The new PayPal Checkout V2 supported by TOWeb V14 lets you offer interest-free payments in 4 instalments (at no cost to you or your customers), and not only will your customers benefit from this "free credit", so will your business, since it will allow you to:
- Boost your sales : 52% of French customers would pay for some of their purchases in instalments if the option were offered!
- Increase the average basket value : the average basket for purchases made with Pay in 4 is 3.5 times higher than with other single-payment methods.
- Attract "new generation" shoppers: 28% of customers who buy with Pay in 4 are new-generation shoppers.
In addition to these benefits, the new PayPal interface now directly offers 2 buttons to pay either by card or with a PayPal account (for those who have one), a much clearer and simpler choice than before that makes paying easier according to each person's preferences.
Finally, if you currently use only one payment method on your site (such as your bank's or another system like Stripe), offering other choices such as PayPal will also let you satisfy a wider range of customers and increase your sales. You will be able to:
- Reduce cart abandonment : having different payment options available reduces the likelihood of customers abandoning their cart during checkout, leading to more sales.
- Increase customer loyalty : offering a variety of payment methods helps improve customer satisfaction and loyalty by adapting to individual preferences.
- Maximise your conversion rates: offering several payment options improves the overall conversion rates of your e-Commerce site, as it meets customers' various preferences and choices and reassures them.
- Attract a wider population: several payment methods appeal to a diverse audience, making your products more accessible to different segments of your customer base.
For more information on the terms of use depending on your line of business and your country, see paypal.com and this page on PayPal Pay in 4.
PayPal rather than Stripe?
If you have the choice, we actually recommend offering both PayPal and Stripe on your site, at least for a few months, to see whether your customers clearly prefer one or the other, and also to compare the costs of the 2 solutions for your business. You will then know which one best suits your needs, whether it is better to keep both systems to satisfy your customers, and in what order of preference to offer them on your site.
PayPal's main advantage is that it is accepted in many more countries and buyers can pay with their bank card or with their PayPal account balance (when they have one and want to use it), but overall these 2 payment platforms are very similar because
- payments can be accepted in several interest-free instalments (for buyers as well as for you as a seller),
- neither platform requires a monthly subscription, only commissions taken on the sales made, with no set-up or inactivity fees and no contract required,
- transaction fees are broadly similar between PayPal and Stripe, with a slight advantage for Stripe, but there may be more or less significant differences depending on your country and/or your buyers' countries, micropayments and other criteria.
With TOWeb 14, it takes just 2 clicks to change this and use PayPal Checkout V2 instead of Stripe at any time, or vice versa, or to use both payment methods on your e-Commerce site.