PayPal expands payment solutions for Australian SMBs

In a bid to enhance payment solutions for small to medium businesses (SMBs) in Australia, PayPal is expanding its complete payments solution (PPCP), allowing SMBs to integrate Apple Pay, Google Pay, and other payment methods. This move will provide customers with a diverse range of payment options and engender better shopping experiences.

The expanded PayPal offering also introduces the feature of securely saving customers' payment methods within the PayPal vault. This aims to simplify future purchases for shoppers and ensure their details are stored in a secure environment. The goal is to provide SMBs, regardless of size, with the same capabilities as large enterprises in terms of payment flexibility, convenience at checkout, and secure payment options.

Recent research by PayPal reveals that about 37% of Australians have abandoned online purchases due to the unavailability of their preferred payment method. This new development thus forms a critical component of customer retention and conversions for Australian small businesses.

The enhanced PayPal Complete Payments, as explained by Simon Banks, Managing Director of PayPal Australia, presents a significant advancement for SMBs. "Our SMB customers can now do so much more with PayPal. PPCP lets small businesses get access to an extensive suite of tools all with one integration. This comes on top of PayPal's highly secure platform, our PayPal Pay in 4 BNPL service, and other elements such as fraud, chargeback and seller protections that are available for businesses to access," he stated.

Also included in this expansion is the buy now pay later (BNPL) solution, PayPal Pay in 4, available at no additional cost, plus protections against seller fraud and chargebacks. Through seamless integration with several eCommerce platforms, such as Adobe Commerce, BigCommerce, and WooCommerce, SMBs find it simpler to avail themselves of the newly introduced features of PayPal Complete Payment.

The PayPal vault allows small businesses to securely store their customers' payment methods, ensuring smooth transactions and fostering repeat purchases. Customers can store multiple methods of payment, with PayPal's real-time account updater service refreshing lost, stolen or expired cards-on-file.

Apart from providing diverse payment choices, PayPal Complete Payments continues to maintain strong security measures to protect businesses. Its foundation of protection includes industry-leading fraud protection, dispute management, chargeback protection, and seller protection for eligible transactions.

As the most used and trusted online payment method in Australia, this expansion of capabilities will help SMBs enhance their transactional efficiency and consumer experience, building long-standing customer relationships and boosting sales.