Secure and easy payments are key to customer trust and improved conversions, ultimately leading to sales increase. A study has shown that more than 60% of online shoppers end up abandoning their carts due to either security concerns or a complicated checkout process. Beyond this, offering multiple payment methods increases checkout completion rates by 33%.
PayPal, a leading payment processing service, stands out as a versatile and reliable option for merchants of all sizes. With over 400 million active users globally, PayPal has built a strong reputation for security and convenience. This article explores the features of PayPal Commerce and the main reasons why merchants chose it for their online stores.
Overview of PayPal Commerce
PayPal Commerce is an end-to-end payments platform designed to fir the needs of businesses all over the world. A standout feature of PayPal Commerce is its flexibility. You can configure the payment gateway according to your business needs and add various payment methods (like Venmo, PayPal Credit, credit cards, iDEAL, Bancontact, Sofort, and more). Besides, there are more than 200 countries where you can sell with the help of PayPal. And these settings can be easily changed right there in your business account.
Using PayPal helps businesses gain trust as it is a well-known brand. Customers trust PayPal’s security measures, as it offers a reliable and efficient way to handle online transactions.
Main features of PayPal Commerce
15 million merchants all over the world choose PayPal for their businesses. Here are the main reasons why they prefer PayPal Commerce:
Variety of payment methods. PayPal Commerce allows you to receive payments using a variety of methods including a Balance Account, a bank account, PayPal Credit, debit or credit cards, and rewards balance.
You can also set up country-specific payment methods, like Ideal, Giropay, Sofort, Payment Upon Invoice (PUI) and more.
Multi-currency support and easy currency management. PayPal Commerce supports 25 currencies including those used in Europe, the Americas, Asia, and more. The whole list of currencies is available here.
The currencies can be easily managed in PayPal Wallet by defining your primary currency, andding and removing the currencies. If you receive a payment in a new currency PayPal automatically creates a new currency balance in the Wallet.
Pricing. PayPal Commerce offers affordable and flexible pricing, allowing businesses of any size to choose the most optimal payment methods and pricing plans for their needs. The fee consists of two parts: a percentage of the transaction amount (ranging from 1.90% to 3.49%) and a fixed transaction fee. More detailed information is available on the website with PayPal Merchant Fees.
Security is a priority for PayPal transactions which they support with buyer and seller protection programs, 24/7 fraud protection, and data encryption. PayPal seller protection covers the risks of chargebacks and helps prevent merchant fraud. PayPal security technologies include using passkey to log into your account elimination the possibility of phishing and hacking, and the connection they establish ensured to use Transport Layer Security (TLS) and HTTPS to protect sensitive information from leaking.
Boosted conversion rates. PayPal’s solutions are designed to enhance conversion rates and are optimized for mobile use with seamless integration. This can significantly improve your e-commerce performance and increase conversion rates as 74% of PayPal users say they are more likely to complete a purchase from an unknown business when PayPal is available at checkout.
Integration of PayPal Commerce into an online store requires no coding and development work. There is a ready-made solution - official PayPal extension by nopCommerce.
It makes the installation process easy right there in the admin area with a few steps:
- downloading of the extention,
- adding it into your store and activating it,
- after that you only need to connect your PayPal account to your plugin via your login credentials.
There is a PayPal step-by-step instruction that helps even a non-technical specialist to configure the integration.
Additionally, PayPal Commerce supports the Pay Later option that allows your customers to pay in installments. With the option, your customers will receive an offer to pay in installments at the checkout, and when they proceed with it, you’ll get the full amount at your PayPal account.
The Pay Later option increases order value, helps boost sales, and gets you paid upfront. For example, PayPal research shows a 20% growth in average order value with the Pay Later option.
To set it up, you need to activate the Pay Later option in your PayPal Business Account for no additional costs. Read more about the benefits of the PayPal Pay Later option.
TIP: UPDATE YOUR PAYMENT SOLUTION TO PAYPAL COMMERCE
If you’re still using outdated PayPal payment products, like PayPal Standard, PayPal Express, Paypal Smart Buttons, etc., it’s time to switch to PayPal Commerce. You may have noticed that the solutions you use are deprecated and replaced by PayPal Commerce.
Here are the main reasons why you need to update your payment solution to PayPal Commerce:
- Security concerns - Your payment solution may lack the latest security features and updates, which makes them vulnerable to fraud and data breaches.
- Easier checkout process - PayPal Commerce streamlines the checkout process, offering features like one-click payments, mobile optimization, and various payment options (like digital wallets, buy-now-pay-later services), which may be not available in the previous products.
- Higher costs - Maintaining and supporting outdated payment systems can be more costly in the long run due to increased maintenance needs, higher transaction fees, and the potential costs associated with security breaches.
As a result, the switch from other PayPal payment solutions to PayPal Commerce can lead to higher conversion rates and a reduction in cart abandonment.
What businesses can use PayPal?
PayPal Commerce as a payment solution allows every business - from small and medium to enterprise - to gain buyer’s trust and give customers the freedom to choose the desired payment option. It is also important that PayPal offers flexible plans and features that can be upgraded according to your changing business needs.
It doesn’t require any additional expenses from a business as it can be easily set in one day with no professional help. Just install the official nopCommerce PayPal plugin and link your PayPal account to your store.
PayPal Commerce Plugin by nopCommerce
The PayPal Commerce plugin by nopCommerce offers your customers a secure checkout experience showing the most suitable payment options for each buyer. Customers can choose from various payment methods, including Venmo, PayPal Credit, credit cards, iDEAL, Bancontact, Sofort, and more.
The PayPal Commerce Plugin by nopCommerce is a free extension that doesn’t require development skills to install and use. It supports fully responsive design adapting to all types of screens and browsers and the PayPal button on product pages to foster spontaneous purchases.
Final Thoughts
Trust is essential for online transactions, and PayPal's reputation plays a significant role in this. With over 400 million active users, PayPal is known for secure, reliable payment processing. Offering PayPal as a payment option on your store enhances your credibility, reassuring customers that their financial information is protected and encouraging them to complete their purchases.
Integrating PayPal Commerce into your business can significantly enhance the checkout experience for your customers, leading to increased sales and customer satisfaction. With its robust security features, wide range of payment options, and seamless integration capabilities, PayPal Commerce is an invaluable tool for any online merchant looking to streamline their payment processes and expand their reach.
By choosing the PayPal Commerce plugin, you are not only providing a trusted and efficient payment solution but also positioning your business for growth in the competitive e-commerce landscape. The ease of installation and customization means you can quickly start reaping the benefits of this powerful payment gateway.