Quick change artists: How PayPal Enterprises are adapting to coronavirus

Jul 16 2020 | PayPal Editorial Staff

Coronavirus is pushing enterprise merchants to rethink payments. Here are some quick changes to help position your organization for the future.
There’s one side effect of the coronavirus that few people anticipated: The accelerated pace of change. Organizations are cutting red tape and implementing new practices faster than ever before. Vaccinations that used to take years to develop have been fast-tracked to take months. School systems shifted to 100% online learning in a matter of weeks. Grocery and retail stores have quickly adapted to curbside pickup. 

Maybe this shouldn’t be surprising. Historically, pandemics have propelled innovation and creativity. Isaac Newton went into isolation during the bubonic plague and developed what became calculus. Shakespeare went into lockdown and wrote King Lear. Today, George RR Martin is finally finishing The Winds of Winter after 9 years of trying. Game of Thrones fans rejoice! 

Ecommerce is also undergoing a rapid metamorphosis. The coronavirus is pushing enterprise merchants to rethink payments – without rethinking their entire business model. While making big changes right now can feel overwhelming, don’t let the current climate paralyze planning. Enterprises can take advantage of their existing partnerships to make immediate upgrades that help drive and protect revenue.  

Here are some quick changes to help you weather the storm and position your organization for the future.

 

Revenue-driving tweaks you can make within minutes:

Help increase buying power with PayPal Credit.* Over 30 million people in the U.S. have filed for unemployment. One way to help them purchase necessities is to give them the ability to pay over time. 42% of PayPal Credit users would not have made their most recent purchase if PayPal Credit wasn’t offered.1 In as little as 7 clicks, you can add PayPal Credit banners to your site. 

Encourage conversions with Store Cash. Reducing abandoned carts is especially essential for merchants in the current climate. Store Cash provides potential buyers with an incentive to complete their purchase: When a shopper abandons a sale, we’ll send a credit to their PayPal Wallet and notify them via email. You won’t pay anything unless the sale is made. 

Make PayPal more visible on your website. PayPal presentment makes a difference: Consumers are 54% more willing to buy when a business accepts PayPal.2 By adding PayPal banners throughout your website, instead of only at checkout, you can signal to consumers that you have the payment methods they can trust – and help increase willingness to buy. 
 

Protective upgrades you can make within days:

Utilize Seller Protection. Unfortunately, bad actors are out in force right now. Our Seller Protection Program can help guard you from losing money due to reversals, claims or chargebacks on eligible transactions. We also offer help with dispute resolution. Limits apply. 

Help provide peace of mind with touch-free transactions. As the coronavirus makes people think twice about touching surfaces, many consumers are swapping out cash for scannable QR codes. The merchant provides a code at checkout, which the customer scans with their smartphone. They’re taken right to an online payment page – no contact required. PayPal recently rolled out the ability to use QR codes to buy and sell goods in 28 markets around the globe. You can also consider going contactless with a PayPal Here Chip and Tap reader so you can accept digital wallets.  

Implement curbside pickup. In a social distancing world, customers are understandably hesitant to go into stores – but curbside pickup is thriving. Merchants who are already set up for online orders but also have physical store locations are in a prime position to quickly pivot to curbside pickup.
 

Smart changes you can make within weeks:

Promote Venmo (U.S. only) as a payment method. Venmo is a peer-to-peer payment app that’s popular with millennials – an age group that keeps an average of $337 in mobile payment apps.3 PayPal Enterprises are automatically set up to accept payments via Venmo. It’s offered as an option after customers click on the PayPal Button.  

Establish new buying channels. The need to diversify has never been more apparent. PayPal Enterprises can quickly and securely share payments data to establish new partnerships. Leverage the power of PayPal to create in-context commerce experiences, bundle offerings, and provide customer incentives – all seamlessly.  

Get more advanced fraud tools. Enterprise merchants dealing with high volumes of transactions may need more advanced tools to help adapt to the evolving fraud landscape. They can use fraud detection to leverage extensive data sets and machine learning that gets smarter with every transaction. 
 

Powerful enhancements you can make within months:

Expand your customer base by entering global markets. While the coronavirus has been a worldwide phenomenon, it’s affecting every country differently. Organizations with diverse global operations have been better positioned to handle the ebb and flow of business. PayPal has local market specialists to help you orchestrate your global entrance with a single integration and less hassle. 

Help future-proof your payments platform. As the world adapts to the modern reality, digital transformation is accelerating. It’s more important than ever to have an agile, scalable payments platform that grows with you. PayPal’s connected, time-tested platform gives you the flexibility to help meet new challenges now and into the future. 

It’s OK to start small and work your way up. Find out how your organization can quickly enable tools that meet changing customer expectations. Talk to your account manager or call 844-276-1415 today. 



 
The content of this article is provided for informational purposes only. You should always obtain independent business, tax, financial, and legal advice before making any business decision.

* PayPal Credit is subject to consumer credit approval. 

Sources:
1 Online study commissioned by PayPal and conducted by Logica Research in November 2018 involving 2,000 U.S. consumers, half were PayPal Credit users and half were non-PayPal Credit users. 
2 IPSOS study commissioned by PayPal and conducted in July 2018. Study of 10,500 people, including 6,930 PayPal users, across the US, UK, Germany, Australia, Italy, Spain and Brazil (1,500 people per market). 

3 Most Americans Go Mobile With Payment Apps, NerdWallet, February 2020. 

Was this content helpful?

We’ll use cookies to improve and customize your experience if you continue to browse. Is it OK if we also use cookies to show you personalized ads? Learn more and manage your cookies