- OLB stated that merchants on its platform will be able to accept PayPal and Venmo as payment options at checkout.
- The company said this partnership will also allow merchants on OLB’s platform to reach global users.
- OLB also said that merchants will be able to consolidate all payment methods using the company’s existing dashboard for simplified reconciliation.
The OLB Group Inc. (OLB) shares doubled in Tuesday’s opening trade after the company announced a partnership with PayPal Holdings Inc. (PYPL).
According to the announcement, OLB has entered into a global partnership agreement with PayPal to offer a next-generation checkout and wallet experience for merchants across OLB's ecosystem, including its SecurePay payment gateway.
PayPal, Venmo To Be Accessible To OLB Merchants
OLB stated that merchants on its platform will be able to accept PayPal and Venmo as payment options at checkout. The company said this partnership will also allow merchants on OLB’s platform to reach global users.
“By combining OLB's omnichannel commerce and payment infrastructure with PayPal's global brand and advanced payments technology, we are giving small and mid-sized businesses enterprise-grade capabilities that were previously out of reach,” said Ronny Yakov, CEO of The OLB Group.
Merchants will be able to use PayPal’s payment button and checkout flow, as well as access Venmo’s user base, which includes younger demographics who prefer mobile-first payment solutions, the company said.
OLB also stated that merchants will be able to consolidate all payment methods using the company’s existing dashboard for simplified reconciliation. Merchants will also be able to leverage PayPal offerings such as Pay Later, Credit, and fraud protection, OLB noted.
What Does OLB Do?
OLB is a New York-based fintech company that offers payment processing solutions and digital asset technology services.
It allows merchants to build and manage their online stores, including integrating payment, logistics, and customer acquisition solutions.
How Did Stocktwits Users React?
Retail sentiment on Stocktwits about OLB was hovering in the ‘extremely bullish’ territory, while message volume was at ‘extremely high’ levels at the time of writing.
One bullish user called the OLB stock an “all-day runner,” saying that the PayPal deal is huge.
OLB stock is up 41% year-to-date, but down 40% over the past 12 months.
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