After a series of partnership announcements, PayPal has turned its attention to new solutions to drive the value it provides to diverse kinds of merchants, according to announcements the company made this week.
On Monday (Oct. 23), PayPal launched an end-to-end payment solution geared specifically to marketplaces.
In its announcement, the company cited rapid, sustained growth as the reason for creating a program designed for these types of business, rather than servicing them individually with different solutions as it has done in the past.
“Today, more than half of consumers who shop online are making purchases on marketplaces, and global marketplaces are expected to own nearly 40 percent of the global online retail market by 2020,” PayPal said in a blog post.
With this solution, PayPal acknowledges the businesses’ widely varying needs with flexible options. The company offers marketplaces choices based on the amount of risk they wish to take on, how they choose to pay themselves or their customers, and the level of control they want to have over onboarding and the customer experience.
The solution is designed for platforms, marketplaces and crowdfunding sites, the company said, with support for needs such as commissions, holds, and disbursements among multiple sellers.
The company highlighted the global nature of the marketplace solution saying it can accommodate buyers in more than 200 markets and sellers in more than 120. It is rolling the solution out over the coming months globally to all of its markets, it said.
And on Tuesday, the company introduced PayPal Marketing Solutions, its new marketing and analytics tools geared to providing merchants with more detailed insights about the behaviors and preferences of their PayPal shoppers.
The tools are currently available for U.S. merchants. They include the ability for merchants to promote their acceptance of PayPal features such as One Touch. It is available to merchants who use PayPal solutions as part of their relationships with other payments providers such as ecommerce platform BigCommerce.
“Through PayPal’s new app, merchants have the ability to let shoppers know immediately that consumer will have a seamless purchasing experience and that financing options are available, allowing them to browse and buy with confidence even during higher spending seasons, such as the holidays,” Brent Bellm, BigCommerce CEO, said in the announcement.
Last week, PayPal announced its third quarter results. The company said that it had added 8.2 million net new active accounts over the past year, a record year-over-year increase of 88%.
In a post by CEO Dan Schulman, the company attributed “perhaps our strongest quarter as a standalone company” to its efforts to move beyond its origins enabling web purchases to an open digital platform.