PayPal expands its war on cash registers
PayPal's Cash for Registers, which the company announced last month, is a part of the payment processor's assault on the traditional register. Yesterday, the company added some details to the program.
In a blog post from Carolyn Groobey, vice president for global products, PayPal announced that beginning on July 10, it will begin waiving transaction fees for up to $20,000 worth of transactions every month for merchants who purchase a tablet-based POS from PayPal partners ShopKeep POS or Vend. The waiver will apply through Jan. 31, 2014.
To qualify, merchants need to apply for PayPal Here, PayPal's mobile POS solution, and submit a proof of purchase for a minimum of $450 in eligible hardware. PayPal is only accepting 10,000 merchants into the program.
Groobey said the plan will eventually include other partners such as acquirers, as well as more POS vendors.
For merchants who choose a ShopKeep POS solution, the cost to process transactions using PayPal Here has dropped to 2.7 percent, slightly lower than rates offered by Square.
"Our promise to our merchants is to continue to build out our product in a way that offers choice and flexibility," said Jason Richelson, CEO and founder of ShopKeep POS. "PayPal as a credit card processor expands the range of processing options our merchants have to choose from, because different types of merchants need different types of processors."
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