Small Business | Forum « PayPal Here- new product competes with Square

PayPal Here- new product competes with Square (8 posts)

Topic tags: payments, paypal, Square

Trudy Phillips said
1 year, 2 months ago:
I was just reading about this. Have any of you read up on it? Or getting ready to use it in your business? They have such captive audience of built in customers, I bet it really takes off.
@trudy | # | Top
Scott Madden – Fanpage Developer said
1 year, 2 months ago:
@trudy
Whats the product?
@scottmadden | # | Top
Joan Muschamp (Fagnani) said
1 year, 2 months ago:
@trudy I saw this the other day, and think I posted it with Tools discussion. What looks interesting is that it apears to accept checks. If that is an immediate authentication of funds available, that coudl be huge for small businesses.
@scottmadden It’s call PayPal Here
I have a Square which is great, but I agree PayPal’s foothold may make it harder for them to grow as fast as tehy have been
@joanmuschampfagnani | # | Top
Holly Elliott said
1 year, 2 months ago:
I’ve not yet read up on PayPal Here to know all the details (my sense is that it’s more of a mobile means of receiving payment?), but the standard PayPal processing of echecks involves about a five-day delay in funds clearing and being released to your account.
@hjelliott | # | Top
Paul Wylie said
1 year, 2 months ago:
@hjelliott Yes, the time it takes to clear makes this gateway redundant faster doing a wire transfer.
@ptwylie | # | Top
Adam Gottlieb said
1 year, 2 months ago:
I’ve done some research on it…. and it’s going to be big; very big.
Paypal Here has several things going for it:
1. Even with all bad publicity, Paypal is still the biggest, most ubiquitous payment solution out there. Period.
2. It is a very convenient service: the customer can choose to pay via credit/debit card, check, echeck, cash, and his/her Paypal account.
3. The rates (2.7% per transaction) are not only reasonable, they’re cheaper than Square (at 2.75%), it’s primary competitor.
The only problem I see is the speed at which money transfers to the business’ bank account as @hjelliott mentioned. With Square, the money transfers directly to a bank account within a day.
@adamgottlieb | # | Top
Warren Veach said
1 year, 2 months ago:
Here’s a few more details from the PayPal site:Payout today, not tomorrow.Payment funds are immediately available in your PayPal account today. Withdraw funds on the spot with a PayPal merchant debit card and get the added benefit of 1% cash back on eligible purchases made with your card. *Checks may take up to 6 days.
https://www.paypal.com/webapps/mpp/credit-card-reader
@adamgottlieb @ptwylie @hjelliott @joanmuschampfagnani @scottmadden @trudy
@warrenveach | # | Top
Rich Brooks said
1 year, 2 months ago:
@trudy
Such a cool idea! But why does it look like it’s falling apart!?!
Honestly, one of the cool things about Square is how cool it looks, and it looks sturdy. Even in the demo video the Paypal tool looked like it was going to break.
I’d like to see how it holds up after 50, 100 and 1K transactions.
Still, more competition is better.
@rich-brooks | # | Top