Mobile Credit Card Processing: PayPal introduces Send Money
Posted by Samantha Morse on April 27, 2010 in Business News, Business Technology, Financial Services [ 3 Comments ]
Whether using it to update your Twitter status or browse your email, your smart phone goes everywhere with you. Each day more and more apps are developed that blow the minds of consumers and businesses alike. As if Internet access, games, and GPS were not enough, new apps are now arriving that takes payment processing to a whole other level.
PayPal has just recently introduced their newest app innovation known as “Send Money.” This app will allow users to make payments by bumping two iPhones together. Although a PayPal account is required, this means friends/colleagues/family members can make a transfer just by placing their iPhones next to each other.
The app also allows users to split bills simply for up to 20 people including any tax and tips. This creates a convenience for those splitting checks for lunch or sharing a taxi ride. As far as security goes, no financial information is stored on the mobile device, meaning phone loss will not jeopardize account information. The application is free, and only requires a PayPal account by both parties.
Previously we talked about “Square” in our blog which was introduced by co-founder of Twitter Jack Dorsey and requires a small attachable device in, you’ve guessed it, the shape of a square. The device attaches into the audio jack of any smart phone, and allows for seamless credit card processing quickly and securely. With Square, you need an account set up for the payment to deposit to. The best part of Square? A one-cent donation is made to a charity of your choice for each purchase.
Although businesses currently are not accepting Square payment, expect to see many jump on board in the near future. With a price point of only $1 for the device and app and a purchase charge percent around 2.9%, Square is only a small cost for on the go business transactions.
Which option is best for you and your business is strictly opinion based, but one thing is for certain, the future is here. So will you be beaming or bumping for your next transaction?