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Do you get an HTTPS page and a padlock though?
I didn't read it thoroughly but I doubt you would get a SSL certificate. It's no different from any other merchant account in that respect - you have to get your own SSL certificate. Buy a GeoTrust at ev1servers for $49 and you are all set. Like I say $20 a month is cheap.
The Express Checkout pages (for users who have accounts and select the PayPal option) would be hosted on PayPal's secure servers. Your customers would go to PayPal to log in, select their shipping information and approve the payment, and would be returned to your site to complete the purchase.
I'm blown away by this, much like Brett, and is something i have been looking forward to... yet, am a little skeptical right now.
Each transaction will incur the normal PayPal processing fee of 2.2% to 2.9% per transaction.
I currently receive 2.37% + 30 cents and $20/month through my merchant account. Good for paypal for expanding their business but I don't see anything revolutionary going on here.
(added) Found this in their press release:
In addition to Website payment processing the application enables vendors to accept payments via alternative means such as the phone, fax, and mail orders. A virtual terminal is provided for these transactions.
Fast, Secure Checkout with PayPal
Save time. Checkout securely. Pay without sharing your financial information.
That is way over the top. They also are trying to say you can't use any info you collect unless the customer specifically agrees to it. So no offline catalogs to customers or follow up emails according to their terms.
But the real problem is the whole integration of express checkout into the standard shopping cart set up. You need to intergrate 3 parts of your cart with paypal. You need to capture shipping addresses etc. from paypal without going back to your shipping info page, and on and on. I wouldn't even want to deal with the headache that would cause. Yeah, one click of the back button would do wonders to this system...
Right now we have paypal integrated into our cart, but we get the entire order info before sending them off to paypal. And I'll tell you that we have a huge % of abandoned carts once they leave to paypal. There are so many things that can and do go wrong to lose customers and mess up orders. So there is no way I'd push paypal as our first choice of payment...
I wonder what their verification policies will be. Will they only approve transactions that are shipping to the CC holders verified address? Maybe that is how they are minimizing their risk. Or will merchants be ablt to create their own tolerance levels...
> above everything else
Not the way I read it. Just along side it. If you offer another payment processor - they want to be there too. That is not much different than any other processor like 2checkout or worldpay (both of whom have strict new policies in the same vien)
> They also are trying to say you can't use
> any info you collect unless the customer
Where is that said in the manual?
> whole integration of express checkout
Not a problem and I am sure there will be many 3rd party solutions out there in a heart beat.
I think this entire setup is pretty awesome - it is a bit difficult to setup intially, but certainly no worse than a payment gate with authorize.net or verisign (both of whom are like root canals).
> what differentiates them
Half the price of equiv payment processors like 2co and 50 times the quality of service. I've worked with thousands of companies on the web. Of those, the single most satisfying, professional, problem and hassle free has been hands down PayPal.
> Great news for the little guy and start ups.
absolutly. I think it takes Ebay to the next level.
They also are trying to say you can't use any info you collect unless the customer specifically agrees to it. So no offline catalogs to customers or follow up emails according to their terms.
Since the customer is returned to your website before completing the payment, you could put your opt-in on the final review page before the customer finalizes the payment.
The process may look something like this:
1. Customer clicks "checkout"
2. Customer sees the first page of your checkout, which has Express Checkout, and probably also the first page of your credit card checkout
3. Customer clicks on Express Checkout button and is taken to a PayPal page with a login screen
4. Customer logs in, scans the page displaying shipping address and funding information, and clicks "Continue" to return to your website
5. Customer sees your final review page displaying shipping address, item cost, shipping cost, and final total, as well as a checkbox saying "Click here if you want to receive our catalog"
6. Customer clicks "Pay" (on your page!) and the payment is complete.
Right now we have paypal integrated into our cart, but we get the entire order info before sending them off to paypal. And I'll tell you that we have a huge % of abandoned carts once they leave to paypal. There are so many things that can and do go wrong to lose customers and mess up orders.
Some issues can be caused by the fact that the buyer has already gone through multiple steps on your page, and depending on your PayPal integration, the information they entered earlier may not match what is being pulled up in their PayPal account. Express Checkout solves many of these problems by keeping the checkout flow as short as possible, and avoiding repeated entry of the customer's information.
Is this because they are being forced to migrate away from the paypal button?
Look at what 2checkout / Paysystems have had to do in order to be compliant with Visa / Mastercard.
Why wouldn't the same happen to PayPal? Why are they immune?
This would be an immensely sad day for capitalism if a cartel of credit card companies can knock PayPal over.
Half the price of equiv payment processors like 2co and 50 times the quality of service. I've worked with thousands of companies on the web. Of those, the single most satisfing, professional, problem and hassle free has been hands down PayPal.
Absolutely agree with this even though I do have a merchant account along with authorize.net. I never have had problems with PayPal. Most (not all) people who sign up for a merchant account and payment gateway are going to either deal with merchant account setup fees ranging from $0-250.00 along with monthly fee's ranging from $20-50.00 and then have to add a payment gateway for another $10 or so a month. Many merchant accounts also have minimum commitments ranging from 1-3 years.
I think PayPal is going in the right direction for sure. Also, how many people get fraudulent orders through PayPal compared to their payment gateway? I have NEVER had a fraudulent order from PayPal and have had many from other gateways.
And for Paypal to make any money they need people to pay through the paypal website and not through the merchant services provided by wells fargo. And thats why you MUST also add the PayPal "Express Checkout" at the beginning of the checkout process. I'm sure it will get another 5-10% going through paypal vs. a normal credit card transaction.
Not sure what figures you are basing those assumptions on, but I don't see how you think they are going to get "another 5-10% going through paypal vs. a normal credit card transaction"?
Where do you get the 5-10% per transaction figure? I think they can do very well at $20 a month + 2.2% to 2.9% + $0.30 per transaction - why couldn't they? I can only imagine the discount rate they are getting. I see nothing wrong with the "Express Checkout" and would use it myself in many instances....
Paypal is great until you have a customer try to defraud Paypal while buying something from you. Tell me how great Paypal is when all funds in and out of your account (not just the "suspected fraudulent" transaction funds) have been "frozen" for 3 months with no explanation and no recourse.
Until they play by the same established rules and policies of other traditional payment processors, I would never run a business that depended on Paypal. Heck, I couldn't even sell a few personal items this year on eBay without getting burned.
(Of course, I know I'm in the minority. I also know I've never had the same problem with my business taking credit cards.)
FYI, 2.2% to 2.9% + $0.30 is not competitive pricing for online transactions.
I was in the focus group testing for this, and while they thought i was there as the rep for a car parts company that did some online stuff, they then learned I was a online marketer with 30+ sites, and they got real interested in my input.
I told them that going to paypal and having the whole site change was a shock to the user and needed to be seamless... at that point we were talking about paypal merchants being able to tailor the paypal page design.
Seems like they got it worked out =)