Friday, March 16, 2012

Paypal Here: World's first Global Mobile Payment Solution

PayPal today officially unveiled its merchant payment point-of-sale solution - PayPal Here. The company announced the service Thursday at a PayPal press event held in San Francisco. PayPal Here, a triangle-shaped mobile creditcard-swiping gadget aimed directly at Jack Dorsey's reader, Square. The encrypted reader, along with a mobile app will be available for free to small merchants.

The gadget works similarly to Square, offering a simple attachment and merchant app that allows iPhones and Android smartphones to do the work of a cash register, swiping credit and debit cards, and tracking receipts. In addition, the app allows merchants to take pictures of checks and credit cards, to process payments even without the attachment. The app can also issue invoices.
To use the service, a user simply needs to tap in an amount, and then hand the mobile device to the customer. The buyer can then add a tip, sign, and request a method of getting a receipt. Users can also process orders by camera. PayPal will charge merchants a small 2.7 percent fee for each credit card transaction. If you apply the income from transactions towards your PayPal debit card, your fee drops to 1.7 percent - a fee Square can't match.

PayPal Here is rolling out to a few thousand PayPal merchants internationally today and should be available to everyone in the next few weeks. Apps will be available for both Android and iOS.

Check out the video to find out how it works:

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