The next generation of payment options is here in the form of PayPal Here, an app and Bluetooth device that will allow small businesses to accept payments from their smartphone. It is a viable alternative to banks that includes a new chip and PIN solution for SMEs.
Chip and PIN has been widely adopted throughout Australia, and will soon be mandated across ATMs, cards and payment terminals. The system is also fully encrypted to help protect credit card information. The PayPal app and credit card reader are also backed by their world-class security, risk and fraud management systems.
Around 75 percent of Australians own smartphones, allowing companies to leverage this technology. Business owners just need iOS or Android and Bluetooth enabled smartphone, the PayPal Here app, and the credit card reader (which is just a one-off fee from PayPal; there is no monthly subscription fee). It’s simple to use, easy to set up, and can generate and email invoices and receipts as well as manage cash payments.
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There will be a base transaction fee of 1.95 percent for credit card payments, a 2.4 percent fee plus 30 cents for invoicing, and there is a special flat rate category for restaurants. The system accepts Visa, Mastercard and direct debit payments.
"With our long heritage as a trusted brand in Australia, we have been providing innovative technology solutions for businesses of all sizes for over a decade,” said Andrew REchtman, Senior Director of SMB, Retail and Strategy at PayPal Australia. “With PayPal Here we're proud to offer small businesses a solution that helps them take advantage of every sales opportunity, enabling secure payments online, on mobile and in-store, wherever or whenever they do business.
"Today's shopfront is increasingly mobile with consumers embracing this trend and no longer expecting to have to travel to a shop for everyday goods and services. This is why we've developed the new PayPal Here - to give businesses the flexibility to be more mobile, without being hampered by logistical challenges that technology can easily overcome."
Businesses can register for device, which will be available later in 2014.