PayPal Here, the highly anticipated Chip and PIN solution for small and medium-sized businesses (SMBs), is now available to all businesses in the UK.
The British-designed chip and PIN reader is aimed specifically at businesses that have traditionally relied on cash or cheques - such as cafes, market stall owners, taxi drivers and tradesman. It is a game changer for SMBs, enabling businesses an affordable, easy to use and secure way to accept credit and debit cards or PayPal Check in, meaning businesses don't have to turn away customers who don't have enough cash on them or want to pay by card.
PayPal Heretm is easy to set up. The first step is to download the free PayPal Heretm app, then order the card reader through the app and connect it to a smartphone via Bluetooth - that's it - businesses can be ready to accept payments straight away. Whether the business user is a plumber, delivering food, personal trainer or market trader - they are now able to offer customers the flexibility to pay by card anywhere they are trading. PayPal Heretm also allows businesses to log cash and cheques and send electronic receipts and invoices. Customers can also pay using PayPal Check in, using the PayPal consumer app, on their mobile phones.
There is just a one-off charge of £99 for the card reader and then a small fee per transaction using the device.*
The PayPal Heretm app can be downloaded from iTunes (iOS) and Google Play (Android) and then you order the PayPal Heretm Chip and PIN card reader through the app.
The release marks the first Chip and PIN card reader ever launched by PayPal in the UK. Building on its heritage offering easy and safe payments online, the company now looks set to further boost British business with its latest innovation.
Narik Patel, Director of Mobile Merchant Services, PayPal UK, said: "A dedicated team based in Richmond has been working on PayPal Heretm for over a year now. It's been entirely designed to suit the needs of British businesses. SMBs don't want the commitment of monthly fees and contracts for a card reader but being ablle to take card payments can make a big difference to their business."
"Research** shows that 72% of people are likely to pay a smaller business with card if card payments are offered and 61% of adults in Britain would prefer paying by card, rather than cash, for amounts lower than £50. The SMBS we've been working with say taking card payments is already helping them grow their business. For years we've helped people do business online, and now we're going to support them even more in face to face interactions."
PayPal handled $43 billion in payments in the second quarter of 2013 and has more than 132 million active accounts.