PayPal dumps processing fees to galvanize mobile point-of-sale adoption
PayPal announced Cash for Registers, a new program that offers free credit, debit card, check and PayPal processing to any U.S. merchant that swaps out its existing point-of-sale system in favor of the PayPal Here m-commerce system.
From now through the end of end of 2013, eBay-owned PayPal will wipe away processing fees to businesses who adopt PayPal Here alongside complementary mobile POS hardware solutions from partners including ShopKeep, Vend, ERPLY and NCR Silver. "In addition to this great offer, we will make participating businesses known to our 55+ million U.S. (128 million worldwide) and growing customer base and drive meaningful incremental business to them, stimulating the vibrant small business community in America," said PayPal President David Marcus. "Interested businesses can register and be first in line to benefit from this time-limited offer by signing up at Cash for Registers."
PayPal Here enables small businesses and other users to process credit and debit transactions by swiping cards through a dongle that attaches to their smartphone or tablet. PayPal Here charges U.S. merchants a flat rate of 2.7 percent per transaction, a .05 percent savings over rival Square's mobile payment offering.
In addition to PayPal Here, the company is teaming with retail chains including Home Depot, Abercrombie & Fitch, American Eagle Outfitters, JCPenney, Foot Locker, Office Depot and Toys "R" Us to trial mobile wallet services across roughly 20,000 physical U.S. stores. PayPal is expected to handle around $20 billion in mobile transactions this year, up from $14 billion a year ago.
- read this PayPal: Forward blog post
PayPal streamlines mobile shopping with simplified sign-in
eBay adds 2.8 million new customers via mobile in Q1
PayPal Here expands to Europe ahead of mobile payment rival Square
eBay forecasts 2013 mobile commerce volume will eclipse $20B
PayPal expands mobile wallet to more retailers, tests order-ahead pickup
PayPal Here goes on sale at AT&T stores