Selling shoes on Craigslist? No need to state “Cash Only.” Sellers can easily accept credit card payments in-person with PayPal’s newest technology: a smartphone mobile credit card processor. This newest method of payment from PayPal comes in the form of a mini, blue, triangular, plug-in device that the seller inserts in the top of her smartphone. The unique mobile credit card swiper allows buyers and sellers to do business face to face.
Buyers are thrilled about the convenience the mobile smartphone swiper brings. They don’t have to worry about getting cash out of the ATM to buy an item. On the other hand, buyers may be concerned about the safety and security of the mobile credit card swiper. Where will their information go and for how long will it be stored? What personal information from their credit card is accessible to the merchant or in the event the merchant’s smartphone gets lost or stolen? Will the seller easily be able to fix a price error imputation?
This could be a touchdown for PayPal: a smart business move. It could also be a huge financial risk. At the downturn of the economy, buyers are reluctant to spend money. People are also afraid of change. A mobile swiper introduces risks such as credit card fraud that could be avoided easily with a cash transaction.
Sellers, however, are at home gleefully singing “PayPal PayDay” as they kiss their smartphone. Another restriction from money in their pocket is gone. Whether you’re selling lemonade or cleaning out junk at your garage sale, you know longer have to here the deadly words, “Sorry, I don’t have cash.” You have an easy way to process a credit card payment right there in the palm of your hand.
www.paypal.com
