PayPal has introduced four new features to its offering to help small businesses drive payment acceptance, the company has announced.
A common challenge faced by merchants is the conversion of online shoppers at checkout. Fifty-nine percent of respondents of a recent Ponemon Institute study said their customers frequently abandon their shopping cart when their preferred payment method is unavailable.
To combat this, PayPal has added four new options including Apple Pay as a checkout option, the ability for customers to save payment methods with the PayPal vault for future checkout, real-time account updater to help customers keep their payment methods up to date, and access to IC++ pricing.
“The retail landscape is constantly evolving and SMBs need access to a range of tools to help them drive sales, cut costs and protect themselves and their customers from fraud. With our complete payments solution, small businesses can get access to all of these tools with one integration,” said Nitin Prabhu, VP, Merchant Experiences and Payment Solutions, PayPal.
According to the company, the new additions will simplify the checkout experience and help drive conversionas a result. Small businesses can save multiple payment methods such as PayPal, Venmo and cards in the PayPal vault. Once saved, these payment methods will remain fresh via PayPal’s real-time account updater service and network tokens, which can help reduce declines and drive conversions by automatically updating lost, stolen or expired cards-on-file.
Through PayPal small businesses can also process card payments directly on their website, and customise the checkout experience to match the look and feel of their brand, all through a single integration, the company said.
