Payment fraud is one of the biggest risk ecommerce companies face. As per a recent survey by CyberSource, North American businesses expect to lose 0.8% of total revenue due to fraud. Whereas in India, this number ranges between 4-5% as per some estimates.
Typically, there are three types of frauds in ecommerce space: Buyer side (fake ids), Merchant side (non-fulfilment) and cyber security fraud (i.e. compromised user accounts, identity theft etc).
As ecommerce grows, these frauds and the very nature of them will increase and this is where PayPal and its 18 years of experience in digital payments comes as a huge relief to the ecosystem.
PayPal not just offers card privacy but provides protection for both the buyer and the sellers against any possible fraud with its unique Buyer and Seller Protection policies and Free Return Shipping. For example, if you pay via PayPal and an eligible item you’ve purchased online, does not arrive or doesn’t match the seller’s description, PayPal will reimburse you for the full amount of the item plus shipping costs, as long as the eligibility requirements are met.
Similarly, for sellers, if your shipment can be tracked online, you can sell fearlessly at PayPal. Whether the buyer raises an ‘item not received’ claim or you’re faced with an unauthorized transaction, you need to produce the proof of shipment or delivery along with a signature confirmation or any other additional information and PayPal will take care of the rest.
What about the digital goods?
Well, with over 203 million active accounts worldwide, PayPal offers a whole lot of customers to you. And importantly, you can accept Visa, MasterCard, American Express, Discover, JCB and China UnionPay etc – you can also offer local payment systems ensuring you don’t customers over payment issues.-
And sellers can also create seamless payment experiences that fit your needs using our APIs, or go to market quickly and let PayPal handle the payment experience.
Similarly, for the ones who are building subscription business PayPal offers automatic billing feature which frees you from sending invoices and help you track your subscription sales with detailed transaction records.
But then, 80% of the world is shifting towards mobile.
72% of tablet owners buy something online from their tablets weekly.
And if you are a seller you cannot afford to not care about building a great mobile payment experience. A user-friendly mobile site reduces the number of steps a customer needs to take to search and make a purchase, giving your business a highly competitive edge and driving growth.
PayPal’s Mobile Express Checkout allows merchants to simplify checkout for customers using mobile devices, including iPhone®, iPad®, Android devices, Blackberry, and Windows Phone 7.
PayPal Mobile Express Checkout optimizes the pages for smaller mobile screens and mobile keyboards. If the merchant has already integrated Express Checkout, they can add Mobile Express Checkout to their website with minimal programming changes.
For the ones who already have an app, fret not! PayPal’s mobile SDKs enable native apps to easily accept PayPal and credit card payments from your international buyers.