PayPal Here readies for iPhone

will soon be made accessible through the iPhone, Mobiletor.com reports.

The package will comprise an application plus a fully encrypted thumb-sized card reader, the pair of which will enable the handset to accept payments made by debit and credit cards.

This system can also be used by small business establishments to send invoices or acknowledge money through PayPal and cheques. While cards can be swiped using the reader, cheques can be scanned through the app. Details can also be entered manually.

According to eWeek, merchants can also send an invoice and set payment terms directly from the app. PayPal also released the latest version of its PayPal Mobile app for iPhone, a consumer app that complements Here. PayPal users will be able to use the “Local” feature on the PayPal app to find nearby businesses that accept Here. Once customers are ready to pay, they can notify the merchant by a quick tap on their mobile phones. Merchants can use PayPal Here to accept the payment by referencing the shopper's name and picture.

“Helping small businesses grow and accept payments has been in PayPal's DNA since its inception 14 years ago,” said David Marcus, PayPal's VP of mobile. “We've heard small businesses loud and clear. They don't want to miss sales opportunities because they can't accept the payment type that their customers want to use. They want quick access to their money, a reliable card reader and one transparent, low fee to process these payments."