PayPal has today launched its new Near Field Communication (NFC)-enabled card reader to offer small businesses a more flexible means of accepting payments.
PayPal Here aims to meet the needs of business owners who trade seasonally, or want to take payment on the go but don’t want to be bound to monthly fees – as well as providing invoicing, receipt processing and cash & cheque logging services.
The card reader, which pairs with a smartphone or tablet via Bluetooth, will continue to accept Chip and PIN payments, as well as those taken by swiping the magnetic stripe.
Alongside the initial costs of the device, businesses pay a small fee, currently 2.75 per cent, every time they make a transaction.
Available from the PayPal website, PayPal Here will accept contactless payments from Visa, Maestro, MasterCard and Apple Pay.
Cameron McLean, managing director, PayPal UK, commented: “Contactless payments are taking off in Britain, with over 58 million contactless cards in use and spending on them trebling in 2014.
“The new PayPal Here card reader is a game changer for businesses wanting to respond to customer demand for ‘tap and go’ payments. It also accepts Apple Pay transactions, so the smallest of businesses can now offer the latest way to pay wherever they trade.”
