PayPal Gets Into the Check-Cashing Business - NBC Bay Area

PayPal Gets Into the Check-Cashing Business



    PayPal Gets Into the Check-Cashing Business
    With a millions-strong devoted following to buying, selling, or even just watching its auctions, it's no wonder ebay comes in a number of different apps. There's one for selling, one for deals, the overall ebay experience and to go along with it, the Paypal app. It's officially possible to engage in round-the-clock auction mania.

    Betting you wouldn't trek to your bank or the closest ATM if you didn't have to, PayPal has added a feature to its free iPhone application that lets users deposit checks into their PayPal accounts by taking a picture of them.

          The online payment service owned by eBay Inc. launched the feature this week.
    It lets you deposit a check by snapping a photo of its front and back with an iPhone. Once the funds show up in your PayPal account balance, they can be spent or transferred to a bank account.
    PayPal recommends keeping the check for 15 days, just in case it doesn't clear properly.
    Osama Bedier, Paypal's vice president of platform, mobile and new ventures, said the feature netted $100,000 worth of checks in the first 36 hours it was available.