Friday, February 22nd, 2019
What are micropayments? As their name suggests, they are transactions designed for retailers who process low-value transactions (under $10). This service is available to all retailers and in nearly all nations with Business accounts. Signing up for micropayments means will you pay the micropayments rate on all the payments you take no matter the payment size.
Who takes Micropayments?
Micropayments is perfect for business that process transactions under £5 for low-value purchases including online gaming, membership fees, digital goods, software downloads, online gaming, music, donations or small items like stationary. Whether you sell via your website or rely on giant markets like eBay, you can always make the most of the low micropayments rates to increase revenue.
How can you benefit from Micropayments?
Merchants—those trading online via their website or those selling via eBay can benefit from PayPal’s special rates for low-value payments in every sale your business makes. So what are the perks of using micropayments?
- Increased revenue due to reduced pricing
- Your buyers can pay for low-value products in a few clicks
- You can take Micropayments through all major payment avenues
How to start taking Micropayments
To start making the most of PayPal micropayments UK rates, merchants can sign up to use either Website Payments Standard, for those just beginning to accept payments, or PayPal Checkout if they would like to add PayPal to their existing checkout, and then call the firm to apply for these special rates.
Watch out for Payment Scams & Phishing
Banking fraud is a common occurrence today. Criminals are advancing with tech and looking for new methods to strike weak merchants and customers to get loot. So what are the red flags to watch out for when taking PayPal micropayments?
Phishing— it is becoming the cybercriminals’ favourite technique worldwide. Tricksters aim at stealing confidential user data by tricking merchants to click on malicious URLs, which sometimes appear legit. Consequently, you send the data to a scammer, instead of PayPal or your credit card agency.
With PayPal scams, attackers send emails informing you of an urgent issue that needs account verification. Naturally, they request you to log in to correct. But clicking the link only leads to a sham PayPal login which collects all your personal details.
As a result, PayPal is warning people of ads that are trying to redirect them to PayPal’s site to complete transactions. Watch out; you may even receive fake PayPal email stating that a transaction has been confirmed, but you won’t access the funds until you take some action. Responding to these emails or doing as they may land you in trouble.
Micropayments is an affordable way to begin accepting small or low-value payments. Merchants offering such items or services should consider this option to cut on transaction processing costs.
Topics discussed in this article:
- PayPal Micropayments