October 8, 2010
Paypal’s new mobile check capture service is a hit. The company reported that in its first 36 hours of availability, more than $100,000 in checks were deposited by customers using the Paypal app. Paypal has long supported its own iPhone/iPod touch app. However, only recently (through an app update) did they allow users to take pictures of checks and see the funds placed in their accounts without the need to make a manual deposit at a bank or ATM. The service is quite simple: if you have a check that needs to be deposited into one of your Paypal accounts, take a picture of it. Within six business days, the money will show up in your account. Sure there are easier (and quicker) ways to get access to money from a check, but this gives you another way, especially for those on the road. Paypal app is available today in the App Store. We’d like to know if any of our readers have used this service. Please use the comments below.