Digitalization is dominating this era, and therefore, payment methods across the world have also evolved into digital payment methods. PayPal is one of the market leaders today in digital payments as a trusted payment gateway. Data shows that about 237 million active PayPal accounts users were there in 2018, and that number has grown to 361 million users in 2021.
PayPal earned its unique selling point in online payment processing when it partnered up with eBay, after which various businesses on board with eBay accepted it. It ended up revolutionizing the payment methods for many vendors by offering numerous features for companies and individuals to manage their money. Here are four benefits of using PayPal for your business that can help you take your business to the next level:
1. It is a flexible solution
PayPal can process payments for any business regardless of whether it operates physically or online. PayPal comes with highly flexible features, and the payment processing can be easily integrated into your website. Suppose your business only operates as a physical store or office. In that case, PayPal also has numerous Point of Sale (POS) solutions that can help you manage your business’s finances much more effectively.
2. Easy to set up
Setting up a new account on PayPal is more feasible than most alternatives. You can create a new bank account for your business when you set up your PayPal account or use your existing account. To create a new version on PayPal, you need a valid email address, customer service information, an active bank account credentials.
3. Offers many banking services
PayPal has started offering debit cards, credit cards, and even ATM services. Your online payment processor will serve more than its purpose and can be ideal for business transactions like payments to vendors and payment processing from overseas customers.
4. Reasonable prices and discounts
While setting up a PayPal account is free of charge, you will have to pay a small portion of fees when making a sale. PayPal will charge you 2.7% of each online transaction, and if the transaction occurs in-store, the charges will be set around 3.5% plus $0.15. These costs will be automatically deducted, and the remaining money will be deposited into your chosen account.
PayPal has also partnered with many retailers that offer discounts to their customers for using it. After setting up your PayPal account, you can visit shopping.paypal.com to find out the ongoing deals and get discount codes from companies like Barnes & Noble, HP, Nike, and Walmart. You can even find your business’s suppliers and get relevant supplies for your business at discounted costs. You will need to find suitable offers and simply copy the discounts codes and paste them when prompted to do so on the payment page to become a savvy customer.
Endnote
PayPal is growing exponentially faster than most other online payment processing services and is expected to expand even more in the upcoming years. This is the ideal time for your company to switch from traditional payment methods to online payment processing using PayPal to benefit from increased customer service.
