PayPal has announced their foray into the mobile payment solution by introducing PayPal Here. A credit card dongle plugs into the iPhone’s headset jack, and the initial rollout of this new payment system includes Canada, the U.S., Australia, and Hong Kong.
Here are the details:
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%!
A new dedicated PayPal Here app will soon hit the App store.
According to the iTunes description of the existing PayPal app which was just updated, merchants can get a free swiper from PayPal:
*If you are a merchant who would like to get paid directly with your smart phone, download the new PayPal Here™ application from the app store to get started, and we’ll send you a free card reader.