PayPal Offers Mobile Payment Solutions for Small Businesses
PayPal recently introduced a new program, PayPal Payments, to help small business owners choose the most appropriate payment solution for their needs.
The mobile payment program consists of three tiers. All provide a full range of options for online, in person and mobile business transactions, with additional options in the second and third tiers. The basic tier is free, the second costs $5 per month, and the third tier, which includes a credit card reader, is $30 per month. This tier allows the business owner to accept payments at checkout, either from their PayPal account, checks or with debit/credit cards using a free thumb-sized credit card reader designed for use with smartphones (view demo). All tiers are 100 percent end-to-end PCI compliant. Card information is protected, as the card is swiped with the highest level of encryption. The program exceeds industry standards for security.
The mobile payments program allows the business owner to instantly accept payment on any mobile device. It works at the office, at tradeshows, or anywhere Internet access is available. All major credit cards are accepted, and the money is deposited into the business’ PayPal account within minutes.
Customers can pay directly from an invoice that is delivered to the their smartphones. The invoice displays a Pay Now button. One click and the payment is made to the business’ account. It’s fast and secure, and, according to PayPal, helps the business owner get paid faster.
What Does the Customer See?
Here’s how it works in a nutshell. The customer shops your site and finds something he or she wants to purchase. They choose to pay via credit or debit card. They then enter payment info and shipping details, then credit card details. After reviewing the information entered, they process the transaction. PayPal handles it, and you withdraw the funds from PayPal for deposit into your regular business account or to purchase items from the PayPal account. Additionally, you’ve amassed data from the customer that can be used in future marketing efforts.
For more information about PayPal Payments, visit http://www.paypal.com/.