In its quest to be the go to business solutions entity in terms of financing and other related services, PayPal has released its newest app which caters small and medium-sized enterprises. The online payment entity unveiled PayPal Business which offers features designed to be helpful to small businesses run its affairs.
According to PayPal, the app would let users send invoices any time, thereby increasing the likelihood of being paid by clients on time. There is also an added feature which allows sellers to send customers reminders as to their still unpaid accounts.
Apparently, the new PayPal Business app also allows users to track payments wherever and whenever it is needed. The app also includes the already established PayPal feature, the money transfer function which allows funds to be transferred to a previously linked bank account. Moreover, funds can also be issued using the app, as well as payments can be sent any time.
For small businesses, the PayPal Business app is truly a great help. Keeping track of the business' customers account information and efficient invoice management are pretty important. This is most true with longtime and frequent clients of the business as the app can also show transaction history, contract information, and importation of business contacts for easier communication.
PayPal, founded in 1998, has been operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. Being one of the largest internet payment companies, it serves as a payment processor for online vendors, auction sites and other commercial users, for which it charges a fee.
In 2002, PayPal became a wholly owned subsidiary of eBay. The business enjoyed significant growth thereon, and in 2014 it generated a total revenue of $7.9 billion. In 2015, eBay has spun off PayPal as an independent company which was valued at $46.6 billion, according to a report from Crunchbase.
