October 6, 2010
Like Google and its Goggles, we were all well aware that PayPal would be adding a feature to its mobile iPhone app that would allow you to simply snap a picture of a check and have it deposited into your PayPal account. The question, once again, was simply when. Well folks, today's the day. PayPal v2.7 allows you to transfer checks directly into your PayPal balance for free by simply taking a photo of the front and back of the check with your iPhone. Once the check has been properly photographed, you will receive confirmation of the amount, a transaction ID, and a submitted date. Then just sit back and wait for your PayPal balance to go up, which should take "no more than 7 business days." That is unless your image doesn't comply with all of PayPal's rules, which are clearly outlined before you begin the process, so be sure to read through it carefully. PayPal recommends that you hold on to your physical check for 15 days to ensure everything goes smoothly before putting it through the paper shredder. So far everything with the service seems to be working out fairly well, although I am sure many will have a problem with the "no more than 7 business days" portion of the agreement. That's quite a while to wait for a check to be deposited, especially if you need it transferred into your personal bank account, which can take an additional 3-5 business days. I guess that's the price you pay for convenience. PayPal v2.7 with the new Mobile Check Capture service is now available in the App Store for free. Give it a try and let us know how it goes for you.