PayPal has thrown its hat into the mobile payment acceptance arena with its launch of the “PayPal Here” mobile payment app and card reader. The service is yet another carbon copy of other mobile credit card processing services like Intuit’s GoPayment, Square, and North American Bancard’s Pay Anywhere, but, of course, PayPal Here has its own spin on the idea. PayPal Here’s chief innovation is that it is integrated into a regular PayPal account and, therefore, merchants have access to a wide range of other features not found with most competitors. Funds from PayPal Here transactions that fall within normal risk tolerances will be available immediately to the merchant within his/her PayPal account. Merchants have the choice of transferring the money into an attached checking account or using an attached debit card to make purchases and ATM withdrawals. PayPal advertises that by accessing the funds through purchases with its “PayPal Business Debit Card,” merchants will receive a 1% cash back bonus and can bring their effective processing rate down to as low as 1.7%. Square only offers automatic fund transfers to attached checking accounts. Dan Schulman is listed as the CEO of PayPal.
- Sales & Marketing: PayPal Here does not hire independent sales agents and has not received any complaints about its sales practices.
- Costs & Contract: PayPal Here offers a month-to-month contract with no early termination fee.
- Complaints & Service: PayPal Here has received more than 100 public complaints.
- BBB Rating: PayPal Here has an “A+” rating with the Better Business Bureau and has received 7,105 complaints in the past three years.
- Rates & Fees: How Merchants Got The Best Rates With PayPal Here