Covent Garden market traders have ditched an 800-year-old tradition in only accepting cash to adopt PayPal Here in order to allow customers to use digital payment methods.
PayPal Here comprises a pay as you go app and chip and pin card reader for small businesses. It allows them to accept card and PayPal payments for goods, with no monthly subscription fees for the trader, just the initial purchase price of £99 for the equipment and a fee of 2.75 per cent for each transaction using chip and pin or PayPayl Check In, 3.40 per cent plus 20p for each transaction made by swiping the magnetic strip or manually entering card details.
It works over Wi-Fi or mobile internet connection, so is useful for outdoors as well as in, and therefore ideal for the stall workers in Covent Garden's Apple Market.
Traders in the area will be using the PayPal Here system throughout the busy Christmas period and one, Adam Regester, says it has been of benefit already. "Even within these first few weeks, I've seen an increase in sales," he told us.
If you want to get down to the Covent Garden Apple Market and forget to take cash, now you know you can pay by card or digitally through PayPal too. The market is open from 10am to 6pm, Tuesday to Sunday throughout December.
If you want to find out more about PayPal Here and how to adopt it for your small business, visit paypal.com.uk.