Paypal for Business. Are you using PayPal for business? Are you using PayPal to accept payments from your online customers? If you’ve been using a platform for several years, you may feel like you know it from start to finish.
If that’s true, then you should be aware of all of its features such as PayPal Credit (formally Bill Me Later) and the ability to accept money in person (and using
If not, then it’s time to learn all about what PayPal has to offer for the business. First, let’s take a look at PayPal Credit.
What is PayPal balance?
PayPal Credit, formerly known as Bill Me Later, has been around since 2008. It allows merchants to offer customers credit so they can buy now and pay later (only for orders of $ 99 or more).
This sounds counterproductive for an eCommerce store, but it’s actually brilliant. While your clients don’t pay upfront, you still get paid right away. Your existing PayPal payment process is not interrupted. The client then has six months to fully pay off the balance.
Surprisingly, the use of PayPal Credit did not start immediately. It remained at 25 million users until 2018 and 2019, when it grew from 250 million to 275 million Then, at the beginning of 2019, the volume of transactions reached $ 50 billion.
Ryan will be posting a more detailed article on Paypal Loan and how exactly it works shortly.
How to Add the PayPal Credit Logo to Your Shopify Cart
When using PayPal for business, it’s helpful to advise that you accept PayPal Credit payments on your e-commerce store for orders over $ 99. This way, you can entice your visitors to add enough products to the cart for their participation. Those without PayPal credit will be able to apply.
Here’s how to add a banner to your product page in your Shopify cart:
- Log in to your Shopify admin panel.
- Select an online store.
- Select themes.
- Click the three dots (â€¦).
- Select Edit HTML / CSS.
- Click theme. liquid under Layout.
- Paste your PayPal Credit banner code (provided to you with PayPal funding) into the template.
- Click Save.
How to Add PayPal Credit Button to Your Magento Store
It won’t cost you a dime to offer clients financing through PayPal Credit. This is how you can set it up in Magento.
- Go to the admin menu.
- Select System> Configuration.
- A panel will appear. In the Sales section, select Payment Methods.
- Click the Configure button in the PayPal Express Checkout section.
- Click Configure.
- Expand the menu for the required PayPal settings. </ Li>
- Select Yes to enable PayPal credit.
- Click the Save Configuration button.
Your customers are now ready to shop on your Magento store using PayPal Credit.
You should try 5 more PayPal features for your business
Many companies have been using PayPal for years without using any of its advanced features. This is in part because they don’t do any research or just click on the platform to find out more about what it has to offer.
So, we’re going to take a look at five features that PayPal offers to businesses that you should consider.
Make bulk payments
If you work in a business with contractors, freelancers, or remote workers, you are most likely sending payments virtually. Instead of doing it one at a time, you can use PayPal’s bulk payment feature.
This is ideal if you have more than a few payments per month. With this feature, you can take care of all payments in one go.
Then, if the monthly payment is the same, you can save the template so you don’t have to fill out emails every time.
PayPal owns Braintree, an online payment solution that accepts all types of payments, including bitcoin.
If you are popular with cryptocurrency, then this is the perfect way to access (and bitcoin in your virtual wallet).
Get your programmers to customize the open-source PayPal
Open-source software is far superior to its closed source counterparts because it continues to grow rapidly. When you open the door for programmers from all over the world to work on your SDK, then you will surely see the evolution over and over again. This is one of the reasons PayPal remains the leader in payment solutions.
Now that you know that the platform is open source, why not see how you can add to the code to make it even better?
There are several active projects currently, including a credit card scanner for mobile apps and a real-time metadata scanner.
Accept personal payments with a card reader
Your business may not be entirely online. If so, you will need a flexible billing method for your personal transactions.
Instead of only accepting cash and checks, you can upgrade to credit and debit cards using the POS (Point of Sale) system. You can connect it to your smartphone or tablet to flip through the maps. The updated systems also have card readers.
Everything is done through the app for your convenience.
Expand your business with Working Capital Loans
Here are some things you won’t see every day with payment processors. In the past, you had to rely on investors and banks to get funding to grow your business. Today, you can use your PayPal account to apply for a working capital loan (and all this does not affect your credit score). You can apply and receive funding in your account within minutes (no credit check required).
The amount you are applying for will depend on your annual sales. You must be earning at least $ 15,000 per year and have a business account for at least three months. PayPal will offer up to 35% of your sales.
You will have multiple repayment options – you can choose to have PayPal charge between 10% and 35% of your sales until the loan is paid off. There are established fees that depend on the percentage you choose to payout.
You can play around with different amounts (up to the maximum) to see what works for your budget. The minimum amount you can borrow is $ 1,500. After you repay the loan (yes, you can repay it ahead of schedule without penalty), you can apply for another one after three days.
Increase your sales with PayPal Features
PayPal is more than just a payment processor, it is a business partner. When you reach your full potential, you can increase your sales and get support to fund your expansion.
If you are serious about your online (or offline) business, we recommend trying these PayPal business features.