Sunday 20 April 2014

PayPal Launches New Mobile Payment Device

PayPal is developing its PayPal Here concept with a mobile card reader that connects with your mobile phone.
Rather than setting up an EFTPOS terminal, a small business owner simply downloads the PayPal Here app on their smartphone. The mobile is used to input the cost of the sale, and then the transaction is completed with the customer inserting their card into the reader and entering their pin on the keypad.

There is a one-off fee of $139 for the card reader and a fee of 1.95% will be charged for transactions using the reader. Card readers will be available in the first half of 2014 and further details are available from the PayPal website.

PS - Your editor did a quick check on his current Commonwealth Bank EFTPOS facility and found that the fees for March 2014 worked out at 2.25% although that was with the advantage of the PayWave facility and didn't include any data charges for using a mobile phone which could be a factor with the Pay Pal system.