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Ecommerce sales are already growing at an alarming rate. And to take advantage of all this growth, many online businesses are working hard to ensure that they’ve covered all their bases. One question that gets asked frequently, is when online businesses should consider switching from accepting payments through a payment solution like PayPal and transitioning over to a comprehensive ecommerce platform.
Keep reading to learn the 4 reasons why your company should consider making the switch from PayPal to a full-service partner like FastSpring.
1. You’re Ready to Sell Globally
For some businesses and online merchants, PayPal may be the payment method of choice and that’s totally fine! But if you’re thinking about scaling your online sales into global markets, you could be unintentionally leaving money on the table by solely depending on PayPal.
Your customers are global and the popular payment methods and currencies in one region may not be the preferred payment option in another. For example, you may find that many European customers prefer real-time bank transfer while customers in China prefer paying with AliPay and Union Pay. Partnering with FastSpring allows your business to go beyond the standard payment methods provided by Paypal. Your company can attract global customers by offering additional support for popular and international payment options like Amazon Pay, Web Money, Sofort, and more.
By allowing your customers to pay using their preferred payment method, your online store helps reduce hesitation and second-guessing during the checkout process since you’re offering shoppers payment methods they’re already accustomed to using.
2. You Need to Reduce Cart Abandonment on Your Site
High shopping cart abandonment rates can directly impact your revenue potential. If your business is ready for the next stage of growth, you need to ensure that you’re doing everything you can to capture more sales on your online store.
FastSpring’s full-service ecommerce platform is designed to provide your customers with a seamless checkout experience so they can quickly make a purchase. In fact, according to a Baymard Institute study on checkout abandonment rates, 26 percent of users have abandoned purchases if the checkout flow is too long or complicated. With FastSpring’s popup checkout, your customers can complete their transaction directly from your product page without having to navigate to a third-party site. Not only does this help reduce the number of steps to complete a purchase, but hosting your checkout also helps instill more trust in the process by reassuring your customers that they are giving their money to the right business.
3. You Want to Offer Branded Checkout Experiences
FastSpring’s Store Builder Library allows your company to created branded checkout experiences. Your business understands your customers’ needs better than anyone else. You can extend the brand experience and continue to meet their expectations at checkout by offering a localized SaaS shopping cart.
In addition to the ability to customize the checkout page with your company’s logo and colors, branded checkouts also dynamically update checkout fields like the language, currency, taxes, and pricing based on the location of your customer.
This built-in localization is designed to make the checkout flow as frictionless as possible. International shoppers no longer have to deal with the hassle of converting prices between different currencies or have to worry about manually applying the correct tax rate to the good they purchase online since FastSpring’s checkout solution already dynamically updates this information.
4. You Need Merchant of Record Services for Your Online Store
There’s a lot more to ecommerce than just designing an awesome product and taking it to market. The very act of selling software or SaaS online comes with its own set of complexities. How will your company handle chargebacks or refunds? Is your online store fully compliant with PCI-DSS to protect cardholder data? How will your company collect and remit all applicable taxes?
As your merchant of record, FastSpring is responsible for more than just handling online payments on your behalf. Your business can scale your business globally knowing you have a full-service ecommerce partner ready to keep your company fully compliant with all payment laws and regulations while also managing chargebacks and fraud on your site.
PayPal’s popularity with buyers and ease of integration make it an ideal candidate to consider when your online store is looking for an online payment processor. However, if you’re looking to manage your entire ecommerce operations from one intuitive platform, your business is better off partnering with a full-service ecommerce partner like FastSpring.
Ready to see what a full-service ecommerce platform can do for you? Click here to speak with one of our platform experts today.