May 29, 2020 All Things Fintech in Africa

PayPal Introduces Invoice API for Online Sellers

Introduction:                                                                                   

Paypal have be able to identify the challenges most small and medium businesses face from: cash flow management, to searching for new and better marketplaces where they can reach new customers, to retaining the loyal ones. Paypal is playing a part in proffering a seamless financial technology solution to these businesses.  However, how it is working to address these issues which doesn’t allow business owners run their business effectively is by coming up with an invoicing API to enable them record sales and collect payment.

The PayPal’s Backstory:

Paypal is an online payment system that allows online money transfers . It is an alternative to the traditional paper methods like checks and money orders. The online finance business also acts a payment processor for online sellers, a platform where auctioneers and other commercial users can charge a fee in exchange of the app’s one-click transactions and payments. Apart from the fact it allow individuals can make financial transactions on their platform like electronic transfer. Its users can also send or receive payments for online auctions on websites like e-Bay. Purchase or sell goods and services, donate money or receive donations.  Now it’s diversifying to provide an Invoice API for businesses to perform their daily operations.

How the Invoice API works?

The Invoice API can be integrated into existing management systems where online sellers:

  • The Paypal invoice  API allows invoices to be sent in 25 currencies and 200+ markets and converts the currencies too.
  • The PayPal invoicing will allow merchants accept debit/credit cards, as well as market-specific payment methods which affords them quick and easy payment.
  • Online sellers can manage payments whether they were paid online, by check, track and manage them in the invoicing system.
  • The API will allow for customizable invoice template, payment reminders and accounts receivable management.
  • It will also be a payment option for third party invoicing solutions.

Why does this matter?

Cash flow is why most businesses still exist.  Without any profit, a business can’t be run.  With this new introduced invoice API, which when invoices are processed through PayPal, payments can be made within a day, to allow a business break even. When payments are processed this way, the cash flow will help make the business grow extensively.  With the power of Paypal’s network these businesses can scale globally.

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