If you are a small business owner – this post could possibly be music to your ears (or we hope so).
PayPal has just launched its first mobile credit card payment processing gadget called ‘PayPal Here’ which is attachable to any iPhone. You might say how is this different from the market pioneer – Square? We beg to differ. With PayPal Here you can be able to accept major credit cards like Visa, Mastercard, American Express, Discover and best of all accepts PayPal Account payments. Currently is it available in US, Canada, Australia & Hong Kong to be rolled out in other countries in April 2012.
Still wondering what is so special about this especially if you process high volume card transactions. It comes in cheaper – well 0.05% cheaper than Square. PayPal Here charges 2.7% transaction fee whereas Square charges 2.75%. Furthermore, with PayPal Here you can process checks by taking the picture. There is still more – you have the option of being charged the 2.7% transaction fee from your PayPal account rather than chipping off from the credit card transaction. PayPal dubs it as “the world’s first global mobile payments solution” and we would love to hear what you think.
PayPal has launched a dongle that enables small businesses to accept credit card payments by attaching the device to a smartphone. The dongle effectively transforms the handset into a card reader. The planned launch was leaked earlier this week. New details from the company’s official announcement include that the dongle will be branded PayPal Here. It will have a distinctive triangular shape (pictured).
PayPal Here will compete against a number of similar rivals of which Square is the most prominent. While Square charges a 2.75 percent fee on card transactions, newcomer PayPal will charge a 2.7 percent fee. The payments giant will also offer a one percent cashback to merchants who use a PayPal debit card to make their own purchases
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