PayPal is introducing an electronic invoicing application programming interface (API) for online sellers in an effort to promote PayPal’s presence on eCommerce and other digital platforms.
Reports in eCommerce Bytes this week said PayPal announced its invoicing API for small businesses to be able to create, send and process invoices — and accelerate cash flow. Pointing to research from comScore that found 78 percent of invoices processed through PayPal are paid within a day, PayPal said that its solution supports faster payments to small businesses.
The API allows sellers to invoice regardless of the online platform through which they are selling, and works on eCommerce solution providers, online marketplace, crowdsourcing platforms and other portals.
Invoices can be sent in 25 currencies in more than 200 markets around the globe, with PayPal managing foreign currency conversion. Businesses can send invoices for free and pay a fee when they receive payment, which can be accepted via debt card, credit card, PayPal, PayPal Credit, and market-specific payment tools, the company said.
The API allows for customizable invoice templates, payment reminders and accounts receivable management.
PayPal and eBay announced earlier this year that eBay would offer PayPal as a payment option until July of 2023, an extension of their previous agreement that would have ended PayPal’s presence on the eCommerce site in 2020.
“PayPal has been a great partner for eBay, and as part of our new payments experience, PayPal will continue to be a key form of payment for our global customers,” said eBay president and CEO Devin Wenig in April, when the companies announced the updated agreement.
PayPal’s invoice API follows the emergence of PayPal as a payment option on third party invoicing solutions. Last year business accounting platform Sage added PayPal as a payment option on invoices sent via the Sage platform with the launch of a “Pay Now” button on those bills.