PayPal, the world’s largest online payment platform, has announced a major update for small business owners. The new update includes support for Apple Pay at checkout, the option for customers to store their cards specific to a site and access to cost-effective IC++ pricing plans.
The new update offers two options on how to integrate PayPal into the checkout process. The Standard Checkout integration requires minimal effort and requires customers to make payments with PayPal, Venmo, credit cards, or PayPal Pay Later. For more personalization and more payment options, businesses can opt for Advanced Checkout integration. The new update allows businesses using Advanced Checkout to accept Apple Pay payments from customers.
The update also allows customers to save their cards specific to a certain site. This allows customers who shop frequently on the same site to save time and keep their information secure. In addition, PayPal has implemented account updater and network token service to automatically update payment information when cards are lost or stolen.
In addition to the features above, merchants who opt for the Advanced Checkout integration are now eligible to sign up for the IC++ pricing model. The model is a cost-effective way for medium-sized businesses making multiple million a year to save money on payments. The three components of IC++ are interchange fees, card network fees, and other fees charged by PayPal. This model allows businesses to incentivize customers to use cards from certain banks or networks to reduce costs.
Nitin Prabhu, the VP of PayPal’s merchant experiences and payment solutions, notes that with Advanced Checkout, the company does not share purchase information with competition. He also adds that the data gathered from merchant sites can be used to offer products like PayPal Pay Later and help reduce risk and fraud.
PayPal is making strides to help small businesses manage their online transactions. With the new update, businesses have more options when it comes to payment methods and cost-effective options to help them in the long run. This latest move can help these businesses grow and compete with larger businesses on a level playing field.