PayPal Here: A Global Mobile Payment Solution for Small Business
Social media consultants have a reason to be excited. PayPal is making it easier for casual sellers, service providers and small businesses to receive payments on their Android smart phone or iPhone with its mobile payment solution, PayPal Here.
PayPal Here is the first in the world to allow merchants to receive almost all forms of payments like checks, credit and debit cards, and of course, PayPal. Plus, it makes sending invoices and setting payment terms a breeze especially for social media consultants who are always on the go.
How Does PayPal Here Work?
Although there are other services that provide mobile payments solutions on the market these days, what makes PayPal Here standout from them is how your clients can choose to pay you, which equates to more sales.
Merchants with PayPal Here get a free app as well as a thumb-sized, fully encrypted card reader. This makes it simple for small businesses and service providers to swipe cards using the card reader, scan checks and cards using the phone’s camera, or enter your customer’s card information manually into the app transforming your regular smart phone into a mobile payment solution.
How Much Does It Cost?
PayPal Here has the a very similar fee structure as other mobile payments solutions including Intuit’s GoPayment, North American Bancard’s Pay Anywhere and Twitter’s Square. There are no set-up fees or monthly account; Merchants pay 2.7% flat rate for swiped payments and 3.5% + $0.15 per transaction for keyed in payments.
Unlike GoPayment, it is not clear how PayPal Here applies processing limits and reserves on swiped transactions. On the other hand, it is similar to Square where funds in excess of $1000 for keyed in payments within any seven day period will be held in a 30-day reserve prior to being released or withdrawn.
What Sets It Apart?
Perhaps one of the best features of PayPal Here that any social media consultant will appreciate is its integration with their regular PayPal accounts. This alone gives them a wide range of great features that other competitors simply can’t provide.
You can choose to transfer your money to an attached bank account or use “PayPal Business Debit Card” to withdraw from ATM’s or to make purchases. If you choose to do the latter and use the debit card on eligible purchases, you will receive 1% cash back which results in an effective reduction of your processing fee to 1.7%.
Other features that are unique to PayPal Here are:
- Acceptance of e-check payments
- Scanning and processing of checks (U.S. only)
- Creating and sending of digital invoices
- Tracking cash payments
- Top notch fraud management
- Online and live phone customer support (Hot!)
According to PayPal “The key differentiator in our product 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.” I think we would all agree that PayPal is indeed a proven payment and funds transfer instrument.
PayPal Here is available in the US, Canada, Hong Kong and Australia to select merchants. Very soon however, it will be made available to everyone. If you are outside the initial launch countries, don’t worry; PayPal will be making it available to other countries soon as well. Social Media Consultants and small businesses of all kinds will find the ease of use of PayPal Here to be a boon to business.
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