Founded in 1998, PayPal is the champion of online payments everywhere. With the largest amount of shopping cart integration, and a nearly standard use among the top e-commerce stores worldwide, it’s a must-have for your online store.
PayPal allows both users and sellers to send and receive money in a secured fashion. If you’ve never set up your own personal account, the verification process can be lengthy in attributing it to your bank account, but the process is worth it. The payment solution is serious about security, and even when sending money between two people who aren’t selling anything, the process has several security checkpoints.
For online sellers, PayPal is a great tool for conversion in that if your customer has the app, payments become much easier on mobile (which can quickly become a conversion killer otherwise). By integrating PayPal into your site, you’re offering a fantastic third-party payment system that is both secured and simple on the customer.
PayPal offers two main payment solutions for e-tailers: Payments Standard, and Payments Pro. Payments Standard is a great starter for your e-commerce; it’s relatively simple to implement on your site and it integrates seamlessly with tons of compatible carts and custom-built stores. If you don’t have a cart solution, PayPal Cart can be integrated easily as well. There are no monthly fees for Payments Standard, and express checkout is still available.
Payments Pro offers a larger selection of payment options. You can design and host your own checkout page (in lieu of having your site redirect to PayPal). You can also accept payments via phone, fax, and mail (what they call the Virtual Terminal). The biggest advantages to the pro account include being able to maintain control of the transaction without a intermediary and payments are received even faster. This also requires you to handle all disputes in payment, fraud, and security issues that stem from your own site.
Once the payment solution is set up on your site, you will be able to accept all major credit cards, debit cards, and bank transfers. Your customers don’t even need a PayPal account, and transaction fees are 2.9% + $0.30 per transaction domestically (and 3.9% + a fixed fee per transaction internationally). Both options will allow you to send invoices online for faster payment, get a PayPal here card swiper for your mobile device (for brick-and-mortar stores), and get paid via eBay and Etsy.
The solution allows you to accept payments in 26 currencies from 193 different countries, and there are no contracts or cancellation fees. It also allows you to offer special financing for higher-priced items. PayPal’s phone support is great, and there representatives are competent and friendly. Starting off with the Standard package is as easy as creating a button for your site, and integrating it.
PayPal has largely become the standard in third-party online payment solutions. With its combination of simplicity and security, it’s the most trusted payment option throughout the world.