Paypal launches all-in-one payment solution for online SME's
PayPal UK have announced the launch of Website Payments Pro, a new product that helps UK businesses of any size to accept online payments conveniently, cost-effectively and securely. The new system enables merchants to offer a more controlled and streamlined buyer experience as the payment flow can occur directly on the merchant’s website.
The Direct Payment API lets merchants accept credit or debit card payments just as they would with traditional merchant accounts. Buyers simply enter their card details directly on the merchant website. Payments are processed through PayPal.
Customers who choose to pay with PayPal Express Checkout can move from shopping cart to payment completion in just three clicks. There is no need for customers to go through the hassle of re-entering billing or delivery information with every purchase. The customer initiates and approves a PayPal payment earlier in the checkout process, after which billing and delivery information are sent immediately from PayPal to the merchant’s website. When using PayPal Express Checkout a buyer can use any major credit or debit card as well as bank funding or PayPal balance.
Besides Visa, Mastercard, Amex, Switch, Solo, and Maestro, PayPal enables a merchant to accept payments from a wide range of locally preferred funding sources such as Discover or ACH in the US and Canada, or Giropay or ELV in Germany.
Website Payments Pro also includes Virtual Terminal, a new feature that allows merchants to accept orders ‘offline’ via phone, fax and mail. Merchants use an online interface to manually enter card details, which are then processed by PayPal.
Website Payments Pro is PayPal’s first non-hosted payment suite, meeting a key demand from online businesses but particularly small and medium enterprises (SMEs). Merchants have more control over the buyer experience. For example, merchants can include their own branding on every step of the checkout process and direct buyers back to their websites to continue shopping after payments are completed. Moreover, merchants can gain access to their funds immediately, without dealing with the lengthy holding of reserves that can tie cash up for weeks, thereby enabling them to manage their businesses more efficiently.
Businesses can be approved and accepting payments with Website Payments Pro in just a few days. There are no set up or cancellation fees, reporting or gateway costs. Pricing for Website Payments Pro includes a low monthly fee of £20 and a per-transaction rate of 1.4 to 3.4 percent plus 20 pence. As an introductory offer, PayPal will waive the £20 monthly fee until July 2007.
For more information about Website Payments Pro, click here.
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