Last weekend, we went to a food market and as you can imagine, most if not all of the vendors only accepted cash. Whilst walking around and enjoying the sights, smells and tastes, I thought to myself that there was bound to be people who have run out of money but want to taste more of what’s on offer. Getting more cash in hand seemed like it would have been an inconvenience because of having to leave the market to look for an ATM. If someone decides that looking for an ATM is too much of a hassle, not only does that person lose out on getting their hands on a tasty treat, the vendor loses out on a sale.
This got me thinking about Square, a solution that allows you to accept credit cards anywhere via their credit card reader that attaches to your Android, iPhone or iPad. One downside (in this case a big one) is that it is only available in the United States with no word on when they will open up to the rest of the world.
I did a bit of research to see if there were alternatives to Square and it wasn’t long before I came across PayPal Here. Most of you will already know, use and trust PayPal for making payments and for getting paid online. They are used by millions of individuals and businesses worldwide and now they have launched a service, PayPal Here which is similar to what Square has in place with a MAJOR difference being that it will be available worldwide (It is currently available to in the United States, Canada, Australia and Hong Kong but it will be available across the world soon!)
The Benefits of PayPal Here:
- Allows you to accept the following payment types on the go: Credit and Debit Cards, PayPal, Cheques
- Funds are accessible within minutes
- 2.7% rate per transaction (2.75% on Square)
- Free encrypted card reader and app (Apple iOS and Android)
- The PayPal security we have all grown to know and trust over the years
Going back to the food market story, the vendors could chose to pay a couple of thousand dollars for a mobile eftpos machine. This may for one reason or another not be a viable option but with this new solution, they are putting themselves in a position to accept more forms of payment at a very reasonable rate which will see them losing out on less sales and making more money.
If you haven’t already done so, you can sign up for a Free PayPal Business/Premier Account Here and be on the way to PayPal Here.