PayPal has launched PayPal Complete Payments, a new all-in-one global payment solution that allows small and medium-sized businesses (SMEs) to accept a variety of payment methods, including PayPal, Apple Pay, Google Pay, buy now/pay later offers, credit and debit cards and alternative payment methods from all over the world.
Citing a recent Retail Gazette report which found that 43% of UK consumers are more likely to complete an order if their preferred payment method is available, PayPal expects that offering a range of payment options will prevent checkout abandonments.
“PayPal Complete Payments effectively gives PayPal the opportunity to compete with payment gateways like Stripe, GoCardless and others to the next level,” said Sankar Krishnan, executive vice president of banking and capital markets at Capgemini. “While Stripe offers certain specialized features and capabilities tailored to larger B2B businesses, providing better customization, PayPal Complete can now differentiate itself by giving smaller firms a comprehensive set of options to serve their clients.”
Businesses using the service can sync order and tracking information with the new package tracking feature, and PayPal Complete also offers fraud and chargeback protection, dispute management and seller protection on eligible transactions.
“We also need to remember that while Shopify provides seamless integration with storefronts, businesses can still leverage PayPal’s payment processing capabilities to maintain flexibility in their e-commerce solutions,” adds Krishnan. “As the market becomes increasingly competitive, I am not surprised that PayPal will join other payment gateway providers offering a similar range of solutions for small and medium-sized businesses.”
Fortune Business Insights estimates that the global digital payments market will reach US$19.89 trillion by 2026. In such a competitive market, there is significant growth opportunity in providing online payment offerings to SMEs, which, according to the World Bank, represent 90% of businesses and 50% of employment worldwide.