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Pros / You can accept PayPal payments and all major credit and debit cards.

Cons / Account approval can take up to 72 hours.

 Verdict / PayPal Here has competitive rates and fees, but is slower to disburse funds and set up accounts than many of the other companies we reviewed.

PayPal provides mobile credit card processing and iPhone card readers through PayPal Here. With this processor, you can use your business PayPal account to accept credit and debit card payments with your iPhone and its card reader. There aren't extra fees you have to pay, and PayPal Here has competitive processing rates. You can also use this service to send invoices to your clients if your business has billable services. However, it can take longer than other processors to set up your account and deposit money from your transactions into your business bank account.

You receive a free credit card swiper for your iPhone or iPad when you open a PayPal Here account. This processor also offers an EMV-compliant iPhone credit card reader for $149. Although it's a more expensive model than others we saw in this review, it includes a PIN pad and NFC technology that allows you to accept payments made using Apple Pay and other mobile wallets. PayPal Here offers a $100 rebate for the EMV card reader if you process $3,000 or more within three months of service.

PayPal Here offers a single flat-rate fee of 2.70 percent per transaction. This is a flat fee regardless of the type of credit or debit card used by your customer. If you need to manually enter a card's information, PayPal Here's rate is 3.50 percent along with a $0.15 per-transaction fee.

With PayPal Here, you don't have to pay a monthly fee or meet a monthly minimum. This processor combines its accounts under its master merchant account and takes care of PCI compliance, which means that you don't have to pay any PCI-related fees.

PayPal Here earned the highest possible score for transparency and consistency. It has detailed information about its rates, fees and terms posted on its website, and the representatives we spoke with offered information that was consistent with what was available on the company's website.

A potential drawback for PayPal Here is that it can take longer to set up your account and receive your funds compared to some of the other processors we reviewed. Typically, you're able to set up an account within one business day of applying, but PayPal Here can take up to three days for approval.

Once you begin accepting payments, it can take three to four days before the money is deposited into your business bank account. If you choose to have the money deposited into your PayPal account, however, the turnaround time is much faster.

This company has responsive customer service. The representatives we spoke with answered our questions thoroughly; however, they weren't quick to follow up with us. Additionally, you may only email PayPal Here's support team if you have an account. Like most mobile credit card processing companies, it doesn't have 24/7 phone support and doesn't assign you a dedicated account representative.

Summary

PayPal Here, the mobile processing arm of PayPal, has a single flat rate for all swiped transactions and doesn't charge a monthly fee or a PCI-compliance fee. Setting up an account with this processor can take longer than usual, and if you want your funds deposited into your business bank account, it can take a longer amount of time compared to other processors.

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