PayPal offers more to lure customers from banks
(19 March 2012 – Global) PayPal has introduced a new application offering small businesses the ability to accept card payments with their mobile phones.
PayPal Here consists of a free app and fully encrypted triangle-shaped thumb-sized card reader, which turns any iPhone, and soon Android handset, into a mobile payment system that customers can swipe their cards through to carry out transactions.
The company stressed that, unlike rivals Square, Intuit's GoPayment and Verifone's PAYware, its system offers far more than just card swipe-based payments.
Using technology licensed from mobile payments start-up card.io, merchants can also accept payments by scanning cards and cheques using their phone cameras, or manually entering information into the app. They can also send invoices and set payment terms directly from the app.
The PayPal app for iPhone also offers users a "Local" feature to find nearby businesses that accept PayPal Here.
The eBay unit will charge a flat rate of 2.7 percent for card swipes and PayPal payments. In addition, every PayPal Here merchant will receive a business debit card for quick access to cash and one percent cash-back on eligible purchases - effectively cutting the fee to 1.7 percent.
The company stressed that, unlike rivals Square, Intuit's GoPayment and Verifone's PAYware, its system offers far more than just card swipe-based payments.
Using technology licensed from mobile payments start-up card.io, merchants can also accept payments by scanning cards and cheques using their phone cameras, or manually entering information into the app. They can also send invoices and set payment terms directly from the app.
The PayPal app for iPhone also offers users a "Local" feature to find nearby businesses that accept PayPal Here.
The eBay unit will charge a flat rate of 2.7 percent for card swipes and PayPal payments. In addition, every PayPal Here merchant will receive a business debit card for quick access to cash and one percent cash-back on eligible purchases - effectively cutting the fee to 1.7 percent.
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