Buzz
Despite sounding counterintuitive for an e-commerce store, it's surprisingly ingenious. Even if your customers don't pay upfront, you still receive immediate payment. There's no disruption from the PayPal payment stream for your current business. Then, customers have 6 months to settle the balance.
With such excellent service, it's astonishing that the use of PayPal Credit didn't take off immediately. It stagnated with around 25 million users until 2018 and 2019 when it skyrocketed to 250 million to 275 million. Then, in early 2019, it hit $50 billion in transaction volume.
2. How to Add the PayPal Credit Banner to Shopify?
When you use PayPal for business, it's great to advertise that you accept PayPal Credit for your e-commerce store on orders over $99. This way, you can entice customers to add more items to their shopping cart to qualify. Those without PayPal Credit will be prompted to sign up.
Follow these steps to add the PayPal Credit banner to your product page on Shopify:
- Log in to your Shopify admin dashboard.
- Select online store.
- Choose themes.
- Click on 3 dots (...).
- Select Edit HTML/CSS.
- Click on theme.liquid under Layout.
- Paste the PayPal banner code (obtained when signing up for PayPal Credit) into the available template.
- Click on Save.
3. How to Add the PayPal Credit Button to Your Magento Store
Providing financing to customers through PayPal Credit doesn't take much time. Here's what you need to do to set it up in Magento:
- Go to the Admin menu.
- Select System > Configuration.
- Choose Payment Methods under Sales in the newly appeared table.
- Click the Configure button under PayPal Express Checkout.
- Click on Configure.
- Expand the menu of Required PayPal Settings.
- Select Yes to activate PayPal Credit.
- Click on the Save Config button.
Now your customers are ready to purchase products from your Magento store using PayPal Credit.
4. PayPal Business Features Worth Trying
Many businesses have used PayPal for years without leveraging any of its additional features. This is partly because they don't research or simply haven't explored the platform thoroughly to discover what it offers. Here are 5 features PayPal provides for businesses that you should consider using.
4.1. Batch Payments
If you're running a business hiring contractors, freelancers, or remote employees, you'll likely need to transfer funds to pay salaries. Instead of making individual payments each time, you can take advantage of PayPal's batch payment feature.
This is an ideal solution if you have more than one payment to make every month. With this feature, you can handle all payments in a single transaction. And if the payment amounts are consistent every month, you can save a template to avoid entering details each time.
4.2. Accept Bitcoin with Braintree
PayPal owns Braintree, an online payment solution that accepts all types of payments, including Bitcoin. If you use cryptocurrency, this is a perfect way to broaden the use of this type of currency.
4.3. Customize PayPal's Open Source Code
Open-source software surpasses its closed-source counterparts as it continues to evolve at a rapid pace. When you open the door for developers worldwide to work on your SDK, you'll undoubtedly witness evolution happening time and time again. This is one reason why PayPal remains a leader in payment solutions.
Now that you know PayPal is an open-source platform, why not explore how to add code to make it even better? Currently, there are projects in progress, including credit card scanners for mobile apps and real-time metadata scanners.
4.4. Accept Direct Payments with Card Readers
Perhaps your business operates 100% online. In that case, you'll need a way to provide flexible payment options for your direct transactions.
Instead of just accepting cash and checks, you can expand to credit and debit cards using a POS system. Connect this point of sale device to a smartphone or tablet for card swiping. The upgraded system also comes with a card reader, making everything convenient when done through the app.
4.5. Expand Business with Flexible Capital Loans
This is something you don't see every day with payment processors. In the past, you had to rely on PayPal investors and banks for business development funding. Nowadays, you can use a PayPal business account to apply for flexible capital loans (without affecting your credit score). You can apply and receive funding into your account within minutes (no credit check required).
The amount you qualify for will depend on your annual business volume. You need to have at least $15,000 in yearly revenue and have had a business account for at least 3 months. PayPal will provide you with a maximum of 35% of your business volume.
You'll have multiple options for repayment. You can choose for PayPal to deduct from 10% to 35% of your monthly sales until the loan is fully paid. Additionally, you'll incur fees determined based on the percentage you select for the payment.
Consider different loan amounts (up to the service's maximum) to see which suits your budget. The minimum amount you can borrow is $1,500. After repaying a loan (which can be done early without penalties), you can apply for another after three days.
PayPal isn't just a payment processor; it also acts as a business partner. When fully utilized, you can boost sales and receive financial support to expand your business. If you're serious about your online or offline selling business, try these PayPal business features as they bring excellent benefits. If you don't have an account yet, check out How to Create a PayPal Account here.
