PayPal has launched its Here chip and PIN payment service in the UK, claiming it is the ideal solution for small and medium-sized businesses (SMBs).
The payment solution – a card reader that users pair with a smartphone app – will require a one-time payment of £99, and will allow businesses to take chip and PIN payments without paying transaction or monthly contract fees.
The service is aimed at traders such as market stall holders, taxi drivers and tradesmen who usually use cash for payments.
The unit works by pairing with a smartphone that has the Here app installed, which links the payment terminal to the owner's PayPal account. As well as forwarding payments to the user's PayPal account, the app also allows businesses to log cash and cheques, and send electronic receipts and invoices.
Director of mobile merchant services at PayPal UK, Narik Patel, said Here is tailor made for SMBs and will help them significantly increase their sales.
"A dedicated team based in Richmond has been working on PayPal Here 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 able to take card payments can make a big difference to their business," he said.
"Research shows that 72 percent of people are likely to pay a smaller business with card if card payments are offered and 61 percent 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."
Here is one of many new SMB chip and PIN payment services to launch in the UK. 4G provider EE also teamed up with smart device peripheral maker iZettle recently to launch its own SMB-focused chip and PIN mobile service.
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