In situations where beating around the bush isn’t the best way to solve a problem- hitting the nail on the head does it just right. This is PayPal’s approach as it looks to release a range of new features to help small business owners run their businesses. By boosting the quality of communication channels formed by its 15 million merchants, PayPal has been monitoring their feedback and comments to improve their services and better the products that matter most to merchants.
Below are some of the biggest frictions PayPal is looking to smoothen and the new capabilities that will help accelerate the way SMBs do business.
- Invoicing and payments made easier and faster
At the end of the day, it’s all about the pay – all merchants want to receive their payments as soon as possible. But having to invoice your customers so that you to receive payment may be a long journey.
Another way merchants with good account providers like EMB are looking to ease their online experience with customers is to make the most of the use of paying through smartphones. With everyone shifting to smartphones and expecting to be allowed to run transactions on-the-go, it means more invoices are also being sent and paid for via mobile devices.
One of PayPal’s new capabilities is bringing in invoices that can be sent out from a merchant to a customer via phone- they are making it 100% mobile-friendly. In addition, One Touch, which is PayPal’s checkout tool, will also be part of the invoicing fold. Now customers can use it to securely, speedily and easily pay the invoices received from merchants.
- Better Reporting
Many small businesses still haven’t found a way out when it comes to reporting despite being a crucial part of any business. Every retailer needs to know their numbers to gauge their overall performance, but with a massive dump of info, gaining insights that can make meaningful connections becomes more difficult.
In response, PayPal has made some adjustments to their lately released reporting products, which includes the ability for eMerchants to access transaction information up to three years and retrieve any necessary data in various file formats. Even better, PayPal is working with Intuit to make sure that these extracted files can be uploaded instantly into a business’ accounting system.
Now you can have a deeper understanding of the data provided to garner insights on sources of revenue, chargebacks, different categories and expenses on your PayPal merchant account. Not to mention- the data is organized in a user-friendly manner to help SMBs leverage only the most relevant data.
- Mobile App even more user-friendly
The PayPal Mobile Business App can handle tasks like payments, withdrawals, invoicing, managing refunds, as well as other basics like maintaining a customer list or sending a reminder for payment.
Now, this Mobile app will allow receiving or sending money with the help of a transfer piece that simplifies into one selection. The fact that depositing money into your PayPal account and making withdrawal have been combined in a single flow makes the app more convenient for the masses.
In business, it is only wise to keep up with the changes-PayPal is doing just that. With all these upgrades, we expect to see exceptional user experience.