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18 March, 2012

How PayPal Here Stacks Up Against Other Mobile Payment Options

How PayPal Here Stacks Up Against Other Mobile Payment Options
By Todd Wasserman For Mashable

PayPal on Thursday introduced PayPal Here, a mobile payment solution that attaches to your smartphone. If the idea sounds familiar, that’s because Square, a similar technology, has been around for about two years.

But those two aren’t the only options for small businesses looking to process credit card payments on the go. In fact, there are now four such payment solutions if you include VeriFone’s Payware Mobile and Intuit’s GoPayment.

Which one is best for you? We took a look at the various features for each offering to help you make the decision:

Cost
Square: Charges a fee of 2.75% on every transaction.
PayPal Here: Charges a 2.7% fee, though each merchant that signs up gets a PayPal debit card, which earns the merchant back 1% instantly, taking the cut down to 1.7%.
VeriFone Payware: $49 yearly activation fee though "additional merchant fees may apply."
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 currently give merchants 1% back instantly.
Image courtesy of Flickr, 401K

Formats
SquareiOSAndroid.
PayPal Here: Will work with iOS and Android, though neither is available yet.
VeriFone PaywareiOS. No Android app at the moment.
Intuit GoPaymentiOSAndroid

Design
Square: As the name implies, it's a square-shaped attachment to your smartphone.
PayPal Here: PayPal's solution is a triangle about the same size as Square's square.
VeriFone Payware: This solution looks like a small docking station. You drop your phone into rather than attach it to the top.
Intuit GoPayment: GoPayment is a rounded dongal that attaches to the top of your phone.

Install Base
Square: More than 1 million customers and $4 billion annually in transaction fees.
PayPal Here: Brand new, so not many customers yet.
VeriFone Payware: Company has not released any information about its install base.
Intuit GoPayment: A company rep declined to say.

Encryption
Square: Data encryption and PCI compliant.
PayPal Here: Fully encrypted and PCI compliant.
VeriFone Payware: Fully encrypted and PCI compliant.
Intuit GoPayment:Fully encrypted, PCI compliant.
Image courtesy of Flickr, Ryan Somma

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