New PayPal technology is enabling small businesses, service providers and casual sellers to accept credit card and PayPal payments via their smartphone, allowing them to complete transactions and monitor cashflow wherever they like.
The new smartphone application and accessory turns a mobile phone into a credit card reader. Basically, the device is a lightweight encrypted card reader attached to a phone and when combined with the smartphone application, PayPal Here accepts credit card and PayPal payments and can track cash transactions, allowing merchants to directly invoice customers.
This technological advance makes it easier for small businesses to manage the payment process and monitor cashflow while on the move.
“With no other solution of its kind in the Australian market, PayPal Here complements PayPal’s online payment solution, by enabling merchants to accept payments online, offline and manage their entire cashflow in one place,” PayPal Asia Pacific head of new ventures Brad Paterson said.
Businesses will be also able to personalise their internal inventory on the PayPal Here application and provide company-branded and itemised invoices to customers via email or SMS.
A premier or business PayPal account is required for access to PayPal Here, which can be linked to an existing bank account.
PayPal Here is currently available on iPhones to a select number of merchants participating in an early release of the solution, with general release expected in the near future. The Android version is also expected for general release soon.
The smartphone swipe device is free for any business owner who registers interest via the PayPal Here microsite in the first six months following launch.