PayPal Payments Makes Virtual Transactions a Reality
The eBay owned transactions company has finally announced the introduction of PayPal Payments, which allows merchants to receive money directly via a mobile device.
PayPal made the announcement on Wednesday, that its new Payments transaction system is launching as part of a general products revamp. Payments comes in three tiers: Standard, Advanced and Pro, with each option offering the same basic functions. Payments can be accepted in 25 different currencies in 190 countries, and they can be received from PayPal accounts, credit cards or cheque when using PayPal’s new PayPal Here app.
PayPal Here was announced earlier in the month and is positioned as a rival to Square, as both act as a plug-in credit card reader. The software is designed to accept cheques by snapping a photo of them, and can also be used to invoicing and tracking cash transactions as well.
“The heart of PayPal is small business,” Vice President of Customer Engagement at PayPal, Peter Karpas, told Mashable. “The lines between online and offline and mobile are totally blurring for them. This comprehensive revamp of our products allows small businesses to get paid however they do business.”
These technological developments can offer truly advantageous options to any retail operation that is striving towards a multichannel strategy. PayPal have already previously demonstrated the potential for its new systems to be used in-store rather than only online through its partnership with Home Depot, as well as the PayPal showcase warehouse that has been operating for a number of months now.
The ability for customers to pay in virtually any way they choose, from anywhere with a minimum of friction simply increases the merchant’s opportunity to make money. And with the Standard option for PayPal Payments coming at a cost of $0 for businesses to implement, it’s hard to see a downside.
Do you envisage problems when using PayPal’s Payments technology? Will your enterprise benefit by offering Payments?