Starting next month, PayPal will offer free credit, debit card and check processing to "qualifying" merchants. The company's announcement didn't outline how such businesses can qualify for the program. Reps from PayPal could not be reached for comment.
When PayPal Here launched in March 2012, PayPal took a 2.7% fee, though each merchant that signed up got a PayPal debit card, which earned the merchant back 1% instantly, taking the cut down to 1.7%. Square charges a 2.75% fee for every transaction, though the company also offers a program in which a participating companies can pay a $275 monthly fee in lieu of the per-transaction charges.
Other competitors in the space include VeriFone Payware, which takes a $49 yearly activation fee, though "additional merchant fees may apply" and Intuit GoPayment, which takes a 2.7% cut of every transaction unless you opt for a high-volume plan that offers a 1.7% rate with a $12.95 monthly fee. Intuit also offers a debit card, like PayPal does, but does not give merchants 1% back instantly.
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