Bibit, the leading provider of complex electronic payment services, and PayPal, one of the world's leading online payment systems, today announced a partnership which means Bibit customers can now offer PayPal as an additional payment method.
In making full-service PayPal functionality available to merchants utilising the Bibit Redirect and Direct Platforms, Bibit is providing merchants with the ability to drive incremental sales* and increase online conversions with PayPal.**
Bibit is part of The Royal Bank of Scotland Group and delivers multi currency, multi market integrated online payment solutions for merchants. The partnership means that Bibit's clients will be able to offer PayPal's secure payment method to all their customers purchasing goods online. The service is quickly and easily activated and supports payments for merchants registered in the United States, United Kingdom and across Europe.
Bibit offers businesses all the scope and flexibility required in today's global on-line economy and provides customers links to over 75 different payment methods and banks around the world, including credit cards, local debit cards and non card payment solutions through one platform.
PayPal enables any individual or business with an email address to send and receive payments online securely, easily and quickly. In 2007, PayPal processed more than $47 billion in total payment volume, up 33% year on year and the total payment volume for PayPal Merchant Services was $6.1 billion in Q4 2007, up 66% year over year. PayPal has over 141 million accounts worldwide and supports payments from 190 markets in 17 global currencies.
Thousands of merchants accept PayPal today from their websites, including leading e-commerce sites such as Boots, DHL, Harrods, Friends Reunited, New Look and eBay. PayPal also supports payments for Monarch Airways with a payment solution for flight bookings. With PayPal, merchants can sell their goods to the tens of millions of proven online shoppers that prefer PayPal***, often seeing a reduction in shopping cart abandonment therefore increasing sales conversion.
Ron Kalifa, Managing Director of Bibit, said: "Bibit is a leading payment solution provider, and our aim is to bbe able to provide our customers with the most comprehensive and up to date payment solutions currently available. With this in mind we are delighted to announce this partnership with PayPal, as we believe our customers will really benefit from this important online payment service for years to come. We work with thousands of merchants globally, trading in multiple geographic markets, in multiple currencies and are delighted to be able to offer them the opportunity to easily integrate the PayPal payment functionality to their existing Bibit payment pages. In our opinion the partnership with PayPal ensures that Bibit continues to offer payment innovative to merchants and further consolidates our market leadership.
Cameron McLean, General Manager Merchant Services at PayPal comments: "We are delighted to have signed this strategic partnership with Bibit - one of the market leaders in global payment solutions. Their service, which offers a huge range of local and global payment alternatives to merchants, is a perfect fit with the PayPal offering. Enabling consumers to shop without ever having to retype or share their financial information, whether a credit card number or bank account details is becoming increasingly important with the growth of eCommerce and merchants are really responding to buyer demand. PayPal is uniquely placed to meet this growing need, offering consumers a secure way to pay no matter how they choose to fund that transaction (by bank account, debit or credit card), and providing retailers with the opportunity to sell to PayPal buyers from across the globe."
* PayPal can increase sales by an average 14% by delivering greater shopping convenience. A 2006 PayPal survey of 200+ US sellers who were already accepting credit cards online, but added PayPal showed that PayPal generated an average incremental sales lift of 14%.
** PayPal Express Checkout has a 72% conversion rate, converting more browsers to buyers. Based on PayPal analysis conducted in Q2 2007 on Top 100 PayPal merchants in UK and US combined (in terms of volume), using the Express Checkout payment mark.
*** According to independent Forrester research, 23% of European online shoppers prefer paying with PayPal.