PayPal Here and Square Up are two best online payment systems. This article will tell you the difference between PayPal Here and Square Up.
PayPal is the most popular online payment system with more than 230 million users. PayPal with its history of 14 years of serving small businesses has developed a safe and secure system for online transactions that is supported over 190 countries. Now it has come up with an amazing innovation which is known as PayPal here.
It’s a new payment solution which helps small business to facilitate all forms of payment. It’s basically a thumb-sized triangular credit card reader that can be attached to your Smart phone and is completely secure. You can also use your phone camera for scanning and processing checks and cards. It also helps them to make invoices through their mobile application and complete the entire transaction through smart phone.
Square Up is also a similar device designed by a startup-company established during 2009 which permits anyone to accept credit payments from any other person. This square shaped card reader can be easily plugged-in to an Android or iOS mobile device through the 3.5 mm headphone jack.
The Square card reader is very compact device and fits in your pocket easily. You will be given the device free of cost when you sign-up with Square Up and you can also download the Pay with Square application for free from their website.
Square Up which was co-founded by Jack Dorsey of Twitter fame along with Jim McKelvey and is headquartered in San Francisco, California. The company processes transactions worth more than 11 million through its innovative system which is used by millions of small business customers all over the world. It also has made agreements with Walmart, Target, Radio Shack, Best Buy and Apple.
Comparison of platforms
There are lots of small business owners that are not aware about Square yet, but PayPal has been a more popular medium for online payment. There are some benefits of PayPal here over Square Up in terms of transaction fee which is 2.7 percent for PayPal payments and card swipes as opposed to 2.75 percent for transactions through the Square. Another benefit of using PayPal Here is that customers are provided a business debit card with one percent cash back.
Also, PayPal has announced that it will launch the Digital Wallet which will allow you to choose a debit or credit card for transaction or allow you to assign rules which designate the account that must be used for different purchase values. It will also permit you for creation of virtual account where funds could be deposited automatically for various purposes like holiday shopping or vacations. Despite the platform you choose, the overall benefits will depend on how effectively you make use of various benefits.
Square Up supports all types of cards including Visa, Discover, Amex and MasterCard with transaction charges of 2.75% of transaction value. They provide free Square card reader, Free Mobile App that supports iOS and Android devices and also free shipping. Another benefit of using Square is that they don’t charge monthly fee, set-up costs or merchant account.
For manually entered cards, the transaction charge will be 3.5% + 15 cents per transaction. It’s easier to organize the items which you are selling by providing names, prices and photos. You can also setup rewards programs to attract new customers and Square makes your business visible to all.