Free Guide: The Ultimate Inbound Marketing Strategy Playbook 2022

Download the Playbook
Fill out the form to get your playbook
Thank you! You have been subscribed.
Close
The Ultimate Inbound Marketing Strategy Playbook 2022

Free Guide:

The Ultimate Inbound Marketing Strategy Playbook 2022
Read the Playbook
The Ultimate Inbound Marketing Strategy Playbook 2022
Free Inbound Marketing Playbook
View The Ultimate Inbound Marketing Strategy Playbook 2022
The Ultimate Inbound Marketing Strategy Playbook 2022

Free Guide:

Take your inbound strategy to the next level

  • Master the 7 principles of highly effective inbound marketing
  • Dramatically improve your inbound sales
  • Get more buy-in at your company

PayPal Instant Transfers expanded for businesses, in response to COVID-19

According to a recent survey by PayPal, 76% of small businesses in the United States have reported they are struggling with cash-flow shortages.

By Tom DiScipio

Tom DiScipio also recommends this free guide: The Ultimate Inbound Marketing Strategy Playbook 2022.

PayPal Instant Transfers expanded for businesses, in response to COVID-19

The financial stressors the COVID-19 pandemic has placed on businesses and individuals has not relented.

Free Guide: The Ultimate Inbound Marketing Strategy Playbook 2022

In fact, Techcrunch recently reported that in a recent survey conducted by PayPal,

  • 76% of small businesses in the United States have reported they are struggling with cash-flow shortages; and
  • 91% said having real-time settlement could help with some of that.

Given the circumstances, PayPal and Visa have announced an expansion of their Instant Transfer service to individuals and businesses on a global level. Originally launched in March of 2019 solely in the United States, Instant Transfer allowed users to gain immediate access to transferred cash within minutes instead of days.

🔎 Related: See all of our COVID-19 digital sales and marketing coverage

Now, as part of this expansion, individuals and businesses will be able to use the Instant Transfer service internationally via any of the products within PayPal’s money-sending product network including Venmo, Xoom, Braintree, and others.

Other major players in this space including Stripe and Square have also released similar services in recent years.

How the expansion of Instant Transfer will work

The development of features (like Instant Transfer) that allow users faster access to transferred funds has more recently been put into hyperdrive given the financial squeeze individuals and businesses are facing right now.

Immediate access to cash to make payroll or purchase goods has never been more necessary given the economic climate.

🔎 Related: Shopify surge tells complex story of how businesses are adapting

This is particularly important as some businesses are coming to the end of their original Payroll Protection Program funds from the stimulus package earlier this year — if they were even eligible to collect in the first place. Moreover, while there has been chatter of a second PPP opportunities, Congress has yet to make such rumors a reality with legislation.

🔎 Related: Google Pay expands PayPal integration for merchants

On a macro level, Jim Magats, SVP of Omni Payments at PayPal stated that, “Digital is quickly becoming the preferred way for people and businesses to move money.”

What this means is that the market (people) is expecting businesses to accept these forms of payments. This is especially true in the e-commerce world and plays into a major piece of PayPal’s strategy in expanding instant pay and settlement services — usurping the “antiquated'' way of purchasing online: inputting a credit card

… I mean, really, who uses credit cards anymore? 🙂

🔎 Related:

More than a sign of the times

Clearly, this isn’t an instance where we’ll see a sharp pull back in the adoption rates of new ways of doing things. As Jim Magats goes on to state:

“While the global pandemic has dramatically accelerated the shift of digital, we see this move to digital as a long-term change…”

Like the transition to remote workforces, businesses will have to adapt to leveraging digital payment technologies like PayPal, Stripe or Square if they want to meet their customers where they are.

Moreover, we need to stop considering these changes as “band-aid” solutions that will disappear once “normal” returns, if ever. For example, even when face-to-face meetings return, virtual selling (a pandemic practice adopted out of necessity) will now likely be a staple for all businesses.

🔎 Related: 6 must-have virtual selling tools and technology

Bottom line, these are fundamental shifts in how we all do business with our customers. No matter what the future holds, these are bells that will not be unrung.

The Ultimate Inbound Marketing Strategy Playbook 2022

Free Guide:

The Ultimate Inbound Marketing Strategy Playbook 2022

Take your inbound strategy to the next level

  • Master the 7 principles of highly effective inbound marketing
  • Dramatically improve your inbound sales
  • Get more buy-in at your company

Topics:

Ecommerce
News
Published on October 2, 2020

Recent Articles

Can HubSpot Help My Retail Business Grow?
July 31, 2022 • 4 min read
Email and landing pages that convert, ft. Salena Knight (Inbound Success, Ep. 197)
May 31, 2021 • 36 min read
Google 'price drop' structured data for e-commerce can grab buyer eyes
March 9, 2021 • 2 min read
How Jordan West sold $250k in 24 hours using a gated launch strategy (Inbound Success, Ep. 180)
February 1, 2021 • 28 min read
Top design tips for e-commerce website success in 2021 [Infographic]
January 9, 2021 • 2 min read
4 questions to consider when building an e-commerce storefront for your small business
January 7, 2021 • 7 min read
IKEA ends 70-year catalog in response to evolving consumer behaviors
December 10, 2020 • 4 min read
What will retail and e-commerce spending look like this holiday season?
December 5, 2020 • 3 min read
Companies shift ad dollars by 18% due to increased e-commerce spending
October 6, 2020 • 3 min read
PayPal Instant Transfers expanded for businesses, in response to COVID-19
October 2, 2020 • 2 min read
3 costly Google ads mistakes brands make with Black Friday and Cyber Monday
September 28, 2020 • 6 min read
Facebook Shop to support online retailers, e-commerce during COVID-19
September 1, 2020 • 2 min read
Google releases Core Web Vitals built-in app for Shopify Merchants
August 21, 2020 • 2 min read
What online shoppers want (and how you can provide it) [Infographic]
August 15, 2020 • 2 min read
6 Shopify website examples every e-commerce brand needs to see
August 4, 2020 • 6 min read
Online giant Amazon delays Prime Day for US customers
July 29, 2020 • 3 min read
7 savvy tips to boost conversions in your retail e-commerce store
July 17, 2020 • 6 min read
Should you build your e-commerce website on HubSpot?
July 9, 2020 • 3 min read
Microsoft takes a 'new approach to retail' by closing all its physical stores
July 1, 2020 • 2 min read
Walmart partners with Shopify to expand third-party marketplace and compete with Amazon
June 18, 2020 • 2 min read
Marketing and selling on Amazon Ft. Carolyn Lowe of ROI Swift (Inbound Success, Ep. 147)
June 15, 2020 • 30 min read
Pinterest links visual search to Shop tab to ease purchasing
June 5, 2020 • 5 min read
Pandemic shopping habits become the new normal
June 2, 2020 • 3 min read
Shopify's surge tells complex story of doing business in coronavirus (COVID-19) era
May 8, 2020 • 4 min read
Yelp and Shopify release omni-channel updates during COVID-19
May 7, 2020 • 3 min read