YMCA First Non-Profit to Use PayPal HereBy: Mike Fossum - April 20, 2012
PayPal’s official blog has just announced that the YMCA is the first non-profit organization to use its new Paypal Here platform to accept donations. PayPal Here, similar to Square’s Card Reader system, charges a 2.7% fee on all transactions, as compared to Square’s 2.75%.
During a San Francisco branch of the YMCA’s charity event called “Sip and Savor,” the organization incorporated PayPal Here to accept funds, by way of credit cards, checks, cash and even PayPal, plainly by using a smartphone. PayPal points out that its system not only makes accepting payments safer, easier and cheaper to collect funds in person, it also improves upon accounting, as a non-profit can get a better handle on exactly how much was donated in real time.
At launch, it was reported that PayPal Here was registering 1,000 new users per hour for advance notification of its launch, and one can still register here. PayPal’s card reader works with both Android and iOS devices, and looks to be a bit more robust than Square’s device.
In related news, PayPal’s service has always been encrypted, and Square recently reported that it had followed suit. Square has also been in the news recently for its potential latest valuation of $4 billion.