The reader is offered at no charge until September 1 2012. Transaction fees are $0.30 plus 2.4% (2.9% if the card number is entered manually). Payments are immediately deposited into the merchant's PayPal account.
But PayPal Here goes beyond merely processing payments. It can also be used to track inventory, and issue email or SMS invoices.
Additionally, an updated version of PayPal's consumer mobile app allows users to 'check in' to any merchant accepting PayPal Here, with the merchant being immediately notified. "Once the customer has placed their order, the merchant can process the payment with PayPal, creating a seamless payment experience, where the customer never even needs to reach for their wallet," PayPal officials claimed.
The iPhone version of the PayPal Here app is currently being tested by selected merchants, with general availability expected "in the near future." Merchants can register their interest here.
"In Australia, PayPal already enables payments for more than 45,000 businesses online," said Brad Paterson, head of new ventures, PayPal Asia Pacific. "PayPal Here will provide Australian small businesses with a unique, convenient and easy-to-use solution to process payments while on the go."