PayPal introduces comprehensive mobile payment service for SMBs

Portable card reader and app allows merchants to accept multiple types of payment

PayPal Here

PayPal has unveiled a mobile service designed to help small businesses to process payments in a variety of methods using smartphones.

PayPal Here works using a small card reader and a mobile app, which the firm will make available for free. The payment process is started when a vendors plugs the card reader into the smartphone of a customer.

This brings up the PayPal app and the merchant then fills in the amount that needs to be paid and chooses the payment option.

Customers can pay via PayPal, cash, card, cheque or invoice.

The vendor then passes the device to the customer who signs for the purchase on-screen and then types in where they would like their receipt to be sent. When the transaction is complete the funds are transferred immediately.

PayPal Here offers a flat rate of 2.7 per cent for card swipes and PayPal payments. Merchants who sign up the service can also use a business debit card and get 1 per cent cash back on eligible purchases.

PayPal has a long history of helping small businesses, and PayPal Here is a comprehensive tool that will allow small businesses to get paid, explained David Marcus, vice president of mobile at PayPal.

"With PayPal Here, we are now able to serve as a one-stop shop for online, offline and multi-channel small businesses," Marcus noted in the PayPal Blog.

"PayPal Here is available today exclusively for select merchants in the US, Canada, Australia and Hong Kong. It will open to all other merchants in those countries next month. And we'll announce the availability of PayPal Here in more countries soon."

PayPal has confirmed to IT Pro that the service will be "coming to the UK soon".

A video demonstration of PayPal Here in action is available below.

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