PayPal just became more useful for SMBs: On Tuesday, the company launched PayPal Business, a mobile app that allows businesses to keep track of account activity, send invoices, and view customer information in one platform.
The app aims to prepare SMBs for the growth of mobile, said Arnold Goldberg, vice president of global merchant product and technology at PayPal, in a blog post announcing the app. On Cyber Monday alone, PayPal saw more than 50% year-over-year growth in global mobile payment volume.
"For many small businesses, the ability to keep track of their operations—invoices, payments, refunds, withdrawals, customer lists, balances—amidst a large spike in activity, is critical and increasingly mobile," Goldberg said.
According to the post, the PayPal Business app will allow companies to get paid more easily, with the ability to create and send customized invoices. It will also allow for managing account activity while on the go, and viewing customer information in one place.
The app also allows business users to create, send, and attach photos to invoices directly from their phone. Users can "monitor sales activity, withdraw funds, issue refunds, and send payment reminders," as well as "manage customer lists, import contact, view customer history and more," Goldberg said in the post.
Last year, PayPal processed 4.9 billion transactions. There are currently 192 million active customer accounts on the platform, according to the post. The company will continue adding new features to the business app as time goes on, the post stated, to ensure enterprise users have flexibility and control in managing their business.
PayPal Business joins the PayPal Consumer app and the PayPal Here app, which helps small business owners manage in-person, online, and mobile payments through one central account. It also allows small businesses to accept payments on a mobile device via a card reader.
The payment platform has rolled out several new features recently, including voice-activated payments via Siri and integrations with Facebook Messenger. The addition of the business app could help position the company for more use in the enterprise, though it may see increased competition from Apple Pay, as reported by Larry Dignan at ZDNet. It also marks a move for the company to catch up with small business offerings from FreshBooks and Square, which recently reported strong third quarter growth.
PayPal Business is currently available in the US on iOS and Android. It will be available in other regions in 2017, the post stated. Users can download it from the Apple Store and Google Play.
The 3 big takeaways for TechRepublic readers
- On Tuesday, PayPal launched PayPal Business, an app that allows SMBs to keep track of account activity, send invoices, and view customer information in one platform.
- PayPal Business can potentially help enterprises better manage the increasing amount of mobile payments, the company said.
- The new app represents another move for PayPal into the enterprise world, though it will face competition from Apple Pay and others.
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Alison DeNisco is a Staff Writer for TechRepublic. She covers CXO and the convergence of tech and the workplace.