Debuted in the late 1990s, PayPal was one of the first companies to bring convenience and security in digital payment.
Business aside, PayPal also provides a simple and fast way to send as well as request money online. You can transfer money (abroad) to family, friends, online shops, and others.
Since its launch, PayPal has evolved into a platform where business owners can create seamless e-commerce payment transactions. The company has created a variety of options for small enterprise and large business financial solutions. Now, PayPal claims to have 305 million active consumer accounts and 22 million merchants.
Will PayPal be your digital wallet to your business? Check out our review below.
Ease of Use and Benefits
Entrepreneurs and business owners have a lot of things going about their daily lives – from innovating services, designing products, and improving customer demands.
Therefore, having an online payment processing platform that is easy and simple to use will work magic for them.
Setting up and using PayPal is extremely easy, and you can be up and running nearly instantaneously. What’s more, your customers may already be familiar with PayPal and can do transactions with just a few clicks.
PayPal realizes that businesses depend on the payment processor’s ability to obtain money quickly, securely, and easily on their behalf.
To access any of PayPal’s business solutions, you need to create a FREE PayPal business account first. You’ll then be asked to input some basic contact information and identifying information about your company.
Here are a few benefits of creating a PayPal business account:
- Make business transactions under a company
- Accept payments from customers without PayPal accounts and receive all payment types for low fees
- Implement subscription payments for your services, products or contents
- Send and receive payments in more than 200 regions and countries
- Set up a payment gateway to increase checkout conversion
- Offer your customers financing options
- And, explore lending solutions for your business
Business Account Features
PayPal offers a wide range of small business solutions. Businesses might use just one or all of these products, based on their needs.
Here’s a breakdown of PayPal’s small business offerings:
- Payment Processing – You can use PayPal to either send or receive payments, whether you’re a B2C or B2B business
- PayPal Here – A mobile payment solution that lets you accept debit and credit card payments from customers in any location
- Invoicing – Create invoices and receive payments through the same invoice (with templates available)
- PayPal Payouts – A convenient way to send payments to up to 5,000 people in one swoop
- Business Financing – Through PayPal Working Capital or PayPal Business Loans
- PayPal Credit – Offering customers more financing options, you can give your customers the option to pay for goods or services over time
- Payment Gateway Services – Your businesses can accept card payments directly from a website, no matter who their payment processor is
Here are other features from PayPal:
- Secure Payments
- Faster Checkouts
- Rewards (when you link your credit card and use it at PayPal)
- Shop with Purchase Protection
- Available on Mac, PC, Android, and IOS
SkyHigh.Biz gives PayPal a score of 4.2-stars for its ease of use, clear pricing, and transparent advertising.
The key thing to remember is that PayPal has something for everyone. Whether you want to sell online or accept payments through multiple channels, PayPal has a solution for you.
However, PayPal’s customer support is lacking and needs improvement when it comes to processing certain issues on payment like charged fees.
The decision to use or not use PayPal as your primary online payment processor is a big one and can certainly impact your business. PayPal will grow along with your business, too.
There are so many different payment options as well as all of the integrations and add-ons available. While the developer tools might not be on par with some other industry leaders, most of PayPal’s other offerings are top-of-the-line or at least above average.
Have you used PayPal before? We would love to hear from you in the comments below.