Have you been considering introducing PayPal as a payment method for your business?
While you have probably heard of the many benefits that PayPal comes with as a consumer, you are wondering what’s in it for you as a small to medium-sized business?
Before we analyse why PayPal is a great option for your business, let’s look at the popularity of PayPal. Around the world, there are 17 million merchants and over 250 million people who make use of PayPal. The payment method moves more than $150 billion in payment transactions yearly. This makes it the world’s largest payment system. PayPal is used all over the world by various industries including retail, tourism, finance, and even online gambling with a number of PayPal casinos on the web.
What makes PayPal so attractive is that it is so user-friendly for small to medium-sized businesses to accept payments. From a customer’s point of view, it is also easy to make a payment since this can be done with just a couple of clicks. It also provides a variety of solutions from credit and debit cards to Apple Pay and Google Pay, and more. PayPal is also free for consumers and businesses are charged competitive rates only when processing transactions.
1. It offers flexible solutions for all
PayPal has solutions for all businesses, whether you operate online or physically. Flexibility is key with PayPal, and it is one of its best advantages. If you have online sales, PayPal is super easy to integrate with your website. If you have a physical store, PayPal offers a variety of Point of Sales solutions to aid you in your journey.
2. Easy set-up
Setting up PayPal is super easy. All you need to do is create an account which will only take you a few minutes. You will need a valid email address, your business address, customer service contact info, and a valid bank account. You can either use your personal bank account or your business one when creating a PayPal business account.
3. Other banking services are on offer too
PayPal now offers ATM services, debit cards, and credit cards. PayPal wants to expand its services to offer more than just online payments which is why the PayPal Cash Card exists, acting as an ATM Card.
4. It’s mobile
You can access PayPal’s app from anywhere, any time. It runs perfectly on iOS devices and Android phones and tablets. The app is completely free and works with PayPal’s chip card reader. Your phone will connect to the chip card reader via Bluetooth so you can access it on the go and hassle-free.
5. Reasonable prices and charges
Setting up an account is completely free with PayPal. Fees are only charged when you make a sale; you will get charged 2.7% with every transaction. If it’s a transaction done in-store, the fee is 3.5% + $0.15%. PayPal can also conveniently deliver the funds to your bank account, taking only one to two business days for transfers.
