PayPal Launches Competitor To Square’s Mobile Payment Solution
The next major POS development includes a triangle-shaped reader designed by Yves Behar of Fuseproject.
PayPal has unveiled a new payments solution for small businesses called PayPal Here. The triangle-shaped mobile credit card reader (designed by Yves Behar from Fuseproject) and accompanying merchant app allow smartphones to act as POS devices. Payments can be accepted by swiping credit and debit cards with the fully encrypted thumb-sized card reader, or cards and checks can be scanned and processed using the phone’s camera. Merchants can also track receipts and issue invoices directly from the app.
PayPal Here features 24/7 live customer support, a simple flat rate of 2.7% for card swipes and PayPal payments, and a business debit card that gives merchants quick access to their funds, with 1% cash back on eligible purchases.
PayPal Here is currently available for select merchants in the U.S., Canada, Australia and Hong Kong. It will become available to all other merchants in those countries next month, and merchants in other countries after that. Check out the video introduction below to see how it works: