PayPal introduced PayPal Here, a global mobile payments solution that allows small businesses to accept almost any form of payment.
The new service includes a free app and fully encrypted thumb-sized card reader, which turns any iPhone, and soon Android smartphone, into a mobile payment solution. With PayPal Here, small businesses, service providers, and casual sellers can send invoices or accept debit and credit cards, checks, and PayPal using one product.
By accepting whatever form of payment consumers choose to use PayPal Here gives small businesses more sales opportunities. Merchants can accept payments by swiping cards in the card reader, scanning cards and checks using their phone cameras, or manually entering card information into the app. They can also send an invoice and set payment terms directly from the app. They can accept PayPal payments in a new—non internet—way.
PayPal also released the latest version of its PayPal Mobile app for iPhone, a consumer app that complements PayPal Here. PayPal users will be able to use the “Local” feature on the PayPal app to find nearby businesses that accept PayPal Here. Once the customer is ready to pay, she can notify the merchant by a quick tap on her mobile phone. Merchants can use PayPal Here to accept the payment by simply referencing the shopper’s name and picture—no wallet needed.
“Helping small businesses grow and accept payments has been in PayPal’s DNA since its inception 14 years ago,” says PayPal’s vice-president of mobile, David Marcus. “We’ve heard small businesses loud and clear. They don’t want to miss sales opportunities because they can’t accept the payment type that their customers want to use. They want quick access to their money, a reliable card reader, and one transparent, low fee to process these payments.”
PayPal Here offers carries no monthly account or set-up fees. Merchants pay a flat rate of 2.7% for card swipes and PayPal payments. In addition, every PayPal Here merchant will receive a business debit card for quick access to cash and 1% cash-back on eligible purchases. If merchants use the debit card for purchases, their fees effectively come down to 1.7%.
According to PayPal, key differences from other existing mobile payment solutions are that it includes PayPal’s fraud management capabilities, as well as 24x7 live customer support. PayPal has more than 100 million customers around the globe and 13 years of experience providing secure payment products.
[This article was posted on March 27, 2012, on the website of ABA Banking Journal, www.ababj.com.]
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