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  • Deposit Checks to PayPal by Taking iPhone Pics


    Version 2.7 of PayPal's iPhone app has added a the capability of depositing a check by taking a picture of it with your phone: no trip to the ATM. Of course, the check ends up in your PayPal account, not your bank account, and will take up to a week to process. Still, given how many sites - and increasingly, real-world stores - accept PayPal, this is a major step forward in making your iPhone your wallet.

    You sign the check as you normally do, then take a picture of the front and the back with your phone. The app uses the images to submit the check wirelessly to the same clearing process used in scanner-equipped ATMs, and after it clears it is added to your PayPal balance without any fees being taken out for the service. PayPal says to hang onto your physical check for two weeks, though… just in case. “Our concept is that you basically carry around access to your wallet in your phone,” PayPal’s vice president of platform and mobile Osama Bedier told the Wall Street Journal. “The mobile phone is the first computer that lets you take the Internet with you,” he added. PayPal has been working hard to add flexibility to their iPhone app: ever since 2.0 you've been able to transfer money to another PayPal user by bumping phones: the accelerometer registers the bump and sends it to PayPal's server, which verifies the other phone by comparing the time and the GPS locations of the two devices.

    The basic idea is not a new one: USAA has had a similar app for over a year ago, and Chase recently rolled out their own. USAA, which doesn't have real-world locations, also allows you to scan checks from home and submit them over the Internet. However, PayPal's size and reach means that a lot more people will be able to take advantage of this payment system, which will spread acceptance of the idea of getting paid, as well as paying, through your iPhone.

    PayPal's Bedier also told the Journal that they are looking at replacing all kinds of transactions with smartphone apps, like avoiding the need to type in your sixteen-digit credit card number every time you want to make a purchase. "Consumers hate entering things into phones," he said, and so PayPal is looking at a way to use the camera to scan in your number and expiration date so that you can add to your account balance or make a payment through PayPal. "The camera is a great way to avoid the text entry process," he said.

    Source: Mashable
    This article was originally published in forum thread: Deposit Checks to PayPal by Taking iPhone Pics started by Paul Daniel Ash View original post
    Comments 43 Comments
    1. Ruthless Killa8's Avatar
      Ruthless Killa8 -
      Wow this is great, especially since I have a check that I'm too lazy to take to the bank
    1. JLick's Avatar
      JLick -
      Amazing. I figure the iPT4 counts too ye?
    1. d1sposition's Avatar
      d1sposition -
      What is the point of adding money to your paypal account when your bank account is typically already linked to your paypal? Whenever you want to make a purchase using paypal, it just withdrawals the money from your bank anyway... I guess it could be useful for people who have banks that don't have the ability to deposit a check from your phone. They could just use the paypal app then transfer the funds to their bank... I guess...
    1. ThinkTank's Avatar
      ThinkTank -
      how about I take a picture of cash and they deposit it in my account :-). Now that will be nice!!
    1. soulthoughts's Avatar
      soulthoughts -
      I like this. I wish my bank did this too.
    1. vantheman169's Avatar
      vantheman169 -
      I have USAA BANK and they have a free app i can transfer money and pay bills and deposit checks right from my iphone, and they have had this app for about a year now, i LOVE IT! Just deposited 2 checks yesterday =)
    1. JLick's Avatar
      JLick -
      Quote Originally Posted by ThinkTank View Post
      how about I take a picture of cash and they deposit it in my account :-). Now that will be nice!!
      Wireless transfer of cash instantly from my bed would be nice.

      I mean from pocket to account ofc.
    1. jiggyjae's Avatar
      jiggyjae -
      Whoever came up with this concept was a genius.
    1. thevmax's Avatar
      thevmax -
      Quote Originally Posted by ThinkTank View Post
      how about I take a picture of cash and they deposit it in my account :-). Now that will be nice!!

      Now we're talkin'!!
    1. CZroe's Avatar
      CZroe -
      Why obscure the balance in the screen grab? It's not like we can't mostly make it out still (looks like $1,784.22).

      Quote Originally Posted by d1sposition View Post
      What is the point of adding money to your paypal account when your bank account is typically already linked to your paypal? Whenever you want to make a purchase using paypal, it just withdrawals the money from your bank anyway... I guess it could be useful for people who have banks that don't have the ability to deposit a check from your phone. They could just use the paypal app then transfer the funds to their bank... I guess...
      Exactly. Think about people accepting checks at swap meets and flea markets. They can now accept payments on the spot without a credit card or a credit card fee.

      Quote Originally Posted by jiggyjae View Post
      Whoever came up with this concept was a genius.
      I've heard radio commercials for one or more banks or credit unions in SoCal that do just that. IIRC, I've been hearing them over a year.
    1. iLoveWindows&iPhone's Avatar
      iLoveWindows&iPhone -
      I really hope Wells Fargo adds this to their app.....How is it that paypal is so far ahead of the big national banks??
    1. Zenitram's Avatar
      Zenitram -
      Quote Originally Posted by CZroe View Post
      Why obscure the balance in the screen grab? It's not like we can't mostly make it out still (looks like $1,784.22).
      I thought the same thing, but people get weird with money. If it was $5.00 or $11,000 you'd have people saying all sorts of stuff.
    1. Rob2G's Avatar
      Rob2G -
      That's a great addition.
    1. Nefarious's Avatar
      Nefarious -
      Very handy for small business owners. I have a friend that owns a contract lawn company and takes paypal from his website for invoices he sends out. Being able to stop by the accounts payable office and snap a pic of a check just makes it's easier and he doesn't get hit with the transaction fee they tack on.
    1. goodluck4287's Avatar
      goodluck4287 -
      Don't worry, ebay and paypal are great at accepting money.

      I sold an iPhone on EBay to a buyer outside of the country with great feedback... claimed he never received it 2 months later. Ebay has decided that I have to pay them reimbursement for the Phone (in addition to me having the phone lost/stolen in transport), they want me to pay paypal fees, ebay fees and shipping fees. So instead of turning my old iPhone 3G into $250, my transaction cost me over $550. **** ebay and paypal.
    1. madczech's Avatar
      madczech -
      Quote Originally Posted by goodluck4287 View Post
      Don't worry, ebay and paypal are great at accepting money.

      I sold an iPhone on EBay to a buyer outside of the country with great feedback... claimed he never received it 2 months later. Ebay has decided that I have to pay them reimbursement for the Phone (in addition to me having the phone lost/stolen in transport), they want me to pay paypal fees, ebay fees and shipping fees. So instead of turning my old iPhone 3G into $250, my transaction cost me over $550. **** ebay and paypal.
      thats why you get insurance for your shipping...
    1. spideyrules's Avatar
      spideyrules -
      I just happened to have a check in my wallet from Vegas this past weekend, and I'm trying out the service.

      I hope it works since my bank doesn't have this feature (I hope they jump on this bandwagon soon).
    1. Waleed786's Avatar
      Waleed786 -
      And tracking. It's all in the eBay policy.
      What if u scanned the check with paypal and then deposited it in ur bank at the same time..is it possible to get double money? They would probably cancel one once they find out, but it is possible right
    1. Ivel's Avatar
      Ivel -
      $1784.22 hehehehe
    1. HCWHunter's Avatar
      HCWHunter -
      Quote Originally Posted by goodluck4287 View Post
      Don't worry, ebay and paypal are great at accepting money.

      I sold an iPhone on EBay to a buyer outside of the country with great feedback... claimed he never received it 2 months later. Ebay has decided that I have to pay them reimbursement for the Phone (in addition to me having the phone lost/stolen in transport), they want me to pay paypal fees, ebay fees and shipping fees. So instead of turning my old iPhone 3G into $250, my transaction cost me over $550. **** ebay and paypal.
      Why would anyone ship a $250 item overseas w/o insurance and tracking number, etc.?!? I had Ebay and Paypal refund my money promptly when a seller tried to rip me off with bogus OEM software after I purchased some "Genuine Windows" software. I showed them the original listing, a pic of the OEM software and my tracking # returning it and got my $$ back. Ebay and Paypal are great if you do your part!

      HW