PayPal announced this week they will be offering free payment processing through the rest of the year for some U.S. businesses that use its PayPal Here mobile payment system, according to an article on Mashable.com.
According to an announcement by David Marcus, president of PayPal the new program known as the “Cash for Registers” program will accelerate the inevitable transformation of retail. They will offer free credit, debit card, check and PayPal processing for the remainder of the year to any qualifying U.S. business turning in this dusty old cash Register in exchange for a modern solution like PayPal Here – iPad, card reader, iPad stand, cash drawer and printer.
PayPal Here launched in March 2012, and took a 2.7% fee, though each merchant that signed up got a PayPal debit card, which earned the merchant back 1% instantly, taking the cut down to 1.7%, according to the Mashable article.
In addition, PayPal will be make participating businesses known to their 55+ million U.S. customer base, and drive meaningful incremental business to them stimulating the vibrant small business community in the U.S., according to the announcement.
PayPal Here’s competitor Square charges 2.75% fee for every transaction, though the company also offers a program where participating companies can pay $275 monthly in lieu of per-transaction charges, according to the Mashable article.
Other competitors like VeriFone Payware takes $49 yearly activation fee, though ‘additional merchant fees may apply’ according to the Mashable article. Intuit GoPayment takes a 2.7% cut of every transaction unless you opt for a high-volume plan that offers a 1.7% rate with a $12.95 monthly fee. Intuit also offers a debit card, like PayPal does but does not give merchants 1% back instantly.