PayPal launched a new checkout technology for e-commerce sites on June 28, 2018, dynamically presenting the most relevant payment method for each customer.
The new feature shows that retailers do not need to provide a bunch of payment options on the checkout page. PayPal Checkout’s new “smart payment” feature will update each customer with a list of correct options based on the region.
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This smart payment experience will also include PayPal’s own set of payment options, including PayPal, Venmo and PayPal Credit, as well as credit card payment options.
The new product will also have a one-touch touch feature, meaning that online shoppers do not need to log in again after entering PayPal for the first time, by entering a user name and password on each site they visit.
For current retailers, to use PayPal Checkout with smart services, it is very simple to reintegrate their websites with PayPal Checkout and only need to perform a small update. After the update, they will receive aggregate and anonymous information about online customers, including conversion rates, used devices, and a set of suggestions to help increase conversion and loyalty.
PayPal’s announcement is as follows (extract):
Smart Payment Buttons are checkout buttons that dynamically present the most relevant payment methods for each customer in each geography. This allows you to offer all the best ways to pay without cluttering your checkout with payment methods that may not always be relevant. Smart Payment Buttons include:
• PayPal with One Touch checkout:One Touch is PayPal’s mobile and online checkout tool that enables consumers to check out across millions of businesses without having to enter any usernames, passwords, payment or shipping information, once they’ve opted-in. One Touch is the most rapidly adopted product in PayPal’s history, and today, more than 96 million consumers have opted in to One Touch and more than 9 million businesses (and 79% of the Internet Retailer 100) have enabled One Touch — without having to do any additional integration work. According to a recent comScore survey, 55 percent of customers said they made more online purchases because of One Touch**.
• Pay with Venmo: PayPal Checkout, along with Braintree Direct, is the only place where businesses in the U.S. can offer Venmo as a payment method and reach millions of highly engaged millennial customers. Businesses can get exposure for their brands when Venmo customers choose to share their purchases on their Venmo social feeds.
Smart Payment Buttons are checkout buttons that dynamically present the most relevant payment methods for each customer in each geography. This allows you to offer all the best ways to pay without cluttering your checkout with payment methods that may not always be relevant. Smart Payment Buttons include:
• PayPal with One Touch checkout:One Touch is PayPal’s mobile and online checkout tool that enables consumers to check out across millions of businesses without having to enter any usernames, passwords, payment or shipping information, once they’ve opted-in. One Touch is the most rapidly adopted product in PayPal’s history, and today, more than 96 million consumers have opted in to One Touch and more than 9 million businesses (and 79% of the Internet Retailer 100) have enabled One Touch — without having to do any additional integration work. According to a recent comScore survey, 55 percent of customers said they made more online purchases because of One Touch**.
• Pay with Venmo: PayPal Checkout, along with Braintree Direct, is the only place where businesses in the U.S. can offer Venmo as a payment method and reach millions of highly engaged millennial customers. Businesses can get exposure for their brands when Venmo customers choose to share their purchases on their Venmo social feeds.
• PayPal Credit: PayPal Checkout, along with Braintree Direct, is the only place where businesses can offer PayPal Credit — which can drive more purchases. A recent comScore study found that up to 53 percent of shoppers would not have made all of their purchases if PayPal Credit was not available, and on average, 21 percent of shoppers spent more online than they would have without PayPal Credit.***
• Local Alternative Payment Methods: Smart Payment Buttons also enable businesses to accept more payment types, including local wallets and funding sources, that are dynamically presented based on the shopper. Over the next few weeks, we will enable iDEAL for customers in the Netherlands, Bancontact for customers in Belgium, MyBank for customers in Italy, Giropay for customers in Germany and EPS for customers in Austria. In addition, we have long enabled SEPA Direct Debit for our customers in Germany. We expect to roll out many more local payment methods this year as we work toward enabling more choice for consumers and growth for businesses.
Shopper Insights give businesses aggregated and anonymous insights into PayPal shoppers visiting their site, including: how many PayPal shoppers convert to buyers; what devices they are shopping with; and actionable recommendations on how to turn shoppers into buyers and customers into loyal patrons.
One Touch Customer Acquisition makes it easier for businesses to get consumers to sign up for an account, as consumers can create accounts with a simple press of a button. When consumers are setting up accounts with businesses, such as for shopper loyalty programs, the consumer can instruct PayPal to provide relevant information to the business — including information like name, shipping address and phone number — for the purpose of creating an account with the business. This way, shoppers can seamlessly create accounts and set up payments with a business without having to type in all of their information, which can help to increase registration, conversion rates and repeat purchases for businesses.
Today, businesses like Aldo, Barnes & Noble and Soft Surroundings are already using the new PayPal Checkout with Smart Payment Buttons, and ecommerce platforms from Salesforce Commerce Cloud to Salucro have already enabled Smart Payment Buttons for their customers.
As always, PayPal Checkout includes features like Purchase Protection and Seller Protection on eligible purchases****, the ability to sell across contexts — like within social media feeds — as well as across borders, in-context checkout, so customers can complete a purchase directly on a business’s website, the ability to enable a One Touch checkout for customers, and access to PayPal’s 237 million active customer accounts.
PayPal quoted a comScore study and found that its checkout product had a conversion rate of 88.7% at checkout, which was 82% higher than a checkout without PayPal.
A few weeks later, the technology will first be applied to iDEAL in the Netherlands, Bancontact in Belgium, MyBank in Italy, Giropay in Germany and EPS in Austria. And it has already provided German customers with SEPA (Single Euro Payment Area) direct debit payments.
Source: PayPal.COM and other sites