Without a doubt, PayPal is the leading international brand for third party funds processing. PayPal integration brings many benefits and can work in a couple of ways for your ecommerce website.
Keep in mind the difference between third party processors (e.g. PayPal, Google Checkout, Verisign) and secure payment gateway options (e.g. Merchant Warrior, e-Path, SecurePay). It is more costly and time consuming to set up secure payment gateways but once they are up and running you will generally find the ongoing fees and charges are lower.
With PayPal, all you have to do is register an account, selecting the level of service you require, and you are ready to go. Most online customers are very comfortable purchasing via PayPal. This is a good option if you are testing the waters with online payments and are not yet ready to commit to researching and installing a payment gateway option.
Because PayPal is so easy to use, there is virtually no technical integration required.
Customers follow a link from your site to the PayPal site. Features include:
Note, since eBay’s purchase of PayPal in 2002, PayPal is the ONLY third party processor that provides refunds to customers if an eBay merchant goes out of business.
Many online merchants are finding that customers like to have a choice when it comes to processing online payments. PayPal is a recognised and trusted brand, so when people see that on your website it will instil an immediate sense of familiarity and confidence. Providing another option demonstrates that you have gone to extra lengths to research other secure payment gateway options and many customers will respond well to this – particularly if they already use the gateway you employ.
This kind of PayPal integration gives you and your customers the best of both worlds. It allows you to run valuable comparison tests and see which option comes out ahead both in terms of customer engagement and financial viability.
Talk with an iQuantum consultant about the best option for your business. It is important that the payment options you provide customers is in line with your overall digital strategy and goals.