If you haven’t yet heard of PayPal, you probably haven’t been spending too much time online in recent years. It’s becoming the payment option of choice for many people, offering renowned security and protection. Like anything else, it has its flaws. But, people are gravitating towards it, and your business should be implementing it in your merchant services. Why is this so important? We’re glad you asked.
- Consumers Don’t See It As Real Money
If you’ve got a PayPal account, it sits separately to your normal bank account. It’s an online bank where some of your money might be deposited, but you’ll never actually see it. Sure, a customer can put it into their bank account and withdraw it, but many don’t choose to do that. Instead, they see it as ‘play money,’ which makes them more likely to spend it. There’s nothing lost and nothing gained – they’re just figures on a computer screen. That’s the mindset that many adopt, leading to more expenditure.
- Because People Have PayPal Debit Cards Now
PayPal has always been thought of like an online service. However, times have changed, and PayPal has a huge presence in the real world too. PayPal cards allow people to spend using the money in their account, and retailers need to be ready for this. A PayPal credit card reader is your option if you want to solve this issue.
- It’s Secure
Ask all the customers that use PayPal for transactions about why they use it, and you’ll probably get one response. “It’s secure.” PayPal has a very well-implemented protection system in place, and it has become famous. It’s the go-to solution for anyone who might be scared about spending money online or even in-person. And, it’s not just the customer that benefits from the protective elements of the service. Businesses can rest easy knowing they’re protected with PayPal, too.
- It’s Simple For Both You And The Customer
Even with all the protective features of PayPal, people wouldn’t use it if it was overly complicated. Luckily for PayPal, this was realized very quickly. Setting up an account for personal or business use is very easy to do. Once this process has been completed, it gets even easier. Customers just need to log in with a username and password when they need to. Businesses might need a little more admin, but nothing too taxing.
- International Payments Are Easier
If your business is going to be trading online, you’ll probably start to make international transactions. There are a lot of stumbling blocks that can arise as a result of this necessity, but PayPal makes it easy. Although you will have to deal with conversion charges, they’re nominal. Many businesses see it as a necessary evil in order to take advantage of the simple nature of international transactions.
- eBay Needs It
If your business is going to get involved with eBay in any way, you’re going to need PayPal. While it’s true that customers can pay via other means, they often don’t. PayPal is heavily integrated with this online marketplace, and you stand a chance of losing the sale without offering it.