PayPal Commerce Platform will help a variety of online transactional sites provide better services to customers, PayPal COO Bill Ready announced in a blog post. The move comes as the payments giant tries to gain a larger share of the lucrative eCommerce market.
“The PayPal Commerce Platform is designed to meet the specific needs of marketplaces, e-commerce solution providers, crowdfunding platforms and more by bringing together the most comprehensive set of technologies, tools, services, and financing for businesses of all sizes around the globe,” Ready said.
The platform offers customizable solutions for a wide variety of online commerce needs. This includes accepting multiple currencies, simplifying regulatory compliance across multiple markets, and offering advanced AI risk management tools to help merchants do better preventing eCommerce fraud.
In addition, the platform offers a number of end-to-end payment solutions including business financing options, mobile point of sale capabilities, and the possibility to offer consumers credit.
PayPal Commerce Platform Specifically Designed for SMB Growth
Specifically, one goal of the program is to help SMBs. These businesses often lack the knowledge, sophistication, and tools needed to run an eCommerce store efficiently from end-to-end. PayPal hopes aggregating many of the more nuanced functions into a single platform will help these merchants perform better in the market.
“We are at a moment in time where we can finally put the same tech and capabilities in the hands of all businesses regardless of size,” said Ready. “We are bringing our vision of open commerce and partnership to life with the PayPal Commerce Platform – to power commerce in a way that allows more businesses and more people to participate in the benefits of the digital economy.”
PayPal is currently rolling the platform out in large markets. However, if it proves to be a success, the plan is for rapid growth to bring its benefits to more and more businesses by the end of the year.
“Beginning today, the PayPal Commerce Platform will be available in France, Germany, Italy, Spain, United Kingdom, and United States, and will look to expand to more than 40 markets by the end of the year,” said Ready. “We know that connecting buyers and sellers of all sizes no matter where or how they do business can create more opportunities, jobs, and growth.”