Update:The Paypal HERE dongle is available at AT&T store near you. The dongle costs $15 but you can get your money back after using it. The service fees are 2.9% and $.30 per transaction
Today PayPal announced its mobile register system for small merchants mimicking Square solution. PayPal, with 100 million customers worldwide, has been helping small businesses for 14 years for online transactions notably via eBay, but recently the company focuses on expanding to brick and mortar point of sale (Home Depot) and today, to small businesses.
The new solution called “PayPal Here”, a new payments solution that will help small businesses get paid – whether they do business online, offline or on mobile. The solution consists of a small card reader dongle, an iPhone app and of course a PayPal account.
Merchants can accept payments by swiping cards with the card reader, or use a phone camera to scan and process cards and checks. It also allows them to invoice directly from the mobile app.
When asked about its differentiators comparing to the competing products, this is what PayPal has to say:
“The key differentiator is that it comes from PayPal, a trusted brand in the online payments industry with more than 100 million customers around the globe and years of proven payment innovation, driving growth for millions of businesses globally. PayPal Here comes with our world-class fraud management capabilities, and our 24×7 live customer support. In addition to accepting more payment methods, PayPal Here offers a simple flat rate of 2.7% for card swipes and PayPal payments. Merchants are also given a business debit card for quick access to their funds and 1% cash back on eligible purchases – which means if you use the debit card, your fees are actually just 1.7%!” said David Marcus, Vice President of Mobile, PayPal
PayPal Here is available today in the United States, Canada, Australia and Hong Kong. More to come, visit www.paypal.com/here for more.