.
Considering this major percentage, PayPal has added payment methods including PayPal, Venmo, and PayPal Pay Later products to help small business to accept payments in a wide range. So, their customers will have more choices and it will help the businesses to increase their checkout ratio. This step of PayPal is called PayPal’s complete payment solution in which along with the extensive payment options, it enables small businesses to feel the brand and match the look, all through a single integration.
We’re adding new features to PayPal’s complete payments solution for small businesses, to help drive sales, improve cost and operational efficiencies, and help protect against fraud. pic.twitter.com/PAfxTHjQcN— PayPal For Business (@PayPal4Business) April 4, 2023
List of New features added to PayPal for online small business
PayPal’s new list of features allows SMBs to accept PayPal payments, digital wallets, credit and debit cards, and more. They can also accept payments from Apple Pay, allow their customers to save payment methods with PayPal vault, can keep their cards up to date with the real-time updater, and access to get features to run their business including Interchange plus plus (IC++) pricing. Detail explanation of these features is given further
Adding more payment options to increase checkouts.
Fewer payment options led to fewer checkout rates. To overcome this scenario, PayPal announced the addition of new payment methods where small businesses can leverage PayPal’s complete payment solution to accept Apple Pay payments and other extensive options. Apple Pay is an effective payment option that allows the customer to make an easy, private, and secure payment both online and in-app.
Simplified checkout experience to increase conversion
PayPal’s complete payment solution not only allows customers to store their payment options in the e-commerce sites for future purchases, but also reduces the tension and increases the conversion rates.
Small businesses will be able to manage the risk and complexity of the business better by allowing PayPal to govern the PCI compliance of the business to store financial instruments. Also, small businesses can save various payment options including PayPal, cards, and Venmo in the PayPal vault. After saving, these payment options will remain fresh with the real-time account updater service and network tokens. This will help reduce friction, and declines and increase conversions by updating stolen, lost or expired cards on files automatically.
Better cashflow management and transparent pricing
Small businesses will be given access to features like automatic transfer which will help them manage the cash flow better. Also, they will be able to choose flat-rate pricing or an IC++ pricing model that allows them to get the full amount within the correct date and get a transparent view of processing costs.
Aiding businesses to keep them and their customers secure
PayPal’s complete payment solution helps small businesses to be aware of rising frauds in the payment environment by giving fraud protection, chargeback protection, and seller protection on authentic transactions. Small businesses will get the market rate on the account of user processing through card payments, alternative payment methods, and other digital wallets.
Regarding this PayPal step, Nitish Prabhu, VP, Merchant experiences and Payment solutions said that “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,” And additionally he said that the small businesses can get access to this complete payment solution in an easy way, all they need is one integration.
AiOC’s PayPal Clone with the features of PayPal’s complete payment solution
AiOC is a leading company that has been offering different clone scripts to startups for several successful years. Among all their successful clones, PayPal clone is a gem of software. It is developed with the best-ever features and functions of the PayPal platform and the features that are absent in the PayPal platform to act just better than a clone.
We have developed our PayPal clone with extensive payment options, saving payment method options, real-time updaters, and stringent security features to prevent fraud and setbacks. Therefore, if you are a startup looking for the best clone software of PayPal, AiOC’s PayPal clone can be your best option.
We promise you the finest clone software with the finest features. So, look no further, contact AiOC and give a good start for your dream business