PayPal adds new features for online small businesses

Payment provider PayPal has rolled out new features to its complete payments solution for small businesses to help drive payment acceptance and “enhance how they run their business”.

One of the new features will include Apple Pay as a checkout option, allowing customers an easy and secure way to complete the payment with one-time PayPal transactions in-app and online when using Apple devices. Recurring payment options will be added in the future.

PayPal has also simplified the checkout experience to help drive conversion, allowing customers to securely save their payment information on a business's e-commerce website for faster future purchases. Small businesses will be able to save multiple payment methods, including PayPal, credit and debit cards, and digital wallets such as Venmo and PayPal Pay Later in the PayPal vault. A real-time account updater will help a business customer by automatically updating their lost, stolen, or expired payment information on file.

In addition, Paypal will be helping businesses better manage their cashflow and get more transparent pricing by allowing SMEs to choose between flat-rate pricing or an IC++ pricing model, which helps them get paid the full amount up-front and get a transparent view into processing costs.

While to keep businesses secure and prevent fraud, PayPal’s complete payments solution will continue to offer Fraud Protection, Chargeback Protection and Seller Protection on eligible transactions.

Nitin Prabhu, vice president of merchant experiences and payment solutions at PayPal, said in a statement: "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."