Understanding All in One Payment Platforms
The digital world has changed the way we do business. Gone are the days where you had to deal with your credit card company and wait for a check in the mail; now, all you need is an email address and a debit or credit card. The most popular of these new payment platforms is PayPal, which has expanded into other markets like Venmo and Xoom. What does this mean for sellers? It means that they have more options than ever before! BlueSnap explore how e-commerce businesses can take advantage of these new payment methods to offer buyers more convenience while also increasing their own profits.
The first thing you need to do is make sure that your website or store accepts PayPal. Most online payment processing providers can add this as an option for you, but it’s still a good idea to check with them in case they have any additional requirements.
If your business doesn’t currently accept credit cards, then the addition of PayPal makes perfect sense – after all, 45% of Americans already use it! However, if you’re not ready to ditch other forms of payments like checks and cash on delivery (COD), then maybe adding Venmo would be a better choice. This way customers who prefer COD won’t be forced to get a PayPal account just so they can buy from you; instead Venmo will let them pay without having their own bank accounts.
If you are thinking about adding Venmo, make sure to get your app up and running as soon as possible. According to the Federal Reserve Bank of Philadelphia , 76% of all 18-29 year olds have heard of this payment platform. If someone between these ages wants to buy from you but can’t because they don’t have a PayPal account yet, then there’s a good chance that they’re going elsewhere. The same goes for Xoom; it has actually been around since 2002 so most young people will already be familiar with it too!