When you think about all the apps you could download for your phone, far too often we think about apps like Angry Birds or Words With Friends. But sandwiched between those time wasters are apps that can help you run your business and remove friction from the customer touch points that hold you back. And last week PayPal announced a new app that small business owners are going to want to be familiar with. It may actually change the way you do business.
The new app is called PayPal Here and it allows SMBs to accept mobile payments on-the-go through the use of a card reader and their iPhone or Android’s camera. And it already appears to be off to a huge success, reporting 1,000 signups per hour during it’s first 24 hours of existence!
If you’re familiar with the Square app for the iPhone, PayPal Here works relatively the same. It features a triangle-shaped dongle that attaches to your smartphone via your microphone jack. From there, merchants can swipe a consumer’s credit card and use the app to make the checkout process painless. If you don’t want to swipe the card or you don’t have your attachment handy, you’ll also be able to use the “Scan Card” feature which will allow you to take payments by scanning the credit card’s number with your camera’s phone.
Through the app, SMBs will be able to accept debit and credit cards, checks, PayPal, track cash payments, and even email invoices to customers. Once the transaction is complete, funds will be immediately available in the merchant’s PayPal account. Merchant’s will also have the option to withdraw funds on the spot with a PayPal merchant debit card that gives 1% cash back. It’s everything a SMB owner needs to do business while on the go.
Still want more information? Check out PayPal’s demo video:
The fee for the app and card reader? None. However, merchants will be charged a flat rate of 2.7% for card swipes and PayPal payments.
To give the app a try, you can head to Apple’s App store and give it a download. The Android app isn’t currently available but PayPal says it’s on its way, though no timeline was given. For more information on how to sign up, head to Paypal.com/Here.
What do you think? Will you give this app a chance? For smaller retailers and SMBs who do business on the go, this kind of technology may be just the thing they need to make the transaction process easier. Or, if you’re a small business owner who shied away from certain marketing opportunities because accepting payments was an issue, you just lost your best excuse.