The Webretailer News for November 1, 2022
Happy November everyone! Hopefully, you’re coming down from last night’s 🎃 sugar high because the 🎄 season has officially begun.
On Friday, we reported that US Amazon shoppers will be able to use Venmo by Black Friday. It’s big news as PayPal owns Venmo, so this could be the first step to the payment platform rolling out within the Amazon marketplace.
Until then, here’s a rundown on why you should use PayPal to boost sales for your online store and how you can leverage the popular payments platform.
PayPal for web retailers
- Streamlines the checkout process
The Baymard Institute combined many cart abandonment rate studies going back over a decade and came up with an average of just below 70%. If you want to lower your cart abandonment rate, give your customers fewer opportunities to stop and think about their purchases.
With PayPal, you can speed up your checkout process. The PayPal portal auto-populates both billing and shipping information, which gives your customers fewer opportunities to click elsewhere.
You can also add a PayPal Buy Now button to your product pages to speed up things even more!
- Provides flexibility
It’s important for online retailers to accept a variety of payment options. There are many payment processors available. But here are some reasons PayPal is a more flexible option for your business and your customers:
- No set-up or cancellation fees — you can leave anytime you want.
- They charge between 2.2 and 2.9%, plus $0.30 per transaction regardless of the card a buyer uses.
- They charge based on the volume of your payments.
- You can accept all major credit cards along with existing PayPal balances and installment payments.
You’ll see more complex payment schemes that may not add up in your favor through other services, so PayPal is a solid payment processing option.
- Offers credibility
Speed and flexibility are nice, but security is the key concern when most customers reach your payment portal. PayPal has been in business since the 90s and is now as widely trusted as household names like Visa and Mastercard.
When shoppers see you accept PayPal, they know you’re a vetted business they can trust. The concept is in alignment with other purchase anxiety quellers like a physical address, customer service features, and testimonials/reviews.
Last, many customers know PayPal doesn’t send customer data to merchants which reduces the possibility of a breach. And PayPal transactions receive address and fraud screen along with 128-bit encryption. It’s a win-win for you as a merchant and for your customers.
Be sure to add a PayPal Checkout button to your cart. It speeds up the process and according to a PayPal-commissioned Neilson study, it can increase your checkout conversions by 28%.