PayPal introduces Square competitor: ‘PayPal Here’ credit-card reader and app

PayPal took the wraps off its Square competitor today. The company’s all-new portable credit-card reader takes the shape of a small dongle, called PayPal Here, that sits atop the iPhone and plugs into its headphone jack. From there, PayPal Here, together with a new app of the same name, scans and processes credit card and debit card purchases.  Merchants need only type in a price, and customers can tip and sign receipts on the same phone.

When PayPal’s dongle isn’t an option, the app enables merchants to visually scan cards and even checks using their iPhones’ camera. What’s more, businesses can use the app to track inventory, charge clients, and issue invoices.

The card reader and app are encrypted, as if there were any doubt, and both are available for free. PayPal wants just 2.7 percent of each transaction in return.

Source: PayPal