Traders at London’s Covent Garden market will accept digital payments for the first time from today, and PayPal hopes the idea will catch on among small firms.
Covent Garden market traders have ditched an 800-year-old tradition of taking cash only and have started accepting digital payments. They are the latest business owners to sign up to PayPal Here, which promises to ‘end the cashpoint dash’ and help traders cash in on millions of pounds’ worth of potential lost sales.
PayPal’s card reader links to smartphones and tablets to allow users to accept credit cards and PayPal payments. Unlike rival systems offered by banks, which often have hefty credit card processing fees, PayPal has no monthly subscription fees and charges 2.75% commission for each transaction using chip and pin or PayPayl Check In.
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