Everything is getting smarter these days. Today, PayPal – the e-commerce business allowing payments and money transfers to be made through the Internet – announced that they will soon start accepting check deposits with iPhone.
All that would be required of you is to take a photograph of the check’s front and back side and then submit them. PayPal will then automatically transfer the money to your account.
An app called Square does this and it is itself free of cost (along with the money check-reader) but they take 2.75% of the total transaction with it. It is not confirmed at the moment if PayPal will take any cut off the transaction, but the fact that you don’t have to use a dongle-cum-reader a la Square would definitely make the entire process easier and cleaner.
We will update this post as soon as the PayPal app is upgraded with the new feature. ETA is “a few days”.
Use the PayPal iPhone® app to send money to your friends and family, transfer money between PayPal and your bank account, and lots more. It’s faster and easier than going to the ATM, writing checks, or sending gifts the traditional way. You can even use it to manage your PayPal account – anytime, anywhere.