New Credit Card Processing Option from PayPal: PayPal Here
Many online business owners rely on PayPal for credit card processing, but it’s not as convenient for a business that also has a storefront location or one that meets with customers in person. In order to become more convenient for cab drivers and small merchants looking to accept credit cards through PayPal, the company has created a card-swiping device called “PayPal Here,” that works with smartphones, to accept payments from American Express, MasterCard, Visa and Discover cards. The reader is a great option for individuals who sell direct sales products at in-home parties, or craft fair vendors and similar sales professionals.
PayPal Here – More Convenient
Many small business owners who already use PayPal to process payments from customers will find the new PayPal Here card reader extremely convenient, as it won’t require another merchant account or bank account. They can simply plug the thumb-sized reader into their smartphones, and accept credit cards and have the money deposited directly into their existing PayPal accounts.
Business owners new to credit card processing will also find PayPal Here an easy and inexpensive method (as a mobile solution) for getting started accepted credit cards from their customers.
Benefit: Delayed Payment Option
Not only can a business owner swipe a card and process the payment instantly, but they also have the option of swiping a customer credit card and sending an invoice to receive a delayed payment from the customer. Customer account information is encrypted so it is not physically stored on the smartphone used to process credit card payments.
Costs of PayPal Here, Too High?
Merchants can get the PayPal card reader for free, and download the smartphone app to make it work for free, as well. Each credit card processed on the PayPal Here reader will be charged 2.7% of the transaction. The product is similar to the popular “Square” reader, although the Square charges slightly more — 2.75% per transaction.