Steve Alloca, VP/GM, Merchant & Retail Solutions, PayPal North America
PayPal is making payments simpler than ever, delivering more value to retailers and driving significant revenue to their bottom lines. We are helping retailers drive sales by increasing Average Order Value (AOV) with the launch of a new PayPal Credit offering and also announcing consulting services that help expand product or international expansion. Our global reach into 203 markets allows PayPal to collaborate with merchants and industry partners to create better and secure experiences for people online, in-store and on mobile devices.
A Clear and Simple Credit Option
PayPal continues to move credit more towards the center of our brand. PayPal Credit and the ability to pay in monthly payments is another example of how we are working hard to bring value to merchants and create better credit offerings that are simple, transparent and affordable and help meet the demand for consumer credit. For the first time, by leveraging new credit models retailers can customize PayPal Credit to offer a monthly payment option and decide on the number of months and interest rate that works best for their customers. They can also offer interest free options to customers shopping online who are approved in minutes.
The new PayPal Credit feature works within the open-ended construct of the PayPal Credit product, allowing customers to divide their larger purchases into substantially equal monthly payments. This gives consumers more control and helps them to better manage their budget. We learned through the launch of PayPal Working Capital that people appreciate knowing the full amount that they are being charged in advance. Providing customers with clear and flexible credit terms helps retailers to drive sales by increasing AOV and reducing shopping cart abandonment. And, businesses know their customers best, so it makes sense that they should have the freedom to choose which credit options they want to offer. Merchants are paid immediately and PayPal settles with the consumer.
Enhancing Value Through Our Expertise: PayPal Business Consulting
PayPal is more than just a button on a website that enables people to pay for items or services. We have deep expertise working with retailers around the world and access to a wealth of data that can help a business make better and smarter decisions. PayPal’s Business Consulting offers expertise to help PayPal merchants add value, understand the business landscape and provide customer-focused services to help drive growth.
Business Consulting services are provided in a “customer-centric” way—our primary goal is to give our business partners the best shot at long-term success and growth from pre-engagement through post-launch. By helping merchants leverage best practices (e.g., reducing cart abandonment, improving conversion, making sales internationally) and offering custom engineered products— we eliminate friction and jumpstart sales. For several years, the team has been available to select PayPal merchants, directly resulting in millions of dollars of incremental revenue. For example, last year the Optimization team—just one slice of the larger team—created millions of dollars for hundreds of SMBs and large businesses. See a demonstration of PayPal integration for merchants here: http://demo.paypal.com.
PayPal DNA
Solving problems in payments is in our core DNA. Retailers want to offer flexible credit so people can buy more, but also still get paid. Retailers want to uncover areas of growth and our consultants can help. We are making shopping easier and allowing retailers to connect with their customers in compelling ways to get paid. In the coming days, we will demonstrate even further the value PayPal brings to retailers through new customers, our partners, and new products and functionality.