PayPal reveals mobile payment system for small businesses
PayPal has unveiled a new mobile payment offering called PayPal Here which will let small businesses accept numerous forms of payment through an attachment on a mobile device. It will initially be available in the US, Canada, Australia and Hong Kong.
PayPal Here offers both a small, encrypted card reader which attaches onto a mobile device through the headphone jack and an app to accept payments. Customers can swipe their credit cards through the reader or the app can scan and process cards and cheques.
After scanning the payment method, business owners then hand their phones to the customer, who can then sign for the payment or add a tip. Customers can get a receipt texted to them.
Business owners can invoice through the mobile app, track inventory and charge money to clients. PayPal is offering a rate of 2.7pc for all card swipes and PayPal payments. Business owners also get a business debit card to their funds, which offers 1pc cash back on eligible purchases.
The payment method will see PayPal rival mobile payment provider Square, which lets business owners turn their mobile devices into cash registers. However, PayPal hopes that its brand recognition in online payments will help it attract more customers.
PayPal Here will be available now to select retailers in the US, Canada, Australia and Hong Kong and will open to all others in those regions next month.