There have been many bold predictions for 2015 and beyond including mobile payments tripling in size, and the fact that payments are about to change how we do everything, reports PayPal. The digital payment service recently announced PayPal Credit Installments and Business Consulting Services. The credit installments are a great way for businesses to offer financial flexibility to their customers and increase their average order value, notes Steve Allocca, PayPal’s vice president and general manager, Global Credit.
PayPal also announced consulting services that help expand product or international expansion. The company’s global reach into 203 markets allows PayPal to collaborate with merchants and industry partners to create better and secure experiences for people online, in-store and on mobile devices.
PayPal Credit and the ability to pay in monthly payments is meant to help meet the demand for consumer credit. For the first time, retailers can customize PayPal Credit to offer a monthly payment option and decide on the number of months and interest rate that works best for their customers. They can also offer interest free options to customers shopping online who are approved in minutes. Allowing customers to divide their larger purchases into substantially equal monthly payments, gives them more control and helps them to better manage their budget.
“We learned through the launch of PayPal Working Capital that people appreciate knowing the full amount that they are being charged in advance. Providing customers with clear and flexible credit terms helps retailers to drive sales by increasing average order value and reducing shopping cart abandonment,†explains Allocca.
PayPal’s new Business Consulting is meant to help PayPal merchants provide customer-focused services to drive growth. “By helping merchants leverage best practices (e.g., reducing cart abandonment, improving conversion, making sales internationally) and offering custom engineered products– we eliminate friction and jumpstart sales,†adds Allocca.
See a demonstration of PayPal integration for merchants here: http://demo.paypal.com.