If you run a business that needs to accept payments online, PayPal is likely one of the first options you’ll think of. At this point it has more name recognition than most of its counterparts, and is viewed by many as the de facto method for processing digital payments online. In any successful business however, it’s important to make decisions like this not because a given service may be available, but because it may be the best way for the business to grow.
Thinking of things from this angle, there are in fact numerous reasons that PayPal can be considered an excellent tool for growth.
It isn’t always a good idea to follow the paths of other businesses. Where establishing a payment gateway is concerned though, there’s something to be said for choosing a trusted option. The numbers from 2017 indicated that PayPal had 218 million active users in 200 markets around the world, making it unquestionably one of the leading services in this space. In recent years, Amazon Pay and Wepay have become legitimate competitors, but many would agree that PayPal still has the most name recognition. This means, at least in theory, that prospective customers will be less likely to hesitate when they come across the PayPal offering on your business’s website. More will be inclined to use the service, which can increase your revenue.
At the most fundamental level, people like to use PayPal because it feels more secure than directly plugging in credit card information. Perhaps the best evidence to support this fact is that PayPal has become a preferred method for some of the most popular casino gaming sites online. These are environments in which players are often extremely protective of their finances and keen on being as secure and anonymous as possible. That gaming platforms respond to these concerns and needs by partnering with PayPal speaks volumes to its reputation as a secure option. Providing this same security at your business’s site will help your customers to feel more confident making payments than they might be if they were simply expected to give you their credit card details.
Variety Of Options
PayPal’s own website has asserted that 25 percent of people have abandoned a transaction online because a preferred payment provider wasn’t there. Admittedly, one way to prevent this problem and incentivize purchases is to embrace not only PayPal, but other services as well. For instance, if you give people the option to pay using their own credit cards, PayPal, Amazon Pay, and Skrill, you’re more likely to be offering the service any given customer prefers. However, if you’re looking to keep things simple, PayPal effectively has its own suite of options as well. The company oversees the likes of PayPal Checkout, PayPal Credit, Venmo, and other local alternative payment methods. So in a sense, you can increase the likelihood of appearing to any individual customer just through a selection of PayPal options.
Ease Of Transactions
Simplest but perhaps most important of all, PayPal makes it easy to pay for something while browsing or shopping online. If you’re asking customers to stop what they’re doing and input credit card information, you may lose them simply because of a lack of patience for the inconvenience (or even if they just don’t have credit cards handy). With PayPal checkout options however, they can pay in just a few clicks, without having to think too much about it.
All of these reasons can factor into how PayPal drives more purchasing at your website, and thus helps to grow your business. Consider also that having a PayPal option simply gives the impression of a thorough, professional option, and it’s almost difficult to quantify the benefits.