PayPal Here's first day: 1,000 sign-ups per hour

PayPal Here's first day: 1,000 sign-ups per hour

Summary: The competition between PayPal and Square is on as PayPal Here received 1,000 sign-ups per hour within the first day alone.

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TOPICS: SMBs
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Last week, PayPal introduced its new mobile payments solution that will compete directly with Square. The competition is getting fierce as PayPal Here grew at a rate of 1,000 new registrants per hour within the first 24 hours of availability alone.

Anuj Nayar, PayPal's director of communications, added on the official PayPal blog that "clearly there’s a need for a secure, global solution that provides small businesses the flexibility to get paid anytime, anywhere, any way."

To recap, PayPal Here is a familiar concept being that it is a mobile payments system that enables small businesses to accept payments using a small module attached to a smartphone.

The twist is that besides just accepting debit and credit cards using the encrypted card reader, the program can also use the smartphone's camera to scan and process cards or checks for added convenience.

For example, that would come in handy if the small business owner didn't have the thumb-sized module already to attach to a smartphone for whatever reason.

PayPal is also undercutting Square in one other small, but important regard that could add up significantly. PayPal Here only charges merchants 2.7 percent per transaction, but Square imposes a fee of 2.75 percent per transaction.

PayPal Here is currently available to select merchants in the United States, Canada, Australia and Hong Kong. The program will expand to include all other merchants in those countries next month.

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Topic: SMBs

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6 comments
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  • PP was in the market early

    No one wants to run over the cliff with the lemmings. There are alternatives, always a good thing in a consumer society. And there are good reasons to keep your eyes open:

    http://freelanceswitch.com/the-business-of-freelancing/freelancers-beware-of-receiving-payments-via-credit-card-through-paypal/
    Lightspiral
  • Pay Pal?? - fat chance

    PayPal Here only charges merchants 2.7 percent per transaction, but Square imposes a fee of 2.75 percent per transaction.

    Paypal ONLY charges .05% less. Wow!!! What a margin.
    But their competitor IMPOSES - go figure.
    On a single purchase which way do you round off the .05%?
    If you round it up - it no longer is .05% - but more.

    Way To Go PayPal. Sorry - I go burned by Pay Pal
    over at their Ebay Parent,
    nobody gave 2 hoots, they do't get to try again.

    Slow news day - or a frebie in advertising for Pay Pal?
    inkwell
    • Reminder!!

      It is common to round up .05 or higher.
      eargasm
  • Anything could or would be better than Paypal

    https://squareup.com/?gclid=CIGF_47_-K4CFQ1jhwodOWLByQ I took a look and much better than Paypal. Thanks for directing me to this place.

    Paypal cheats people, I was one of them. In the begining of using Paypal for near 10 years, they solved some of the problems when people cheated me, then later Paypal did it too, they would mislead people with email messages and $2000 dollar coverage yet in reality it was only $200 dollar coverage, now recently its complete coverage, knowing Paypal's track record of deceit, could I really trust them, for doing better now, what I did was switch to google checkout, its far better, a much better improvement over Paypal.

    I did buy something for near $350 from someone in asia, on ebay. Paypal did take my money, then later the email from Paypal, warned me not to buy, and if I did, would be returned in full, yet sent me only $200. When I called about it, several times, they promised me the the full amount "Don't worry you will get" they forgot all about it, when the year after I called, and explain I still waiting for them, they tell me they know nothing about it.
    troubled241
  • PreyPal Here? No thanks ...

    With PayPal Here merchants will get the full package of PayPal "buyer protection", funds holds, rolling reserves, and scamming buyers; you'd all best stick with "Square" ...

    And, just for a laugh, some serious analyses of PayPal's "The New Way To Pay In-Store", PayPal Here, PayPal Digital Wallet, PayPal Debit MasterCard, PayPal Local and Watch With eBay ...

    http://forums.auctionbytes.com/vbulletin/showthread.php?t=24611

    eBay / PayPal / Donahoe: Dead Men Walking
    Philip Cohen
  • tillify.com

    Paypal is a great brand and like sqaure they will do a great job of changing the face of payments. We are a new start-up starting in this industry. We are focused on building distuctive platforms and apps for consumers and merchants. Our products are aimed at helping small business's enter the O2O market place, accept payments. Tillify is due to launch at 20 pilot stores in 2012. We hope that apps like Paypal and square will pave the way for us to create our niche in this market place. Paypal's global brand is going to be a huge success with overseas traders.
    spideee