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PayPal unveils new mobile payment solution

PayPal Here will complement latest version of PayPal Mobile app


March 19, 2012
by Purchasing b2b staff

SAN FRANCISCO: PayPal has released PayPal Here, a global mobile payments solution the company says allows small businesses to accept almost any payment form. The new service includes a free app and fully encrypted thumb-sized card reader which, PayPal said, can be used from any iPhone (and soon Android smartphone). The solution allows small businesses, service providers and sellers to send invoices or accept debit and credit cards, checks and PayPal using one product.

PayPal has also released the latest version of its PayPal Mobile app for iPhone, which complements PayPal Here. 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, they can notify the merchant with a tap on their mobile phone. Merchants can use PayPal Here to accept the payment by referencing the shopper’s name and picture.

PayPal Here has no monthly account or set-up fees, the company said. Merchants pay a flat rate of 2.7 percent for card swipes and PayPal payments. Merchants will receive a business debit card and one-percent cash-back on eligible purchases. If merchants use the debit card for purchases, their fees come down to 1.7 percent.