What Is Paypal? How Can It Help Your Ecommerce Site?
In the world of eCommerce, PayPal is a popular third party for online transactions. Gone are the days of wire transfers and moneygrams; in the age of eCommerce sending money online for purchases and services can be done through email. PayPal is a convenient and secured way of transferring money for online transactions. In fact, almost 90% of eCommerce transactions go through PayPal.
How Does PayPal Work
PayPal is an online financial transaction platform that has a global coverage. It lets people send and receive money through their email address. Parties involved in the transaction can pay or be paid without the need to divulge their bank information or credit card account details. PayPal follows standards that guarantee safe transactions.
Like other escrow services, PayPal also works as a broker and holder of money. Consumers and entrepreneurs can store their money within their PayPal account. Because of its business integrity, policies and practices, PayPal continues to enjoy the trust and confidence of international financial institutions, banks, companies and consumers. With several security features installed, buyers and sellers are guaranteed that their bank account or credit card information remain safe with PayPal. While credit card and bank account information are kept secret, complete strangers can safely transfer funds from one to another through their email accounts and PayPal.
PayPal, unlike other forms of distance payment, is very convenient to use. There is no need for special technology or lengthy transactions. All you need is a valid email address and a bank account or a credit card account. Anyone can use PayPal for sending and receiving money, as long as these two requirements are met.
The accessibility of PayPal as a mode of payment has made eCommerce one of the fastest growing industries. Transactions made through PayPal are done almost immediately. This is important both for consumers and businesses, as it can save their precious time. Sending money through PayPal is done almost immediately regardless of the geographical locations of the parties involved.
How Can PayPal Help Your e-Business?
Services offered by PayPal are beneficial to online businesses. If you’re an entrepreneur or company manager involved in eCommerce, here are some reasons why you definitely need a PayPal account.
It is a cost-effective way of conducting online business. Aside from making transactions straightforward, PayPal can also cut the costs of your transactions. Receiving money through PayPal is comparably cheaper than wire transfer or moneygrams where charges can go up to as much as 10 percent of the value of the transaction.
PayPal makes financial management easy. The key to any business or company is the efficient tracking of financial status, and with PayPal all transactions are kept in simple yet comprehensive account records. You also receive real-time updates about your eCommerce transactions through email. This is something not every online escrow service offers.
Finally, PayPal is the most used payment method available for consumers. As an online business, your aim is to be available to consumers. Since the majority of online consumers use PayPal for payment, you would certainly gain more by having a merchant account. For average entrepreneurs who are having a hard time setting up their PayPal payment method, you can avail yourself of the services offered at BigCommerce. Its tools and features can make things a lot easier.
Start your online business right; open a PayPal Merchant account and make your business more marketable.
Find more about BigCommerce, including a detail BigCommerce Review at BigCommerce Review Plus.