Leading global e-commerce payment gateway Paypal announced last week the launch of what they call “the world’s first global mobile payments solution”. Dubbed “Paypal Here,” it takes on the previously launched Square service (see here).
Paypal’s new service boasts a free app and fully encrypted thumb-sized card reader, which turns any iPhone (and soon, Android smartphones) 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 simple product.
“Helping small businesses grow and accept payments has been in PayPal’s DNA since its inception 14 years ago,” PayPal’s vice president of mobile, David Marcus, said in a statement. “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. I’m thrilled to launch PayPal Here because we’ve been able to bring all of these key features together into a product that’s so simple to use.”
Here has no monthly account or set-up fees, but instead, merchants pay a flat rate of 2.7% for card swipes and PayPal payments. Additionally, every PayPal Here merchant will receive a business debit card for quick access to cash and 1% cash-back on eligible purchases. And, if merchants use the debit card for purchases, their fees effectively come down to 1.7 percent.
The Paypal app is available now in Apple’s App store. For more info on how to sign-up, visitPaypal.com/Here.