PayPal has launched PayPal Complete Payments, a new all-in-one global payment solution that enables small and midsize enterprises (SMEs) to accept various payment methods, including PayPal, Apple Pay, Google Pay, buy now/pay later offerings, credit and debit cards, and alternative payment methods from around the world.
Citing a recent report from Retail Gazette, which revealed that 43% of UK consumers are more likely to complete checkouts if their preferred payment method is available, PayPal expects that offering a range of payment options will stem abandoned checkouts.
“PayPal Complete Payments effectively empowers PayPal to reach a new level of competition with the likes of Stripe, GoCardless and other payment gateways,” says Sankar Krishnan, executive vice president of Banking and Capital Markets at Capgemini. “Although Stripe brings certain specialized features and functionality tailored toward larger B2B enterprises, driving better customization, PayPal Complete can now distinguish itself by providing smaller firms with a comprehensive suite of options to help serve its customers.”
Companies that use the service can sync order and tracking information with a new package-tracking feature, while PayPal Complete also offers fraud and chargeback protection, dispute management and seller protection on eligible transactions.
“We should also remember that while Shopify brings seamless integration with storefronts, businesses can still utilize 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 to see PayPal join other payment gateway providers converging toward offering a similar suite of solutions for SMEs.”
Fortune Business Insights estimates that the global digital payments market will reach $19.89 trillion by 2026. In such a competitive market, there are significant growth opportunities in providing online payment offerings for SMEs—which, according to the World Bank, represent 90% of businesses and 50% of employment worldwide.
