New PayPal App For iPhone Lets You Deposit Cheques, Remotely!
Do you own an iPhone? Do you hate going to the bank to cash in cheques? Well, if your answers imply positive, we are sure you will love the Paypal app for iPhone that’s been announced, recently. The application allows you to deposit money via checks to your Papal account without having you to go the bank for that purpose.
Okay, in simple terms, you click a snap of the check and transfer it to the bank via your PayPal iPhone app and just wait for it to get approved. It’s just as simple as that. Startling numbers as quoted by The PayPal Blog reveal that about $100000 worth of checks have been deposited into PayPal accounts using this app.
The application was originally launched around March but did not initially include this functionality. The innovative “mobile check capture” feature was introduced only recently.
Once you’ve photographed your check, just hold on to it for 15 days and then you can throw it away. If you’re anything like me, you’ll love this new feature and the fact that you can skip your next trip to the bank when you receive a check.
While that sounds relieving to people who hate going to banks to deposit checks, users will have to wait six business days for the transaction to be complete. However, users are advised to hold on the check for at least 15 days after depositing it via the app, after which they can either file or destroy the check for security purposes.
The iPhone Paypal app is compatible with devices running iOS 3.1 or higher and is powered by BankServ.
The iPhone Paypal app is compatible with devices running iOS 3.1 or higher and is powered by BankServ.
