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PayPal has merged all its payment tools into one service called PayPal Products as it seeks to provide an all-in-one solution for US SMEs.
Following on from the recent launch of PayPal Here, the new product suite allows business customers to access online, in-person and mobile payment tools.
A blog post announcing the PayPal Products says that the aim is to provide SMEs with an integrated multichannel payment solution:
Small businesses should be focused on making their customers happy, not spending time worrying about handling the complex task of online, offline and multichannel payments in this new shopping environment.
The options available for SMEs range from a free standard service to a $30 monthly pro service which includes additional payment options for phone transactions and freedom to design your own checkout page.
As part of the announcement PayPal has also revealed that it is dropping the word ‘website’ from its US product names, in the same way that Apple dropped the word ‘computer’ in 2007.
This name change represents our move away from our online heritage to the future of PayPal and the multi-channel nature of payments in the new retail environment.
Bringing all its products under one roof reflects PayPal’s new strategy to become a catch-all payment option both online and in-store for SMEs.
Square stole a march on PayPal with its in-person mobile payment apps, but by tying all its products together PayPal has a comprehensive offering that should prove to be attractive to businesses looking for a simple solution.
PayPal already has 100m users and processed $118bn worth of transactions last year, including $4bn in mobile payments.