Zettle was purchased by payment processing giant PayPal two years ago to sit alongside the likes of Venmo (opens in new tab) and Braintree in its product portfolio. Small businesses stand to benefit from the latest move because the company will be offering a complete point-of-sale (opens in new tab) system, augmented by Zettle’s new POS reader (opens in new tab).
PayPal Zettle has been developed to meet the growing demand for online sales, which continue to increase as online shoppers bypass traditional bricks and mortar outlets. However, the benefit of the PayPal Zettle POS system is that it lets small businesses accept payments in-store (opens in new tab) too.
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Payment processing is just one part of the new package though. Adding to the appeal, PayPal Zettle will allow small business owners to manage their sales, keep track of inventory and also carry out detailed reporting on sales transactions.
There’s added flexibility too as more consumers expect a wider range of payment methods (opens in new tab), so business owners can offer PayPal and Venmo QR code (opens in new tab) payment options alongside the more conventional debit and credit cards. The system also works in tandem with digital wallets (opens in new tab), which have also become increasingly popular following the global pandemic.
Best of all for small businesses owners is the way that they have access to PayPal’s other payment processing products, along with ecommerce (opens in new tab) tools that promote smoother business transactions.
PayPal Zettle has the additional benefit of being compatible with other ecommerce, accounting (opens in new tab) and POS software (opens in new tab) providers. Zettle already works with the likes of BigCommerce (opens in new tab), Lightspeed (opens in new tab), QuickBooks Online (opens in new tab) and SalesVu to name but four. Additional partners will be announced in due course.
According to PayPal, businesses should have access to funds from transactions typically within one day, with in-person and online sales all viewable via a PayPal business account.
Small business owners keen to keep a handle on costs following the pandemic will also get the benefit of competitive pricing. There’s a $29 first-time purchase fee for the PayPal Zettle card reader, with additional readers costing $79. The current transaction rate for PayPal Zettle users in the US is $2.29 plus 0.09%. Meanwhile, PayPal QR Code transactions have been set at 1.9% plus $0.10 using PayPal Zettle.
"Consumers want seamless and integrated digital experiences no matter where they shop. As a result, small businesses need access to omnichannel payment and commerce tools to help them effectively compete and meet their customers wherever they are – in-person, online and in-between," said Jim Magats, SVP, Omni Payments, PayPal.
"We believe in the power of small businesses, and we will leverage PayPal Zettle to better serve in-person businesses and enable them to go digital seamlessly."
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