As small and medium-sized businesses (SMBs) adapt to the evolving cross-border trade (CBT) landscape to grow their business, they need a partner that can make buying and selling not only easier but also location-agnostic. PayPal can be that business partner that helps SMBs do business almost anywhere. As an end-to-end commerce partner for platforms and marketplaces, PayPal delivers a complete payments platform with the global scale and flexibility small businesses need to stay competitive. Whether it’s selling online, offline, or some combination of the two, PayPal’s payment processing and business tools help accomplish a central part of doing business: getting paid. And simplifying payments for customers can be a good starting point to build a cross-border business. Here are five products that will help you simplify your business processes and focus on priorities that require your attention.
1. PayPal’s Checkout Button
Creating a seamless shopping experience for customers is one of the best ways to expand your business and revenue. That is why the checkout process becomes the most crucial point in a user’s journey. PayPal’s checkout button, previously known as Express Checkout, allows customers to make payments with their preferred payment method and shortens the checkout process. PayPal Checkout offers a fast and frictionless checkout, allowing customers to complete the transaction without any redirection.
2. PayPal Commerce Platform
Operational processes are essential for running a business. When streamlined appropriately, work gets done faster with better results. Within the PayPal Commerce Platform, sellers get access to various tools that help them streamline their business operations and task management, while staying closely connected to the customers:
- PayPal Reporting helps gather data and insights that can help support your strategies and ultimately increase sales and help create a marketing programme. The tool gives you sales insights, monthly statements, balance reports, a list of disputes and chargebacks, along with transaction details and settlement reports.
- Dispute Management is part of PayPal Resolution Centre, where sellers and buyers can connect and work together to come to an agreeable solution for the cases filed against sellers. This gives them an opportunity to use the best practices of customer service and resolve issues to gain customer satisfaction, preventing escalations.
- Customer Service Message is essential, as personalization is key to winning a customer’s heart. Be it updates on delay of delivery or confirmation of a transaction, constant communication with customers to keep them apprised can help keep them satisfied through their shopping journey.
- Manage Users helps you create users on the commerce platform to help you delegate tasks to manage customers. The platform allows you to give access to up to 20 employees that can assist in running your business, manage payments and refunds, manage customer communication, and help boost operational efficiency.
3. PayPal Resolution Centre
The PayPal Resolution Centre is a single dashboard within your PayPal account where sellers and buyers from around the world can easily connect and resolve issues associated with their accounts or transactions. You can also request PayPal to investigate a potential payment problem. Types of issues that can be reported include transition issues, unauthorized activities, account limitations, disputes, claims, and chargebacks. As a seller, this is a great opportunity for you to offer a solution that will satisfy your customer, such as a refund if the item is damaged or no longer in stock, or a product replacement if the wrong item was sent.
4. PayPal Invoicing
A feature provided in the PayPal Business account that can help businesses save time and money by streamlining processes. It reduces costs by cutting paper, postal and postage expenses with online invoicing. PayPal invoices help businesses get paid faster and reduce room for human error. PayPal’s enhanced tracking and reporting systems streamline operations and increases business productivity by removing the added stress of invoicing.
5. Subscriptions with PayPal
For sellers, one main priority is to have a stable revenue stream. Subscriptions can enable you to achieve this goal, as they help retain customers, generate new revenue streams, and provide payment flexibility to customers. Payments for subscriptions are made before delivery of the product or service. Subscriptions make products and services more accessible to customers who are looking to make recurring payments and give a clear view of the stock needed to meet their needs. Subscriptions can also help build trust with your customers over time and make them more receptive to upgrading their plans.
A profitable future
One cardinal rule in the world of business is that merchants should spend less time putting out fires and more time building their ventures is. Adopting tools that ease payment options for customers, organize and respond to complaints, and help align on business operations can help merchants take their business across the border.