PayPal Here has just swiped a significant update.

The latest update to PayPal‘s official credit card processor for iPhone adds the following enhancements:

  • You can add customer information (name, email, phone number, address) to each order.
  • Your Sales History now shows only completed orders.
  • You can swipe cards from the order entry screen without tapping Charge first.
  • Stability improvements and bug fixes.

The new version of PayPal Here is available now in the App Store for free. The app is optimized for iPhone and iPod touch running iOS 5.0 or later.

The iPad edition of the app, aptly called PayPal Here for iPad, was released just last March, a year after the launch of the PayPal Here service itself.

PayPal Here is a direct competitor to other point-of-sale apps. Most notably, these include Square Register, which was released in May 2010, and Groupon’s Breadcrumb POS, which was released just last month.

Of the three, Breadcrumb POS appears to have the lowest charge per swipe, at just 1.8 percent plus $0.15 per swipe for Visa, Mastercard, and Discover (Amex rates vary). In comparison, PayPal Here and Square Register charge 2.7 percent and 2.75 percent, respectively, per swipe.