PayPal is rolling out its Here mobile card reader in the US, which will be available to businesses from September 30. The reader accepts magnetic stripe cards as well as the newer chip-based cards, and supports contactless payments via NFC, including Android Pay, Samsung Pay, and Apple Pay.
PayPal is looking to capitalize on the upcoming changes coming to point-of-sale terminals. Credit issuers Visa and MasterCard have announced that starting October 1, merchants who have not upgraded their terminals to securely process chip-embedded cards will have to cover the costs of any point-of-sale fraud themselves. With the liability shift catalyzing the move to EMV (Europay, MasterCard, and Visa) readers, companies like PayPal and Square are eager to market their offerings to merchants.
The Here EMV reader will be available for $149, although merchants who process less than $3,000 in three months are eligible for a $100 rebate. Square has also launched an EMV reader earlier this year, which costs $49. Square does not explicitly mention support for Android Pay, but the reader is compatible with several Android devices and supports contactless NFC payments.
Payment processing fee also varies between the two vendors, with PayPal charging 2.7 percent per swipe, and Square taking a 2.75 percent cut. That may not seem like a huge difference, but over the long run PayPal's solution may turn out to be more cost-effective.
if you're a merchant and are looking to make the switch to an EMV reader, head to the link below to know more about PayPal's offering. As mentioned previously, it'll be available in the US starting September 30.