A mobile payment system, 'Paypal Here' has been launched on 15th March by Paypal. This small, blue triangular card reader lets the service providers, small businesses and casual sellers to accept payment in credit cards, cash, debit cards, PayPal and checks from anyplace through Apple iOS 4.0 iPhones and above & Android products. It attracts new customers and thus helps to grow your business. Currently, this service is available for PayPal’s beta customers in Australia, Canada, U.S. and Hong Kong. The service will be also launched in Europe soon.
The service consists of a free application and a thumb-sized card reader, which is completely encrypted to protect card information. 2.70% transaction fee will be applied on every transaction, while check acceptance and mobile invoicing are free of cost. This credit card reader can be plugged into the audio jack port of the smartphone through the 3.5mm connector. Once you attach the reader, the front arrow-shaped reader swings down to keep the Smartphone from turning on its circular connector at the time of reading cards.
Merchants can swipe cards in the card reader to accept payments, scan cards and cheques with their camera phone or enter the card information manually into the app. They can also send electronic invoices and set payment terms. Other features of the “PayPal Here” are 1% cash back on immediate fund withdrawal with PayPal's Debit MasterCard, electronic receipt through e-mail and SMS, multiple item checkout, scan and manual credit card input, support for multiple tax rates & discount in checkout, immediate funds settlement, automated change calculation, easy inventory item set up, 24x7 live customer support and cash transaction tracking. You will be able to download the PayPal Here app from the Apple App Store and the Android Marketplace after it will be available for general public.
Video of PayPal Here - working process from youtube: