Why Your Business Should Use PayPal
Here are some of the reasons why you should consider accepting PayPal on your website, especially if you are new to the world of e-commerce and are looking for an affordable and easy to use payment solution.
Customer Base
With 150 million users worldwide, there can be no doubt that PayPal is a hugely popular payment option. Make sure you take advantage of this vast customer base by offering PayPal on your website, even if you already accept card payments.
Cost
It is FREE to set-up a PayPal account for your business. There are no hidden start-up costs or yearly subscription fees to worry about*. You simply pay a percentage of the payments received, typically between 1.4 and 3.4% (See Here for UK Fees) plus a fixed amount of 20p per transaction.
This ‘Pay as you go’ system means you only ever pay PayPal when you are making money online. *Unless you are using one of PayPal’s more advanced options, such as Website Payments Pro.
Brand Recognition
It is often the case that a potential customer has not heard of your business before, but they have heard of PayPal. They are therefore more likely to consider purchasing from your website if you accept PayPal, as they do not have to give you their financial details.
And whereas fraudulent transactions can and do occur on PayPal, the buyer only stands to lose their original payment, and not additional funds from their bank account, which can occur with ‘cloned’ or ‘skimmed’ credit cards.
Customer Experience
Did you know that 50% of potential customers leave a website for every additional page added to the checkout process? It is therefore essential that you make purchasing products on your website as quick and easy as possible for potential customers.
PayPal saves customers time by only requiring a Username and Password to purchase items from a website, avoiding the hassle of typing out your address and card details in full each time.
Easy To Use
PayPal is easy and simple to use, even for those who have little or no experience buying or selling online. Your e-commerce provider should be able to help you to add PayPal as a payment method on your website, or you can contact our Web Franchise team for more information.
Wide Range of Features
PayPal don’t just offer payment solutions, they also offer a wide range of exciting tools to help you manage your business online. These include monthly financial summaries, printable packing slips and the ability to download financial reports in PDF, Excel or Word format.
Conclusion
PayPal is an easy to use, affordable, and low cost payment solution which allows you to sell to customers across the world. It is not without its disadvantages (which we will discuss in a future article) but on the whole it comes highly recommended, especially for those who are selling online for the first time.