How PayPal Transformed E-Commerce
“You can’t wait for customers to come to you. You have to figure out where they are, go there and drag them back to your store.”
– Paul Graham
Over the last decade, PayPal has grown to become one of the leading payment processors around the world. Using PayPal provides users with a new way to send and receive funds, bid on auctions and shop from hundreds of thousands of online shops around the web. It gives online retailers an option to take payments from customers whilst sending the money to a physical banking institution. This piece takes a look at how e-commerce has been positively impacted through the rise of PayPal.
How PayPal Transformed E-Commerce
Increase in global spending
Since PayPal is able to handle payments from online shops around the world, more people are able to shop from their gadgets in the comfort of their home or office. This has led to a rise in the amount of money spent by shoppers around the world. Global shopping events like Black Friday for instance, owes much of its popularity and success to the fact that many people can shop online and vendors can take payments through PayPal.
Increased shopping security
This is one of the main benefits of using PayPal. After setting up your PayPal account, you are not expected to communicate your personal information again. The closest you’d come to communicating your personal information is when giving your shipping address to your retailer. When you check-out at a retailer verified by PayPal to complete a transaction, you won’t have any fear of hackers getting information about you from your online transactions.
To use PayPal, you need an alternate form of payment. This means you can set up as many personal or corporate bank accounts as you can, including debit cards and credit cards. With this, you have freedom and flexibility to shop even when your PayPal account is empty. When you make a purchase with the empty PayPal account, PayPal will recover the debt from an account indicated by you in the signup process.
Easy fund transfers
Think back over the last year, how many times have you had a call for urgent cash from friends and family? In such a situation, being able to transfer funds quickly and reliably is important. PayPal offers this combination and it is cheaper than other money-transfer services and equally takes less time. Using PayPal, you can always be there when people need your help. Some online retailers also use the PayPal fund transfer option to pay employees, ensuring that they have quicker access to their funds. Examples of online businesses that have taken this model a step forward are businesses in the online gaming niche. They allow customers to deposit accounts through PayPal and also pay out winnings the same way. This means you can play bingo and pay with PayPal. www.newpaypalbingo.com has a good selection of such sites. The easy transfer of funds makes the online bingo experience more streamlined and enjoyable for many players.
Perhaps one of the biggest benefits of using PayPal for retailers is that they can expand their services to more people across the globe. This can be achieved without bordering about monetary conversions. A retailer that operates out of Australia can accept payments from all parts of the world and can take payments in Swiss Franc, Euro, Mexican Peso, Canadian Dollars and more. Conversions are automatic and retailers don’t have to keep relationships with dozens of financial institutions. This means that modern-day retailers are at significant advantage in terms of picking up new customers.
If you are still unsure about the benefits of PayPal, this piece should help form your opinion. As an individual getting aboard the PayPal train will help you avoid missing out on a new e-shopping experience and as a retailer, it is your opportunity to offer a more streamlined experience to your target audience whilst increasing your reach. E-commerce is the future of the retail market and as PayPal continues to lead the way with innovations, reliability and high quality customer support, it will become more convenient and the standard for shopping in the nearest future.
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