PayPal Ready for In-Store Payments
PayPal is no longer just for online purchases and sending money to friends. The online bank is partnering with credit card giants like VISA and MasterCard to enable customers to use PayPal to make purchases in brick-and-mortar retailers in addition to its ecommerce capabilities. These arrangements are still in progress, so it is unclear when this capability will be fully available to merchants around the world. Retailers should be advised that it is coming soon so that they can make preparations to accept this form of payment in the future.
What This Means for Your Business
Similarly to other digital wallets like Apple Pay, Samsung Pay and Google’s Android Pay, using PayPal will enable customers to make payments in stores using their mobile devices, without ever having to pull out their physical wallets to make a purchase. Customers are increasingly beginning to demand that mobile payments be accepted. It is in the best interests of your business to be able to accept them so that you don’t risk losing customers to your competitors who do.
As with other digital wallets, PayPal’s customers can link their credit card, debit card and other bank accounts to their PayPal accounts to pay for purchases both online and in retail stores. Through this in-store purchase capability, PayPal aims to regain the market share that it has lost to other digital wallet competitors.
Benefits of PayPal
PayPal has a long-running history of success in the payments industry, which has enabled it to establish itself as a leader in the payment processing industry. Users throughout the United States and around the world use PayPal on a daily basis to process payments and transfer money back and forth between a variety of accounts.
This worldwide customer base can open up whole new markets of customers for your business, enabling them to make payments in their home currencies. PayPal handles the currency conversions, making it easier for global customers to make purchases from your business. PayPal streamlines the purchase process so that your business can have access to customers that it otherwise wouldn’t.
Customer Data Security
Over the years, PayPal has built up a strong reputation in the payment industry and has the experience and expertise to offer its customers unmatched digital security. Through its extensive worldwide network, it has built up its security protocols to keep customer information safe. In an age when identity theft and credit card fraud are constant concerns for customers, it is important to offer payment methods that provide security for customers.
Although PayPal can offer its own digital security, it is important that your business offers strong security measures as well. In order to do this, it is crucial that your business maintains PCI compliance throughout all stages of the purchase process. It is not enough to rely on PayPal’s security measures to protect your customers; your business needs to protect their financial information as well. Staying on top of changes in data security and ensuring that your business stays in compliance with PCI regulations is your best chance at protecting your customers’ financial data from thieves.
Although PayPal is nothing new in the payments industry, its in-store payment capability is. Once the digital wallet is officially in operation, businesses will want to have the capability to accept these types of payments. Those that don’t may lose business to competitors who are capable of offering more diverse payment methods. As technology continues to move forward with each passing year, businesses that do not evolve with it will likely be left behind as customers seek out businesses that do offer their preferred payment methods.