Online payment provider PayPal Holdings, Inc., (PYPL) on Tuesday, revealed that its comprehensive payments solution for small businesses now includes new features. Small businesses can use the solution to make a variety of payments, including those made through PayPal, PayPal Pay Later, and Venmo services. This feature gives consumers more payment options and is likely to encourage checkout while shopping.
When consumers’ preferred payment method is not available, customers frequently abandon their purchasing cart, according to 59% of respondents in data protection researcher Ponemon Institute’s recent study. Through a single integration, small businesses can use PayPal’s comprehensive payments solution to process card payments directly on their website and design the checkout process to reflect their identity.
Before the launch, there were just two ways for small and medium-sized businesses to incorporate PayPal into the checkout process. The business now offers an Advanced Checkout integration feature for businesses that want more customizations and payment features, in addition to the Standard Checkout integration, which enables people to make PayPal payments with little effort. Customers can now use Apple Pay (AAPL) to pay for goods and services at businesses that have chosen PayPal’s “complete payments solution”. The checkout tool already gives consumers a variety of choices.
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According to the payments giant, new features include access to IC++ pricing, which enables customers to save payment methods in their PayPal vault for quicker checkout in the future. Until now, for advanced checkout, it offered services on a flat fee model, but now there is a real-time account updater to help customers keep their current payment methods, as well as opting for Apple Pay as a checkout choice.
Currently, only one-time transactions can be paid for with Apple Pay on Advanced Checkout, according to the announcement’s small print, but recurring payment support is “to be added soon.”
PayPal and Venmo revealed their support for Apple’s tap-to-pay-on-iPhone option officially last year. This signaled the start of a new commercial partnership between Apple and the digital wallet provider. Amazon, which in January launched the Buy with Prime product providing checkouts and shipping, is PayPal’s competitor. Wealth management and research firm Bernstein stated recently in a note to clients that businesses are now providing services beyond the checkout button, which has traditionally been PayPal’s main competitive advantage.
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