PayPal is one of the most well known merchant service providers in the world. It is an easy option for internet startups and SMEs, which allows them to accept payments without having to worry about PCI compliance.
PayPal was established in 1998 and currently moves almost £145 billion worldwide. More than 7 million businesses worldwide use PayPal, and the name carries trust with shoppers. Having PayPal as a payment option can be advantageous to small merchants who don't have a reputation in their own right yet.
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Products and Services
PayPal’s Virtual Terminal services allow businesses of any size to take credit card payments, over the phone and through mail order, using an easy to use service which can be accessed by mobile, tablet or PC. Setting up a merchant account with PayPal lets merchants set up payment pages on their websites with little hassle.
It is a low cost option for businesses and gives them the assurance of using a product from a familiar company.
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PayPal Virtual Terminal
PayPal Virtual Terminal is a completely flexible option for businesses to process credit card payments over the phone (MOTO payment) or in person (via a mobile phone card reader), using applications from a smartphone, tablet or a PC.
This eliminates the need for payment card machines and can be accessed by up to 200 users at a time, ideal for businesses that have multiple locations.
With automatic invoicing, label printing and more, it is a comprehensive solution for businesses who need simple systems for processing payments.
PayPal Virtual Terminal has a number of benefits, particularly for small businesses who may not be able to afford the fees associated with other merchant accounts. Other benefits include:
- Access to card payments without the need for terminals and other equipment
- Can be used on desktops, laptops, mobiles and tablets by multiple users
- Provides options for those who only deal with phone or catalogue orders
- Low monthly fees
- No set up fees
PayPal’s Virtual Terminal costs just £20 a month for businesses, this is a flat rate that applies to businesses of all sizes and therefore is cheaper than other merchant accounts.
Transaction fees are charged at 3.4 per cent + 20p for those making sales of up to £1,500 and decrease to just 1.4 per cent + 20p for those making sales of £55,000 and over.
Using PayPal’s Virtual Terminal is a simple way for businesses to conduct payments and ensure that they can offer flexible payment options to their customers.
Ideal for small businesses, those who deal with mail order or with phone orders, PayPal’s Virtual Terminal offers professional services which are affordable and reliable.
PayPal Merchant Account
For those who are already familiar with PayPal, the flexibility of payment options available makes it possible for anyone to buy products and services using this method. For merchants, it provides an easy, all in one system for accepting payments using secure methods which can be accessed on the go.
Accepting all major credit and debit card providers, mobile checkout and invoicing, very little and cost free set-up, a clear pricing structure and great customer support – PayPal merchant accounts is an effective choice for businesses.
PayPal are also offering more and more ways to pay and receive payments, including in person card machines for stores and mobile applications.
There are a number of benefits to using PayPal for your merchant account needs including:
- All payment methods accepted in one place, no need to deal with multiple providers.
- Accepts all major credit and debit card providers.
- Simple checkout buttons to add to websites and mobile sites.
- Quick and easy email invoicing
- Easy integration with eBay
- No transaction fees for customers
- Security and anti-fraud measures
Prices for using PayPal vary depending on the level of transactions made each month. PayPal is free to set up and incurs no actual monthly fees, just a transaction charge which starts at around 3.4% + 20p for small businesses earning up to £1,500 a month and reduce to around 1.4% + 20p for those who make £55,000 and over.
PayPal merchant accounts offer a lot of flexibility for businesses and peace of mind for those who already have experience using PayPal for personal transactions. However PayPal is just one of the available merchant account service providers in the UK.
PayPal is a great option for businesses based on the fact that it carries such trust. It can be beneficial for merchants to offer PayPal payments and associate themselves with the name, to ensure trust with their customers. It is also very easy to set up an account and the rates are better than those which high street banks will offer smaller businesses. Larger, established merchants will likely be able to get better rates from an acquiring bank or ISO.
To find the most suitable merchant account providers for your business, fill out the form at the top of the page and Expert Market UK will help you find the most suitable providers for your business needs.