However, a few payment methods still sustain their popularity due to their high credibility, and using PayPal is one of them. PayPal became one of the most prominent names in the world of payment processing after its partnership with eBay. You may be wondering why PayPal is so popular despite the high competition in online payment methods, and your curiosity is completely justified. This list of three advantages will prove the competence of PayPal in the world of payment processing and help you understand the uniqueness of PayPal.
1. Facilitates Online And On-Site Sales
PayPal is the ultimate payment processing solution for your online and in-person sales. The flexibility of PayPal is one of its unique selling points. In addition, it is reasonably easy to integrate with your store’s website and takes only a few minutes to configure. PayPal has various point of sale (POS) systems for your in-person sales, and you can quickly receive payments through ERPLY, Brightpearl, Vendor Touchpoint. PayPal chip card reader works well with all these and also enables contactless payments from Google Pay and Apple Pay.
2. Data Security
These days, customers are more informed than ever due to easy access to information. As a result, they care a lot about the cybersecurity and confidentiality of their data. Signing up for PayPal requires you and your customers to add bank accounts and credit cards to use online purchases in the future.
PayPal frees you from cybersecurity worries through its centralised system and keeps all the valuable bank information private by encrypting that information. This eliminates the threat of hacking and data attacks and preserves your customers’ valuable information. Using PayPal comes with an additional layer of security as it has built-in systems for fraud prevention. If a purchase payment made through PayPal ends up being fraudulent, the platform promises to return the money to purchasers. Integrating PayPal as one of your payment methods lets you gain your consumers’ confidence, resulting in higher sales.
3. It Is Cost-Effective
PayPal is one of the most reasonably priced payment methods: there are almost no charges involved in making an account with PayPal, and a small fee of 2.7% is only charged when you make a sale through check-in at a store or your e-commerce website. While the international transactions have some additional costs, the US-based transaction fee is kept at a minimum. In addition, PayPal makes the transfer of the funds much quicker as it delivers the funds to your linked bank account in about one or two business days after you have made a sale. You can access the funds right away by using ATM or debit cards, which is especially useful for small businesses struggling with cash flow management.
With digitalisation and e-commerce, competition in every industry is rapidly increasing. Your business must provide the most up-to-date facilities and the best possible services to build long-term relationships with customers and improve customer retention. PayPal benefits your business in multiple areas and has integrated tools to help you succeed. You can gain customer confidence by integrating this big name. With its cost-effective, secure, flexible, and easy-to-use nature, PayPal is indeed the future of online transactions, and it’s time your business adapts to this leading technology.