PayPal officially announced the mobile payment solution with the free “PayPal Here” reader and accompanying free iOS and Android application.

PayPal’s system can accept all major credit cards and offers a few more ways to get paid outside of credit cards. Merchants can accept direct PayPal payments and checks, yes hand written checks, in addition to credit cards. The funds (except for payments via check) are available the same day in the user’s PayPal account.

With the PayPal Here card reader and application PayPal has positioned themselves in direct competition with Square’s reader and accompanying iPad and iPhone applications. The application also manages to undercut Square’s transaction fee by .05% coming in at 2.7% per transaction.

The ability to create invoices and track cash payments is standard fare but the odd triangular design of the reader itself is an interesting choice to say the least. But, it appears the Pay Here app allows merchants to add items to a simple inventory list. It’s no where near squares digital storefront, but definitely encouraging to have the added functionality this early.

The reader or the accompanying app are not yet available, but for those who are interested can sign up for notification as soon as they become available. The additional payment methods definitely make PayPal Here an enticing offer.

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[Source: PayPal]