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Are you selling online and want your customers to have an enjoyable, seamless checkout experience with a debit/credit card? Do you want to increase conversion rates? For stores with hundreds of thousands of dollars in revenue a month, a few percent increase in conversions can lead to a significant increase in revenue.
PayPal Pro is an effective solution for business owners to design a fast, neat, and seamless payment flow for customers to check out quickly. In addition, PayPal Pro also brings many other benefits that only some know. Learn more now in this article with Global Link Asia Consulting to unlock the full potential of PayPal Pro and its hidden benefits.
1. What is PayPal Pro?
According to the official PayPal definition, PayPal Pro (also known as PayPal Payments Pro) is a solution that provides an API connection between the website and PayPal, allowing buyers to pay by credit/debit card directly on the seller's website (Merchant). Merchants can customize the API to design the most optimal checkout process on their Store.
Note: PayPal Pro is an account-only service that business owners with a PayPal Business "VIP" (Paypal business account which undergones Paypal Underwriting) can access.
2. Benefits of using PayPal Pro payment
PayPal Pro streamlines the shopping experience by enabling direct credit/debit card payments within the store, eliminating the need for a PayPal account or redirection to PayPal's checkout page. This feature also helps Merchants to expand their customer base to markets where shoppers prefer to use credit/debit cards, such as North America, Asia Pacific, Australia, South Africa, etc.
PayPal Pro also allows Merchants to automatically store and encrypt shopper information for Recurring Payments without asking for their information again on the next payment.
These conveniences give shoppers more payment options and save time at checkout.
Payment methods accepted by PayPal Pro.
PayPal Pro empowers merchants to customize the payment process on their website, leading to an optimized online payment experience for customers. With a seamless and quick checkout, merchants witness improved Analytics metrics like increased Time on Site and Conversion Rate.
Thanks to the Reference Transaction data and information storage features, the Store's chances of upselling are also significantly increased."As soon as we switched to PayPal Payments Pro, our Transaction Completion Rate skyrocketed from 75-80% to 98%" - Wayne Bower, Jedi-Robe.com.
Merchants can set up their API to record transaction history and order details. This saves Merchants a lot of time and effort in making quarterly or yearly business reports.
After each transaction, money is processed and transferred to the merchant’s PayPal account in real-time (usually just a few minutes).
This feature allows recurring payments without asking for customers’ payment information. It is thus able to help stores to sell software or goods with subscriptions. It also automatically debits customers’ debit or credit cards, which can reduce merchant worries about bad debts.
The transaction fees for a PayPal Business "VIP" account with PayPal Pro are typically lower compared to a regular PayPal Business account. The reduction in fees depends on the account's performance and monthly revenue. More transactions and higher volume lead to greater savings. The larger the number and Volume of transactions, the greater the fee savings.
PayPal Pro offers an excellent solution for businesses aiming to enhance the customer's buying experience and establish a professional brand, particularly for drop shippers and companies providing software/online services.
In addition, businesses with PayPal Pro undergo an account "scan" by Paypal can avoid the risk of being locked, or limited since the account is already verified. This makes PayPal Pro an ideal choice for growing businesses seeking stability and security.
3. How to register PayPal Pro?
3.1. When should you subscribe to PayPal Pro?
Only PayPal Business "VIP" accounts (who have completed multiple authentication steps and did the Verification with PayPal) can sign up for PayPal Pro. Once a business has determined they want to use PayPal Pro, when is the right time to start the Due diligence work?
Usually, the best time is when the Store is about to have high growth and sales. These can be existing or newly created PayPal Business accounts. If your existing account is constantly being "questioned" by PayPal, limit, etc. should also do an appraisal to stabilize the operation.
If you need more clarification, contact Global-Link Asia Consulting so we can help you assess whether the company qualifies for Due Diligence and should. We will study the business's current situation of the PayPal account to develop an appropriate strategy.
3.2. How to sign up for PayPal Pro
Businesses meeting the criteria should immediately start preparing documents for the Underwriting process from Paypal Business to VIP, then register for Paypal Pro. Depending on the type of business, PayPal may require different documents and ask different questions. The most important thing is that the dossier must prove the business's credibility.
Contact Global Link Asia Consulting for expert advice on the ideal timing to initiate the appraisal, assistance in preparing the dossier, and providing responses to PayPal's queries. This ensures increased trust, time and cost savings, and a high success rate.
3.3. Possible difficulties and solutions
The PayPal Pro service is only available to businesses in certain countries, including Singapore, Hong Kong, the UK, Australia, and more. And Vietnam is not among them.
Therefore, to be appraised to use PayPal Pro, Vietnamese businesses must have legal entities (companies) in the above countries. The most chosen option is usually Singapore because the process of setting up a company in Singapore is clear, transparent, and fast.
While running PayPal, many Merchants may breach the regulations, resulting in a Limit of 21 or 180 days or account lockout. However, setting up (or buying and selling) a new account is one of many solutions, especially if the business is oriented to run a long-term PayPal account and up to a large volume.
When faced with this difficulty, many business owners may attempt to bypass the issue by opening many different PayPal accounts. However, Dr. Hui Wang, Director of Risk Management Science at PayPal, confirmed in an interview with the press that:
"PayPal owns an AI machine that is smart enough to analyze, retrieve, check hundreds of accounts in just 1 second to conclude which account is violating the terms of use" - Dr. Hui Wang, Director of Risk Management Science at PayPal.
To effectively address these challenges and achieve favorable outcomes, businesses will need the expertise of experienced consultants, like Global Link Asia Consulting, who can navigate PayPal Pro Appraisal and registration efficiently, saving time and ensuring compliance."
4. How can we help you register for PayPal Pro?
Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, we can
- Provide advisory services for international monetary transactions, optimizing business cash flow;
- Do PayPal Underwriting to get access to PayPal Pro and advanced features;
- Assist in registering and maintaining VIP accounts with international payment gateways, offering faster processing and lower fees.
- Offer guidance on compliance with payment gateway User Agreements and help resolve disputes.
- Help you create new PayPal Business accounts, crucial for those with prior account issues or high transaction volumes.
- Advise on strategies for increasing transaction limits with PayPal and avoid PayPal limitations and restrictions.
In addition, we offer corporate services for entrepreneurs in PayPal, Stripe non-listed countries wanting to set up their PayPal Business Account:
- Register a company in Singapore; Hong Kong, and the U.S;
- Open a corporate bank account in Singapore with a 99% success rate;
- Choose the right company types for tax optimization in Singapore;
- Apply for business licenses;
- Get an affordable, professional registered office address for business;
- Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
- Handle all your tax accounting needs, timely annual filings, auditing, and more.
5. FAQs about PayPal Pro
PayPal Pro uses advanced security technologies to protect customer transaction data. Transactions are encrypted with SSL (Secure Sockets Layer), and credit card information is not stored on the website but processed securely through the PayPal system.
To register for a PayPal Pro account, businesses must prepare documents for the Underwriting process from Paypal Business to VIP, then register for Paypal Pro. Contact Global Link Asia Consulting for advice on the most appropriate time to start the appraisal and guidance on making a dossier and answering the questions that PayPal asks to help increase Trust and save time and money—A high success rate.
You should follow the instructions provided in the Resolution Center. PayPal may ask for additional information or documentation. Besides, you can seek a professional who can help you expedite the resolution process promptly. We can help you solve any of your PayPal-related problems.
Normally, Merchants will perform three everyday transaction activities via Paypal
- Receive payments from customers via PayPal;
- Payment to 3rd parties via PayPal;
- Withdraw money from PayPal Business account to bank account.
The above fees may be reduced when you upgrade your PayPal Business account to a PayPal Business VIP account, including PayPal Pro. This upgrade will help Merchants increase conversion rates, significantly reduce transaction costs, and stabilize accounts.
With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries
Our areas of expertise include:
- Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
- Account opening for personal and corporate bank accounts, as well as setting up PayPal and Stripe gateqays in countries like Singapore, Hong Kong, and the U.S..
- Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
- Opreation support:
- Registered adress;
- Foreign consular legalization;
- Trademark and patent protection registration in Singapore and the US;
- Employment Pass application in Singapore and Hong Kong;
- Website design, international SIM number provision;
- DUNS registration.
With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.
Global Link Asia Consulting Pte. Ltd. is pleased to announce the publication of the above insightful and informative article on our official website, Global Link Asia Consulting on 05th October 2020. The copyright for this article is exclusively held by Global Link Asia Consulting Pte. Ltd. Any unauthorized reproduction or distribution of this content without our express written permission is strictly prohibited. We value the protection of our intellectual property and appreciate your cooperation in adhering to these guidelines. Thank you for your continued support of Global Link Asia Consulting Pte. Ltd.
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