PayPal has announced the release of a new PayPal Invoicing API, which aims to provide small businesses with the tools necessary to easily create, send, and process invoices. Although targeting small businesses, the company has noted that the API has a global reach, supporting 25 currencies and over 200 markets.
PayPal was clear in its announcement that a key value proposition for the new service is the speed at which the Platform processes invoices. The company highlighted research that claims 78% of invoices processed through PayPal are paid within one day. In addition to global reach and fast processing, PayPal is providing users with an invoice management center where users can easily manage payments.
The platform will provide customizable templates for invoices that will allow users to modify business details and display the businesses' logo. Businesses will be able to send invoices at no cost, while merchants will pay 2.9% + $0.30 per domestic transaction. The company has provided detailed documentation for developers that are looking to get started with the API.